Top Tips - What it takes to be an entrepreneur

Spot opportunities

Spotting opportunities is the distinguishing mark of the entrepreneur. For any new idea to be commercially viable someone in the market must have a compelling problem for which the idea presents a solution - and not only that, they must also be prepared to pay for it.

Be creative

The journey to entrepreneurial success has never been a smooth one and anyone considering it must expect a bumpy ride. The ability to think creatively about how to overcome the obstacles you will face is essential. What’s more, creativity often provides the initial idea and turns it into a commercially viable opportunity

Focus your efforts

Having come up with a business idea that responds to the spotted opportunity, resist the temptation to either look for additional ideas, or refine it beyond what the market really wants or needs.

Use your network

Entrepreneurs are good networkers. They socialise for a purpose - and not just for the fun of it. They use networking to find new people for their team as well as to gather around them the experts they will need to grow their business.

Build your team

Building the right team enables the entrepreneur to multiply their effectiveness. Team members can provide the strengths that are missing in the entrepreneur and enable him or her to expand and grow their business in a way that is simply not possible on their own.

Ooze enthusiasm

If you can’t be excited about the business you are starting or growing then don’t expect anyone else to be either. Your enthusiasm and confidence will rub off on your team, your partners, your customers and your suppliers and is something you should hold on to through thick and thin if you want to see your business succeed.

Think ‘effectual’

Whereas most of us think causal and focus on the predictable aspects of an uncertain future (the essence of market research), entrepreneurs think and act effectual, focussing on the controllable aspects of an unpredictable future. For the entrepreneur market research and business planning have their role, but rather than the future being “out there” to be discovered, it gets created through the very strategies of the players.

Work hard

“The only place where success comes before work is the dictionary.” Let’s be clear about it: entrepreneurship is hard work, and anyone who is not prepared to put in the necessary hours would be ill advised to have a go.

If you have any thoughts on these tips, or would like to share your knowledge, please email Martijn Mugge at martijn@qedconsulting.co.uk