There’s a lot of talk nowadays about how the importance of entrepreneurship to rebuild the economy, and there are a lot of people out there with great ideas for setting up their own businesses.
But for everyone who succeeds in building a thriving business, there are far more it’s like climbing a mountain and never reaching the top. To have half a chance of success, there are three key things that I think you need to consider:
1. Make sure your business is not based on just a good idea, but based on solving a problem or offering a service that people will value. You can have the best idea in the world, but if no-one is prepared to pay for it, then you won’t turn it into a successful business.
2. Make sure you and your business partners, and the team are aligned on the mission, vision and values of your business, so you all know and agree on the purpose, aims and direction you want to take the business and most importantly on the timelines and time-horizons. There is no point deciding that you want to expand overseas within the next year if your partners priority is to consolidate your business here for the next five years.
3. Have persistence and tenacity and do not give up. It might feel like you’re climbing Everest, and it will take you twice or three times as long as you thought to reach your business goals, and you may have to deviate or alter your plan and your goals. But you’ll never get to the top if you stop trying.