In Scarborough we have an abundance of owner-managed businesses and start-ups which really display entrepreneurial spirit.
What are entrepreneurs? Entrepreneurs are defined as people who set up a business or businesses, taking on financial risks in the hope of profit.
The contribution that entrepreneurs make to our economy is of immense value.
Working at Xero we meet a lot of entrepreneurs, from Rod Drury who started our business to our users, to our ecosystem products. In this month’s column I have pulled together some tips on how to make it as an entrepreneur.
l Don’t be afraid to admit failure. It’s better to try and fail than not try at all and if something isn’t working don’t be afraid to abandon it.
It doesn’t mean you’re a failure. It just means an idea didn’t work out. New ideas aren’t as hard to come by as people think. Take what you learned from failing and turn it into something new.
l Love what you do. You need to be passionate about your business, it’s that passion that will get out of bed in the morning, that will keep you working on your business and will ultimately drive your success.
l Bring home the bacon.
It’s one thing to love what you do but bringing in cash is what will keep your business thriving. If you love what you do but you are losing money either find a way to make it profitable, or get out.
l Be disruptive. Thinking of starting up a business?
Look around you for inspiration, look at what needs to change, what is old and inefficient and use technology and innovation to find a better way to do those things. Even when you have been in business for a while keep looking for ways to disrupt to make sure you stay on top of your game.
l Know your stuff. Learn about every part of your industry and every aspect of your business. This will give you confidence and a great understanding of your environment which will really help you when making business critical decisions.
l Think big. You may be a local business but you can be a global superstar, don’t let preconceptions limit your growth. The world is smaller and more accessible than ever, thanks in large part to the internet.
l Make it happen. You just need to start, it doesn’t need to be perfect, you don’t need a masterplan. Every journey starts with a step, take that first step.
l Give back to the community. A lot of people will help you on your entrepreneurial journey, thank them and be sure to pass on the help. Find an entrepreneur who is in the same position you were once in and pass that knowledge along.