For many entrepreneurs, launching a business is an exciting time.
Focusing so much effort into your ideas and seeing them take form is a great achievement.
However, I have spoken to a lot of startups in the past that feel as though they have reached the finish line by simply getting their business off the ground. In reality, this is when the hard work really begins.
For the past few years we have been exposed to the notion that more young people are starting their own businesses than ever before; with a recent report by the Prince’s Trust suggesting that 42% of young people are considering going it alone and starting a business. With government initiatives and schemes in place to promote entrepreneurship in the UK, it’s no surprise we are seeing more start-ups than just a few years ago. Whilst this entrepreneurial spirit is commendable, particularly in a time of economic uncertainty, it’s important that those wanting to start a business to think of the bigger picture beyond setting up, if they want to have longevity as a successful entrepreneur.
Planning for the long journey ahead
Most businesses start with an idea; it is the planning and hard work that turns this idea into a reality. It’s important to have a plan of your short-term and long-term goals as a way to ensure you know what is realistic and achievable. It is also useful to keep looking back at your plan as you progress as a reference to what you have already achieved. This can also be a useful way to keep yourself motivated in times of hardship so you can focus on the positives.
Look for new inspiration
A key to lasting success, and building upon past achievements, is to continue developing new and fresh ideas. It’s a good plan to keep up to date with shifting trends and emerging markets within your industry, and industries that directly affect it, to help inspire you. If you are constantly aware of what is happening within your industry, and those around it, you are more likely to spot gaps in the market and think of how you might utilise these. I’d also recommend keeping a notepad or even your phone or tablet, to write down your ideas for when inspiration does come to you.
Venture outside your comfort zone
When you’ve been working in business for over 40 years, you tend to learn what works and what doesn’t; which could lead to you becoming too comfortable in your job. Whilst having the stability and knowledge to determine what succeeds is essential, it is also important to step out of your comfort zone every so often and dip your toe into uncharted waters.
The foundations of entrepreneurship are built on taking risks and not being afraid to fail. Of course I’m not suggesting business owners play fast and loose with their company’s money but being able to think outside the box and make smart decisions will enable you to lead a long, successful and exciting career within business.
