Entrepreneurs' Blog

17 Jan, 2012

Entrepreneurs are a rare breed

Posted by: Bev James In: Business Tips|EBA For Coaches|Tips For Success

Entrepreneurs are a rare breed

When we first start businesses many of us, leap into the fray without much thought for what’s going to happen next month or next year because we are concentrating so hard on the here and now and the challenges that we face on a day to day basis.

However the only way for any business to be successful long term is to focus on the long term, and that means giving some thought to the future strategy, direction, plans and objectives for your business overall as well as for the detailed tactic you want to employ for your products, services, customers, reporting, marketing and so on.

To be a truly successful entrepreneur you need to not only see the future of your own business but also to have some concept of where your business fits with the broader economy and to create some contingency plans of how to flex your business when the markets or economy changes.

Very few businesses have this level of planning but it is vital for long term success, growth and profit that you get a broad understanding of these issues.

Without a doubt this long term view also provides you with motivation and if you keep focusing on this end picture it clearly shows you the direction in which to go, together with giving you the impetus to constantly keep driving towards that success.

Getting Started

Most people now accept that in order to become wealthy you have to do more than one thing.

Isolated and extreme one off investment or business opportunities do occasionally create massive returns but in order to obtain long term, secure and continual wealth we need to make sure that we plant ‘wealth creating seeds’ in a variety of places and we need to do it OFTEN!

Now this repetitive investment approach can clearly be understood when we look at investments such as property or stocks and shares, but it is just as relevant when looking at business – as long as you view business as an asset itself, and look at it as a discreet and identifiable separate entity.

That means looking at the system of business creation!

But before we do that let’s consider business as an opportunity – why would we want to do it? Well we have evidence that business works as a wealth creating tool:

Of the working millionaires in the UK 63% (39% own their own business and another 24% are “self employed”) own or work in their own business

So if you want to be wealthy, just copy what wealthy people do and get involved in businesses!

However, one important thing to do is to do a check up on yourself! What kind of entrepreneur are you cut out to be?

In all successful business start ups there are two things to consider, the business itself and the person doing the starting – or the business founder.

And although we ideally want a passive business, where the founder eventually takes a back seat, we have to acknowledge that initially the founder needs to inject the passion and ideas and kick start the opportunity – so are you capable of giving that kick start?

The writer Joseph Heller once said:

“I think that maybe inside any business, there is someone slowly going crazy”.

….please makes sure it isn’t you!

Almost certainly, anyone can start their own business, but people have to create businesses in the way that suits them in the first instance.

For example, let’s consider an international entrepreneur that most of us will know – Richard Branson.

Richard Branson is such a highly developed entrepreneur that we could give him any one of our business ideas, and he would make it work. But was that true in the beginning for him – of course not. If you read any of his books you will see that his early business ventures were slightly haphazard and unfocused – and we all start off that way.

So that presents you with two personal issues:

What sort of entrepreneur are you now and what sort of entrepreneur do you want to become?

Very few of us are natural entrepreneurs so it helps to discover how we are likely to react to the situation and how we can plan for our personal strengths and weaknesses – remember that none of us are good at everything!

Make your life easy for yourself and build your initial business around who you are and what you have, and not what you’re missing!

So a fundamental lesson is this: understand yourself before you start to understand either a business or the other people in it.

Of course, if your plan is to be truly wealthy over the long term then you need to ensure that over time you get practiced at business start up and creation, and develop the necessary skill sets so that like Richard Branson, you will ultimately be able to start any business anywhere in any area and make a good profit.

Business economics, ideas and objectives…

Your skill as a major business creator is to be able to set up a system where cash flows to you with the least effort, and the bigger the return from the smaller the effort, the better the business creator you are.

Now if you approach business start up with this concept you can see that really the product or service that the business is involved in, doesn’t really matter because it’s your skill as a wealth creator that is being tested for success rather than say, the turnover or sales.

The big profits come from any business that ‘fits’ best with the economy and with the marketplace and with the customers – so this is about being able to watch the world and identify opportunities, rather than just exploiting any of your particular skills.

About Bev

Bev is CEO of The Academy Group which includes The Entrepreneurs’ Business Academy (EBA) & EBA for Coaches which are both joint ventures with James Caan. Her book “Do It! or Ditch It” has already been listed as a bestselling business title and she is ready to pass on her success to your organisation.

Connect with Bev on Google+

2 Responses to "Entrepreneurs are a rare breed"

1 | Achala Patel

January 17th, 2012 at 15:09

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Enjoyed the article. Helpful insights. Agree that passion and belief in the long term vision are essential to reach the end goal. As a founder of a new healthcare technology business, I would say that without this the current tough climate would make you go and take the first paying corporate job you could find!

2 | Danny Nevill

January 20th, 2012 at 12:05

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Good article.

You need to build an entreprenurial mindset as well as developing yourself reguarly.

Great Share

Comment Form


  • Morgan Grage: I like this post, enjoyed this one regards for putting up. "No man is wise enough by himself." by Titus Maccius Plautus.
  • Derek: Brilliant article Bev, thanks for sharing. coincidentally the kilimamjaro example used is on my 2014 to do list! Ps thanks for the tips you gave me
  • jackson: thanks for your great article about developing your business idea to great business Jackson mutebi

About EBA

The Entrepreneurs' Business Academy is a unique and highly practical one stop resource for business owners and aspiring entrepreneurs, providing a range of courses , EVENTS and materials that give step-by-step guidance for entrepreneurs on their business journey. The EBA's courses have been put together by James Caan and Bev James MD of EBA and The Coaching Academy, and specifically designed to teach its participants the skills required to take an idea and turn it into a reality. Read more...

 

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