13 November 2017 – There are no rules in entrepreneurship. People often wax lyrical around following certain formulae for success and globally, millions of books are sold on the promise of riches. Sure, we can all learn from others, and it is true that successful entrepreneurs are open to learning, but there is no magic formula here.
Having said that, as we kick off Global Entrepreneurship Week, I thought I would share some behaviors we at FNB Business have observed in successful entrepreneurs…so here goes!
- There is no such thing as a part time entrepreneur
One cannot run a business part time if you want proper success. It is very rare that someone has a large day job as an employee of one company and at the same time runs a rapidly growing entrepreneurial business. Unfortunately, when it comes to entrepreneurship you cannot hedge your bets – you need to be all in.
- You need a business plan, and yes it must be written down, with financial projections.
This is where most entrepreneurs fall short. Remember if you are launching a business, unless it is completely new technology or a novel way of doing something, you are merely displacing better established businesses… in other words you will always need differentiation. You must be able to articulate this and defend this – why will this work?
A business plan also means sizing the opportunity and converting this into realistic revenue and profit – is this opportunity realistically going to generate enough profit based on the capital