What percentage of entrepreneurs actually succeed?
Yes, just 1 in 5. Over the years I’ve had several staff leave to set up their own businesses and only one succeeded. I remember one chap who called me talentless because I’m not a web designer. He left to set up his own business. In his small mind he equated the ability to design websites to business success. As expected, he didn’t last long in business. I had another ignorant chap telling me he could run my business better than I could. He subsequently left to set up on his own. He lasted less than a year in business and is now back in full-time employment.
People often make the mistake of thinking because they have a particular expertise they can succeed in business. Managing and scaling up a business requires a whole different level of expertise. So what qualities have I got that have enabled me to turn a credit card debt into many millions of pounds over the years?
- I’m highly motivated
- I’m an ‘ideas’ person
- I always look at the bigger picture
- I’m willing to fail
- I try to understand and empathise with my target audience
- I have a strong sense of ethics and integrity
- I’m very competitive
- I’m extremely passionate about my businesses
- I handle my business finances much better than I handle my personal finances
- I love to learn
I’ve left out ONE key point. The willingness to make sacrifices. Some of the sacrifices people are faced with include:
- Loss of a social life (at least initially, but this may continue for a number of years) and as a result, loss of friendships
- Having to give up a hobby
- Time with family
- Taking a step back – sometimes means a temporary loss of status. As the saying goes, you sometimes have to take a step back in order to move forward.
- Giving up holidays, etc
Down the line at one time or the other, I’ve had to make all the above-mentioned sacrifices. Bottom line; until you become successful (or if it is handed to you on a plate), you can’t have your cake and eat it. The following video sums up for me why so may people fail: