BUSINESS + TECH
ALSO REFERENCED AS A SUCCESS MINDSET IN TODAY’ S WIDER VERNACULAR, ENTREPRENEURIAL SPIRIT IS THAT BUZZING, CAFFEINE-LIKE ENERGY THAT PUSHES SOME PEOPLE TO SAY“ WHY NOT?” WHERE OTHERS WOULD SAY“ I’ M NOT SURE THAT’ S POSSIBLE”. IT’ S THE SPARK THAT TURNS NOTEPAD DOODLES INTO BUSINESS PLANS AND GARAGE HOBBIES INTO FULL-BLOWN COMPANIES. AT ITS CORE, THIS ZEST FOR BUSINESS ISN’ T ABOUT WEARING A SUIT OR HAVING A DRAGONS’ DEN PITCH PREPARED AT ALL TIMES, IT’ S ABOUT CURIOSITY, OPTIMISM AND A HEFTY TOLERANCE FOR RISK. ENTREPRENEURS SEE PROBLEMS AS PUZZLES AND OBSTACLES AS PART OF THE ADVENTURE, COLLECTING LESSONS INSTEAD OF SHYING AWAY FROM FAILURE. IF IT WAS EASY, HOWEVER, WE’ D ALL BE DOING IT. POLLY HUMPHRIS LOOKS DEEPER INTO THAT CLASH BETWEEN WHAT A BUDDING ENTREPRENEUR MAY ANTICIPATE AND WHAT MAY ACTUALLY HAPPEN.
In essence, this hustle mentality isn’ t just for people launching startups, either. The word entrepreneur has its roots in a 13th-century French verb: entreprendre, meaning‘ to do something’ or‘ to undertake’, which happens in classrooms, offices, kitchens and anywhere someone decides to shake things up and try something new every day. Ever reorganised your wardrobe in a more efficient, colour-coded system and thought‘ ooh, this could be a thing’? That’ s entrepreneurial thinking.
The bottom line is, however, that a lot of us only consider if we have what it takes to become the master of our own business destinies in a bid to break free from the shackles of a 9 to 5. With stats showing that 64 % of the UK workforce wants to set up their own business, it’ s clear the country is far from lacking in entrepreneurial aspiration. Red flags do begin to thrash wildly when you look deeper into the reasons why though. 33 % of the UK workforce simply don’ t like their job – fair enough, but this doesn’ t guarantee that all of those people have the passion and drive needed to go it alone in business. And 18-24-yearolds, the Gen Zs who seem to have been born with smartphones for brains, are the group that most believe becoming a business mogul will make them rich.
Weirdly, it seems there’ s a romantic assumption that entrepreneurship is pretty simple; more a case of luck combined with gift of the gab than expertise and a sharp mind. Let’ s have a look at the expectation versus the reality of taking the plunge.
EXPECTATION: I have the finest idea in the history of fine ideas. My product is going to be a worldwide phenomenon.
REALITY: Your idea is an end product of lots of ideas combined( many of which likely already exist) and every business involves so many interconnections and relationships that go far beyond an initial idea that even if you’ ve dreamt up a gamechanger, you’ ll need to account for, be grateful to and consider all of the factors that brought it to fruition if you truly want it to succeed. Hire the right people to build a core team that you can trust and depend on; ensure reliable relationships with both suppliers and retailers; build marketing campaigns based on consumer insights; promote relationships with fellow entrepreneurs in your field; and, while getting on with all of this, make sure your figures stack up at every step of the way. Even the Lehman Brothers’ 170-year financial legacy went bankrupt.
EXPECTATION: I am now the boss of my world; I can get up leisurely at 8am, take my time over coffee, book a private PT session and plan a year’ s worth of Insta-sensational holidays because I’ m going to be rich and answerable to no one.
REALITY: Strap in for the ride because you’ re about to work harder than you’ ve ever worked in your life. Unless you’ ve been a very fortunate customer of the Bank of Mum and Dad, everything you’ ve ever owned now belongs to your company and for the first year at least, while you build on your idea and your reputation, it’ s likely very little‘ spare’ income will be generated. Everything from your personal life to your dwindling bank account will become secondary to developing your idea. And you do have a boss – your customers – who will often be a tough crowd.
EXPECTATION: This is going to be a breeze. My idea is foolproof; my friends and family will beam in the presence of my genius, investors will be queuing out of the door and generous customers will arrive in droves.
REALITY: Any business idea worth its salt is only, well, worth its salt – a watertight business plan executed with not a stone unturned is the difference between success and failure, and overconfidence is a problem that many entrepreneurs fall foul of. Your game plan needs
www. insidekent. co. uk • 197