Whether to fulfil an innate need for creativity, legacy or both, we humans have always liked to make our own things. But is being-your-own-boss reserved for those who are ‘born with it’, or can you learn entrepreneurship?
You’re in luck, budding business owners. The short answer is yes.
Steve Jobs, Walt Disney and Henry Ford are a few names that come to mind when thinking of iconic, successful entrepreneurs and their characteristics. With the rise of coworking spaces and people using them (which is set to almost double by 2022), it’s safe to say the entrepreneurial era won’t be ending any time soon.
But if you’ve got a business idea that might have legs or simply want to escape the grind, taking the leap can be daunting if you don’t consider yourself a typical entrepreneur.
Good news. You don’t need to revolutionise the telecommunications industry or invent a new automobile to run a viable business (but if that’s what you’re into – don’t let us stop you). We’ve done some digging on the qualities of a successful entrepreneur and put together a four-step guide to being the best at your business below.
1. Get clear on your ‘why’
Take some time to identify what ignited this burning desire to branch out solo. Perhaps you do want to create a product that will revolutionise the telecommunications industry, maybe you have a certain knack for starting things from scratch, or you might simply be sick of having a boss that isn’t yourself. One of the key characteristics of being a successful entrepreneur is having a clear goal. To identify the right business for you, Entrepreneur.com recommends looking at different facets of yourself, listening to your intuition and asking: ‘What gives me energy when I’m tired?’.
CoWork Me member Jean-Paul Adolphe, Founder and Creative Director of Critical Design, said: “It’s extremely important to feel excited about the job at hand – and have confidence in your abilities. You’ve got to get clear about your business and your expectations and know what you’re setting out to achieve. It’ll help to stay focused and resilient through the challenging times.”
2. Investigate your ‘who’
Once you’re clear on your why – whether to use that dexterity for design, help small businesses grow or challenge the iPhone – you need to get intimate with your ‘who’. Reportedly, one of the most common reasons entrepreneurial businesses fail is that there isn’t a customer. It may sound obvious, but it’s easy to get swept up in the excitement of your brilliant idea and forget what makes a business viable is customers willing to purchase what you’re providing.
3. Plan your ‘how’
It’s not sexy, but taking time to complete a business plan will likely be the difference between your product or service sinking or swimming. According to business coach Brian Tracy, you can’t create a precise guide to the future – but the preparation of the plan forces you to think through every critical issue that you will deal with.
CoWork Me member Mark Williams, General Manager of Advance Thinking, said thinking across the board key: “If you are launching a startup you are probably a subject matter expert in that field (for example, fashion design) which means you are almost certainly not an expert in all the other elements that are equally required to launch a successful startup. i.e. Sales, Marketing, Financing, Law and so on.
“Failure to properly understand these areas can limit, slow or eliminate your path to success. To overcome this you have to plan ahead, and either up skill in these areas or better still, enlist the support of those who are experts in these fields.
4. Find your ‘where’
If your sights are set on entrepreneurial success, nothing impacts productivity as heavily as your work environment – so it’s integral to set up with the right surroundings. According to Inc.com, “An entrepreneurial work environment is one in which people are not afraid to take calculated risks, and in which they can embrace the idea of learning something valuable from a failure.”
A buzzing, creative environment full of like-minded business owners to network with are among the many advantages of coworking spaces – so it’s no surprise they’re on the rise. But with so many to choose from, it’s important to know what makes a good coworking space.
Follow these steps of a ‘typical entrepreneur’ and you’ll be taking down Apple in no time.
CoWork Me St Kilda might be the ‘where’ you’ve been searching for. Find out more here.
- Best at Your Business: How to Become a Successful Entrepreneur - March 4, 2020
- What Makes A Good Coworking Space? - February 19, 2020