Hurdles and Pitfalls on the Rocky Road to Success
Entrepreneurship is all about taking risks and the acceptance that sometimes, perhaps several times, there will be knock-backs before achieving success. Each opportunity has associated risks and it’s the willingness of an entrepreneur to challenge those risks that will bring success where others won’t even try.
However long it took, the most successful entrepreneurs most likely suffered several set-backs before becoming successful. And the only way was to learn from it and keep going forward.
The founders of many companies that are household names did not get it right first time; product designers and artists rarely succeeded without initial set-backs. Those who believe in their goals have to convince others – investors and buyers – in order to be successful.
So how can those risks be minimised?
- Know when to change direction.
If you see a greater opportunity down a side-road, it may pay to take that route. For example, a well-known coffee chain started out as a retailer of espresso machines and coffee beans until a glimpse of the southern European lifestyle inspired a turn of fortunes
- Understand the consequences.
Determine what is at risk and how the consequences may affect those around you. Understand what you have to lose and whether failure is an option – do you stand to just lose face or lose your home and family?
- ‘Gut feelings’ are good but you need facts.
Just because something ‘feels right’ is not a reason to take risks. Back up those emotions with hard data.
- If the time is right, do it!
Dreamers wait while doers make it happen.
On the road to success, nothing is guaranteed and nothing is risk-free otherwise the whole world would be full of successful entrepreneurs. The willingness to take risks is what gives you the edge – and it never ends. Being complacent means that your business growth with slow or stop. Development and growth require that you continue to take risks.
MIERA Consulting provides business coaching and help with start-ups and business growth. Call us 0208 634 5200