We are living through a time of great uncertainty and change for business-owners.
We've asked Jackie Fast, Ex-The Apprentice candidate and motivational speaker, how budding entrepreneurs can weather the storm and face the unknown:
Much like 鈥業nsta-glam鈥 influencers, always appearing at maximum gloss regardless of the reality of their lives, it is an entrepreneur鈥檚 job to look like they have it all figured out even if they don鈥檛 - otherwise why buy their autobiography? Don鈥檛 be fooled, though: more often than not, entrepreneurs are facing uncertainty just as much as you are. They are just experts in making it work for them rather than against.
It is predicted that in the next 25 years, we鈥檒l make 4 times the progress we saw in the 20th century alone鈥 Unless you have a crystal ball, it鈥檚 impossible to predict whether your business idea will still be relevant in 5 years鈥 time, or ten years鈥 time, or if it鈥檒l be completely taken over by robots. As such, to be a successful entrepreneur in today鈥檚 fast-moving landscape, you not only need to get used to change and uncertainty, but also find a way to make it benefit your business.
Calculating risks
Before you take the leap into the unknown, it is important to be as prepared as possible. Do your research. Review competitors. Understand their products and services and how these support customers. Learn how much you can expect to make by using Companies House to compare competitors' revenues, and get honest feedback from your trusted friends and family.
If you still think you鈥檙e onto a winner, find and talk to others who work in the field or own similar businesses, through websites like LinkedIn. You鈥檇 be surprised how far a cup of coffee or a free lunch will go when you want to pick their brains about the industry you are about to launch into.
Just do it!
Research is critical, but when all鈥檚 said and done if you think you鈥檝e got a great idea, stop wasting time and take the leap. Far too often I see great ideas remain just that - great ideas. Would-be entrepreneurs sometimes fail to take the leap because of fear of uncertainty, only to see their great business idea crop up a couple years later headed by someone else.
Being an entrepreneur isn鈥檛 just about spotting great opportunities, it鈥檚 also about having the courage to take them.
Learn to adapt
The world is changing, so what worked a year ago may no longer work now. It鈥檚 important to be open-minded in the process of becoming a successful entrepreneur. If your research told you that your product would fly off the shelves but instead it鈥檚 ended up collecting dust in your parents鈥 garage, don鈥檛 bury your head in the sand - look at what went wrong, and fix it!
The advantage of being an entrepreneur is the flexibility to shape your own destiny. Unexpected things will crop up in all businesses, but you have a massive advantage over large corporations 鈥 the ability to be nimble.
So get used to uncertainty. Not only do you need it, but it can help you succeed!
Find more advice on enterprise skills at Bitesize Careers
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Ask Jackie Fast: What makes a successful entrepreneur?
Ex-Apprentice candidate Jackie Fast explains what makes a successful entrepreneur.