Professional web design, Cumbria, North LancashireAny entrepreneur has to have the commitment to see through to its logical conclusion any idea or project.
From the start he or she has to ensure the right level of research and risk assessment are carried out to back up the original idea or findings. Then there may be the hurdles that have to be cleared to get the idea off the ground, typically funding, resources, skills, expertise, accommodation etc. Sometimes winning projects would have been lost at the start or fallen by the wayside if it had not been for the commitment of the entrepreneur involved. Colonel Saunders toted his idea of a special mix for coating fried chicken for some considerable time before he found backing; you now see KFC Fast Food outlets everywhere. Trevor Bayliss had the same problem, eventually having talked to just about everyone in the UK who might be able to help and his message falling on deaf ears he went to South Africa and found the funding. But there is not only commitment to the project, there has to be commitment to the team that becomes involved, always striving to ensure that win/win situation and belief in the project.
Could be considered as part of commitment, but we believe it deserves a mention on its own if only because there are times when the funding may have been found and all other things appear to be going well, then something happens to throw things askew or off the rails. This is when the entrepreneur's energy comes through and rescues the project or brings in that vital boost from the "bottom up" to drive home that final push for success. This can be very necessary in the early stages when research is being done as to feasibility, need and risk or when going to market.
How often do you doubt yourself? How often do you feel inadequate to the task in front of you?
Probably without exception the entrepreneur will have the same doubts as you; they will flash through their minds just as they flash through yours. The difference is that they will only flash through the mind of an entrepreneur, in everyone else they will find a home and keep coming back to haunt us. Any doubts the entrepreneur may have will probably only be seen by a few trusted friends or colleagues, if those doubts are shared at all. For doubts read "risks" and as we have already said a good entrepreneur will do everything to assess and mitigate risk. Having said that not all good ideas with excellent planning will make it to success but without planning even less will succeed.
Not all entrepreneurs make it first time, many suffer along the way all kinds of hardships and the entrepreneurial stage is littered with stories of commitment and belief in the fact that he or she will triumph. Think of Colonel Sanders and his Kentucky Fried Chicken, he was virtually on his knees and out of money when he finally found the backing he needed. But he never lost the belief in himself or his idea, it remained strong throughout. When Edison invented the light bulb he would hear nothing about the 3000 attempts which did not work, to him they were not failures, simple 3000 ways not to do it. Faith can move mountains, as the old saying has it. Any research into entrepreneurs will establish a considerable number who have either been made bankrupt or have at least been very close to it. Tenacity helps them to pick themselves up, dust themselves off and start all over again - as the old song has it.
The ability to focus not only on the project specifics but also on the "bigger picture" is essential. For knowing where everything fits in the overall scheme of things is just as important if not more so than focussing on the one specific part which might be the innovation. But right from the start, focus is needed to bring together ideas from comments, perceptions or intuition so that a realisable project can be formulated. It is not only knowing how to focus ones self, the entrepreneur has to be able to focus others - the team, and sometimes deciding where and when to make an intervention so that the focus can be changed or slanted in a particular direction to achieve the required results.
Here we really are into the soft skills, but if you cannot perceive the value of a product or service idea, then it is probably not worth doing. The value may lie hidden; it may not be there yet for the public at large. An example of this was when Sony created the personal stereo, until it came out no one would have considered having a portable personal stereo to clip onto a belt with earphones and have the ability to wear it in the street. The values that need to be perceived are the values to the market, to people who would want to use it, to their reaction and acceptance, to alternative uses. Many things were made for one purpose, but found success in a different usage. But it is not only the consideration of the end user or customer that makes for a successful project, all of the stakeholders should be considered, for if all win the project usually succeeds.
There have been many definitions of vision, perhaps the one that most suits the entrepreneur is; "The ability to see the unseen".
Some think that vision is an intrinsic ability, something that you either have or do not. We believe it comes with targeted knowledge and understanding. When someone has a special knowledge or understanding of a market sector, problem, technology, treatment, or system it is no great step to have a vision or opinion of where things might be in ten years time. Unsuccessful visions are opinions that were not realised.
There are those who can perhaps foresee events with great clarity or accuracy and envisage step changes in technology or theory, like Stephen Hawking, Charles Darwin, Albert Einstein, Isambard Kingdom Brunell, George Stephenson, Michael Faraday to name but a few and they become guru's to the rest of us.
But entrepreneurship in not just about becoming a "Guru", it's about finding the right path when others can't, and it's about being able to see incremental need as well as step change opportunities. Too many spend too much time looking for the step change, when an incremental innovation could make them millions of pounds. A vision from the past that made a fortune for its inventor was the 'cat's eyes' that we see in the middle of the road as we drive in the dark. An incremental improvement has been to make them solar powered so that they give off more light and as a result become more effective.
As a matter of course the entrepreneur is often thrown into the role of leader, usually because of their ability to visualise, formalise and understand the innovation or value of the idea. Not all entrepreneurs are suited to lead and many feel uncomfortable with the role. The old adage of 'some have greatness thrust upon them' springs to mind. Many would rather be second fiddle in the scheme of things with the freedom that this allows. However, some make a fine job of leading from the front and that should not be swept aside, it is all down to individual preferences. This said, the reason why the entrepreneur is thrown into the role of leader so often can be seen by reading the characteristics listed here. Just remember, it is not essential to play the lead role, Wayne Hemmingway (Red or Dead) is one such person, his recognition that he was not a natural or trained "Management Leader" and that his skills and value to the business lay elsewhere, was pivotal in transforming the company from a "back street" business to what we see today. It is for this reason that we do not put this at the head of the list; the importance of the characteristic is for the individual to determine, if you have it flaunt it, if not bring in people who do and make them part of the business. And always remember that leadership can be as effective from the back as it can be from the front, knowing when to apply the most suitable intervention "front or back" is what separates the great leaders from the average.
It probably goes without saying that new things interest this kind of person; they have a curious nature driven by an interest in new ways of doing things, new ways to make things better; faster; stronger; fitter; lighter and so on. It is this interest that probably makes them tick. Be interested in all things new and choose where you hang your cap. But, it is not only the new ideas that attract the entrepreneur, it is looking at old problems that still cause ills and for which new solutions may be found.
Einstein put it far better than we ever can;
"Imagination is more important than knowledge - to raise new questions, new possibilities and to regard old problems from a new angle, requires creative imagination, and marks real advance in science" - Albert Einstein.
