I was recently asked to give some tips to some aspiring entrepreneurs on how to succeed as an entrepreneur. In addition to having, or developing, the right attitude and behaviours (see my previous blog "It’s not just about attitude & behaviours, or is it?"), I advised them that unfortunately there were no short cuts, magic bullets or special pills that could be taken and that:
- they needed to be be prepared to, & serve a broad & varied Apprenticeship in business
- there is no substitute for hard work. If it was easy, everyone would do it!
- they need to keep their eyes and ears open for opportunities - looking for gaps in the market or problems that can be solved or things made better?
- they should ideally look for low capital intensive and highly cash generative opportunities
- persistence & patience are crucial. It won’t happen quickly
- sometimes imagination is more important than knowledge
- building personal networks is key
- they have to get good with financials & cash management
- they need to keep learning and stretching themselves
Murray works with executives, funders and shareholders to recover & create value! You can contact Murray via his website www.murraystrachan.co.uk or follow him on twitter @murraystrachan