Human Resource Management Article - Do You Have What it Takes to be a Successful Entrepreneur?

I have the greatest job in the world! I get to travel around the country and talk for a living. I get to talk to people about how to talk to people, and about how to help people become more successful in doing what they're doing. You see, when I was young, I always had an opinion and I was never afraid to share it; even when no one wanted to hear it. Now I do and people pay me for it.

One question that I'm often asked by budding entrepreneurs is, "What does it take to be a successful entrepreneur?" One thing is certain: Starting up your own small business is not for the faint-of-heart. Not everyone is prepared to do what it takes to be successful. Of course, success is totally subjective. It all depends on how you define success. I'm not sure I have "the" answer to that question but I've had the good fortune of owning and operating my own training and performance consulting business for the last eight years and there are a few things I have come to know for certain. My answers may help you make some tough decisions.

Most entrepreneurs want to know:

What did you do to get started?

I knew I wanted to make a career change, and I knew I enjoyed working with people and helping them to become more successful at what they were doing. I enjoyed teaching people what I knew regarding how to manage and operate a profitable business. I got an opportunity to teach a business course at a local college, so I took that as a sign that it was time for me to start my own company and get into the training and consulting business full time.

What do you like most about what you do?

I'm still lecturing one day a week at the college level. I enjoy interacting with the students and being able to bring my corporate experience into the classroom. I believe my role as a college professor is to teach business students how to apply textbook theory to the real world. By the same token, I enjoy taking what I learn in the classroom and introducing it to the participants in my workshops. The classroom allows me to stay sharp and up-to-date on current trends and the latest in management philosophies.

What are some of the challenges you face?

I face the same challenges that everyone else faces in their chosen profession. The added pressure for an entrepreneur is realizing that if you aren't facilitating a workshop or consulting on a project, then you aren't making any money. Self-employed persons don't have the luxury of a steady pay-cheque coming in. That can put a great deal of strain on your personal and professional lives. In my case, it cost me a marriage. I went from a corporate job that paid me six figures a year with all kinds of perks and benefits down to $18,000 my first full year running my own business. Everyone must give up something to get something. You need to decide on what it is you are willing to give up to get to where you want to be. What is your family willing to give up so that you can live your dream?

What mistakes should I avoid?

Don't do this without a safety net. Success is a planned event. Decide where you want to be in six months, 12, 18 and 36 months. What does success look like to you? Commit your plan to writing and work on your plan. You must evaluate your plan often. And if your plan isn't getting the desired result, then formulate a new one. The two biggest reasons why businesses fail are: (1) Lack of management skills, and (2) Lack of financing. Most new businesses will fail within the first three years of startup. (When I say most, I mean 90%.) How much income will your business need to generate to sustain you and your family, and still keep you in business?

What skills do I need to excel in this industry?

What skills will you need? You need the ability to stand up in front of a group of people and have them "buy into" what you are saying or selling. You need a passion for your subject. You need the willingness to continue to improve and hone your craft. And you need thick skin and the ability to take rejection. Look at everything as a positive by taking something away from each negative so that you can build upon it and do a better job the next time. Realize that you are only as good as your last client or your last workshop. You are "the brand". Build on your successes and network like crazy. Have a budget and stick to it. Don't spend income that you haven't yet generated. Become an expert in something, not a generalist in everything. What do you know that someone else will pay you money to learn? What do you have for sale that someone else would want to buy?

If I haven't talked you out of being an entrepreneur yet then maybe, just maybe, you'll make it to year four. I wish you nothing but success.


		Mr. Brian Smith - Author, Professional Speaker, College Professor and Training and Performance Consultant - has been in the "people" business for over 37 years, 27 of those years as a general manager for a major Canadian retailer and as an award-winning owner/operator of his own small business. A leading authority on performance improvement and leadership development, Brian has worked with clients both in the public and private sectors, including: Med-Eng Systems, Aecon, I-Stat Canada, and Siemens. Brian is a member of the faculty of Algonquin College's School of Business where he teaches entrepreneurship and business management.