I’ve often been asked what it takes to be a successful entrepreneur. I don’t claim to be an expert on this topic, but after starting my own business nearly 10 years ago, nurturing it and growing it into a sustainable, successful enterprise I do have a few ideas to offer about becoming a thriving entrepreneur in the small business environment.

An entrepreneur is defined as a person who has decided to take control of his future and become self-employed by creating his own business.

Sounds simple, doesn’t it?

Starting a new business is no easy task and it certainly isn’t for everyone but for those who decide to ignite their passion, dive in, take risks, challenge themselves, trust their instincts and learn from both experience and the experienced, the rewards are endless and far outweigh the risks.

So where does it all begin?

The idea
In order to start a new business, you’re going to need an idea and a vision about how that idea is going to be transformed from a concept into a tangible reality. As a budding entrepreneur, you may well have spotted an opportunity that you think will convert into a profitable business. Take time to research the idea, make sure it makes good business sense to pursue. Your idea needs to be different and useful in order to succeed, particularly if you’re looking for funding. Innovation is paramount – variations on a theme may limit your chances here, unless your plan for execution is both unique and outstanding.

Your passion
Successful entrepreneurs are passionate – not only about their product or service, but also about the future of their business. You must be excited about what you’re doing and the ability to share your enthusiasm with others is the key to finding great employees and generous funders.

Once you become an entrepreneur, you’re on 24-hour call selling the concept behind your business, its viability, and its future. Only someone who is truly passionate about their business can accomplish this.

Take a risk
To get your idea off the ground, you have no option but to dive in. All the theory in the world is not going to get your business started and sooner or later you’re going to have to take some calculated risks to see your new business come to fruition. Taking risks is what it’s all about and part of that is being willing to accept failure. Don’t be afraid to lay it all on the line for something you believe in.

“Only those who dare to fail greatly can ever achieve greatly.”
- Robert F. Kennedy

Do your homework
You’ll need to start with research and planning. Ensuring that you understand the specific market or industry you’re targeting and developing a solid business plan to support your goals is obviously a critical step in your journey towards becoming a successful entrepreneur. Your business plan will be the blueprint for your business and will allow you to test the feasibility of your idea, clarify any potential grey areas, and solidify your objectives so that you can remain focused and not get sidetracked.

Remember that your business plan is not set in stone - it will change over time as your business evolves and there is also no such thing as the Perfect Plan:

“No plan of operations extends with certainty beyond the first encounter with the enemy’s main strength” – Field Marshall Helmith von Moltke

Challenge yourself
Make it your business to learn as much as you can, and not just about your product, service or industry. There are going to be many areas that you’ll need to pay attention to as you start and grow your new business and while you certainly don’t need to know everything about everything, as the leader of your venture it is your responsibility to be familiar with all the elements involved in running a successful business, including:

• Company registration and formation
• Naming and branding
• Strategy
• Securing funding
• Attracting investors
• Marketing and PR
• Accounting and tax
• Budgets
• Company law
• Insurance
• Workplace location and resources
• Human resources
• Leadership and management
• Technology
• Sales and distribution
• Customer service

Where possible, and as soon as you have the funds available, hire professionals to assist you in areas that don’t cater to your strengths. Being able to call on experts to help you will save you a lot of stress and probably a lot of money in the long run.

Trust your instincts
Whenever I’ve made a decision that goes against my natural business instinct, it’s nearly always backfired on me. Do not underestimate your gut – it’s a powerful business tool. Of course, this does not mean you should make decisions based purely on emotion or hunches but do learn to listen to what your inner voice is telling you. Like all skills, developing good instincts takes time and it gets better with practice.

“Truly successful decision making relies on a balance between deliberate and instinctive thinking.” – Malcolm Gladwell

Learn from experience
As a budding entrepreneur you’re going to encounter triumphs and blunders along the way – the accumulation of both these experiences will go along way towards building your confidence in the business world. Making mistakes is an inevitable rite of passage for the new business owner and the experience gained from slip ups is invaluable in terms of gaining essential wisdom, knowledge and insight, provided you are willing to learn from them. If something goes pear-shaped, reflect on where and how things have gone wrong and develop new strategies to create a future that excludes these same errors. Conversely, if something has succeeded, take note of the details and re-use them in future undertakings.

Learn from the experienced
While it is true that making mistakes is part and parcel of life and business, not every mistake has to be made first-hand. Apart from surrounding yourself with experienced professionals to help you manage all the various aspects of your business that don’t directly relate to your core competency, it’s worth your while to reach out to experienced business owners who’ve walked a similar path and succeeded. You’ll find a wealth of information and good advice that has already been field-tested and proven to be effective. Be open to learning from those who have a solid track record in running a business, hear what they have to say, process the information and extract the gold nuggets that could prevent you from making unnecessary mistakes.

A word of caution here: get advice from the right people. Avoid self-proclaimed “gurus” and instead, seek out those who walk their talk and have the results to prove it. And it goes without saying that you should be completely honourable – impress with your action, not conversation. By all means, endorse your business enthusiastically but never exaggerate the truth.

Are you ready?
It is a myth to believe that entrepreneurs are born and not made. I firmly believe that anyone can develop the entrepreneurial skills required to start, grow and sustain a thriving business. Although this process is incredibly tough, it’s simple enough for anyone to take the first step towards controlling their own future.

If you think you have the passion, vision, commitment, organizational skills, creativity, energy, integrity, confidence, drive and desire to achieve, go for it.

Good luck!

Further reading:
Screw It, Let’s Do It – Richard Branson
The E Myth Revisited – Michael E. Gerber
Blink – Malcolm Gladwell
The Obvious – James Dale

Author Bio:
Sue Rutherford is the founder, director and inspiration behind The Forge Web Creations.