Business secrets your adviser forgot to tell you

There's an expression you may have heard that's quite often applied to small business start ups (of American origin we believe) that goes something like this:

"Every successful enterprise requires three types of people - a dreamer, a businessman and a son-of-a-b*tch."

Regardless of the origins of the quote, this applies as much to small businesses in the UK as it does anywhere else in the world.

Why? Because it's a hard and statistically proven fact that the majority of enterprises which are started by people with no experience of running a business, and by people who don't know what to do once trading, are more likely to fail. While for businesses that are started by people who have at least some experience and understanding of what to do, there is an 80% chance of success.

If you're a start up team, the chances are you might well have the right combination of attributes, with a visionary dreamer and a hard-nosed, who-dares-wins SOB who fears nothing, alongside someone who actually knows how to run a business properly.

Single person start ups also have the ability to succeed if they have the right combination of the three types of characteristics. But what if they don't have the experience and know-how to run a business? Will these people fail?

Not for certain, but it's more likely. Unless, of course, they get help from someone who can show them how to do it, and if they learn from their experiences, and from their mistakes and failures.

Success (or even survival) doesn't happen as a result of random events. There is very little luck involved.

Success requires some structure and plenty of discipline. Staying in business is about knowing what to do, how to do it, and exactly when to do it. And making sure that it happens.

In recent issues of EnterQuest we've discussed some of the elusive entrepreneurial habits which typify those small business owners and sole traders who seem to possess more of that 'business common sense' than others.

Here is our quick guide to a few more of the habits common to successful business owners and which you will not generally read in business textbooks.

1. Successful business owners look for and find the right path, not just the destination. What this means is that it's important to focus on how you will get there, rather than just on where you want to end up. After all, your journey, your enterprise quest, will change many times, that's for sure.
2. They focus their efforts and energy only into what they are good at, or extremely good at. And if they aren't good at something, they find someone else who is and get them to do it.
3. They learn from others. They network with people like themselves, and track down and find out how to do things from the very best that there is.
4. They know who their customers are and exactly what they want, and pay close attention to what they see or hear from them. Ideally they are able to see their business and products through their customers' eyes.
5. They thoroughly plan and prepare everything that they do. Remember what we've told you in this newsletter many times before - failing to plan is planning to fail.
6. They seek feedback all the time from their customers, suppliers, advisers, employees and business partners. Although they tend to follow their gut and act upon it...they are armed with the right facts and information to back it up.
7. They overflow with enthusiasm and passion for what they are doing. They want to try and change the world. Their own world and their customers' world. Even a very small change can make a big difference or impact to a customer...and to your business.
8. They have plenty of self-discipline. Note our earlier comment. Success doesn't happen at random - it needs structure as well as flair in the right combination.

This should give you a few things to think about as you strive to achieve your own black-belt in entrepreneurship.

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