08 Jan The Five Golden Rules of Entrepreneurialism

I used to hesitate to call myself ‘an entrepreneur,’ but, by definition, I suppose I am. I saw a gap in the market, a need for new technology to solve a persistent problem that was benefiting thieves, whilst spoiling their victims’ lives. So, with the help of my brother Mike, who happens to be a brilliant scientist, we created the forensic product that solved it, called ‘SmartWater’. Twenty-five years later, we employed hundreds of people in an international company that had a nine-figure valuation, allowing me to retire in comfort to focus on other things.

But, by any measure, it wasn’t easy. Embarking on an entrepreneurial journey is a thrilling adventure filled with possibilities, challenges, and learning opportunities, but at times, it can also be quite scary, not for the faint-hearted. However, to ensure that this journey leads to success, there are certain rules that every aspiring entrepreneur should abide by.

So, here are my five golden rules of entrepreneurialism:

#1. Passion Fuels Persistence and Resilience
The first rule is passion. Passion is the driving force behind every successful entrepreneur. You have to believe in your business, be it a product or service. The Founder should always be the best salesperson.
Passion fuels:
 persistence – you jump out of bed every day, bursting with enthusiasm – ‘negativity doesn’t dishearten, rejection doesn’t deter’.
 resilience and the will to overcome any obstacle that comes your way. Be the ultimate warrior for your business, and smash down doors if you have to (figuratively speaking, of course!).
Starting and running a business is not a sprint; it’s a marathon. Yes, there will be setbacks, failures, and rejections – but if you’re genuinely passionate about what you’re doing, these difficulties become stepping stones and opportunities to ‘fine tune’ your messaging, rather than stumbling blocks.

#2: Embrace Risk and Uncertainty
Entrepreneurship is synonymous with risk-taking; you have to accept this and be a risk-taker. Some people are ‘naturals’, but most aren’t wired that way. Every business decision involves some degree of risk, and the ability to take calculated risks is a critical skill for entrepreneurs. However, taking risks doesn’t mean diving headfirst into dangerous situations. It means carefully evaluating your options, understanding the potential consequences, and being prepared to pivot if things don’t go as planned. Embracing uncertainty, while maintaining a level-headed approach, is a key aspect of entrepreneurial success.
Consider this: would you bet your house on your business idea? If the answer is ‘no’, I suggest that you start looking for employment.

#3: Learn Continuously
The third rule revolves around constant learning. The business landscape is ever-evolving, with new technologies, trends, and consumer behaviours emerging all the time. To stay ahead of the curve, entrepreneurs must be committed to continuous learning. This could involve reading industry news, attending workshops and seminars, seeking mentorship, or even learning from your own mistakes. A lifelong learning mindset can help you adapt and thrive in a dynamic business environment.

#4: Build a Strong Network
No entrepreneur is an island. Building a strong network of connections is essential for success. Your network can include mentors who provide guidance, peers who offer support and understanding, potential investors who can fund your venture, and industry experts who can share insights and advice. Networking is not just about taking; it’s also about giving. Offering help and value to others in your network can create strong, mutually beneficial relationships.
Warning: if you’ve invented something truly novel, protect your intellectual property (IP) first before speaking too loudly about it. This can be by way of using legal advisors to file a patent, copyright and trademark, or asking people to sign Non-Disclosure Agreements (NDAs) first. If they hesitate, maybe give them a wide berth.

#4: Delight your customers and your staff
Last but certainly not least, your customers and staff should always be at the heart of your entrepreneurial endeavours. Understanding their needs, preferences, and pain points is crucial for developing products, services and necessary support that truly resonate with all of them. Maintaining a customer-centric approach can help you build a loyal customer base, improve your offerings, and ultimately drive your business’s growth and success. The more delighted your customers are, your staff’s pride in your product or services will grow, creating an atmosphere of excellence, and building staff loyalty, which improves retention rates. Simply, they are proud of the brand (our staff asked if we would create polo shirts and jackets bearing our logo so that they could wear them on the train going home, such was their pride in the Company).

In conclusion, while the entrepreneurial journey may be fraught with challenges, adhering to these five golden rules can pave the way for success. Passion fuels your drive, risk-taking enables growth, continuous learning keeps you relevant, networking opens doors, and a customer and staff focus ensures your business delivers value. These rules don’t guarantee success, but they provide a solid foundation upon which to build a thriving entrepreneurial venture. So as you embark on your entrepreneurial journey, keep these rules in mind and watch as your business idea transforms into a successful reality.

I wish you the best of luck!