In the inaugural Business Insights video, Franchise Direct CEO Sean McGarry discussed emerging markets for entrepreneurs to target. Today, in his second Franchise Insights video, Sean discusses what you need to start and develop a successful business.
One thing we must all recognize is that entrepreneurship is not for everyone.
“One of the first things we need to look at it is ourselves and whether we are suited to a starting and developing a successful company. Your attributes are the critical things in terms of the success of businesses,” Sean says.
If you feel that you have the personality for running your own business, one reality you’ll have to grapple with is risk.
“If you want to start a successful business, you’re going to have to risk some capital. You’re going to have to risk your time. No business in 100% safe.”
Secondly, entrepreneurs need an intangible called the ‘need to achieve’.
“People who start and run small businesses tend to be achievers. They are focused. They tend to work on simple, clear objectives. If you want to see something happen, if you want to achieve something over a year, or over five years, that is a key aspect in relation to the entrepreneur,” Sean adds.
Finally, Sean says, even if you’ve been blessed with the ambition to be the next Bill Gates, you’ll need to possess the communication skills to express yourself.
“No matter what your business idea is, you’re going to have to communicate to people. You’re going to have to go into a bank manager and talk to them about it. You’re going to have to explain it in a very simple way to them and in such a way that they’re going to believe in this business and put money in behind it, as well. You’ve got to be able to sell that idea,” Sean adds.
In conclusion, Sean feels if you possess all of these attributes, you might be ready to start your own business.
“If you are somebody who is prepared to take some risks, who would like to build something and get a sense of achievement from doing that and can communicate that idea to customers and bankers, then these are building blocks to building a successful business.”