Don't create a business because you want to create a business

You will not be surprised to learn of how many people, especially students, tell be, "I want to create my own business."  My usual response is, "Doing what?"  Their most usual response is something like, "I am still looking for ideas" or "I want to work for a few years to get some experience and then decide what to do", or, "I don't have any money now."   Sorry folks, but in my experience this type of response is a guarantee that either nothing will happen (ever), or, a business will be created that will fail at the first hurdle.

The secret of success in business is not really about ideas or experience, it is about passion for what you are doing, determination and persistence, and  . . . .  loving support from somewhere.

The best reason to create a business is that there is something you really, really want do do and you can't find any other way to do it but create a business. You have to be really passionate about what you are doing in order to overcome the problems, the tiredness, the frustrations, the failures. There will be, all too infrequent, flashes of triumph. They will have to serve you day-to-day, though your underlying belief in what you are doing will carry the day and bring you to success.

The need for persistence goes without saying. 'Rome wasn't built in a day", and neither will be your business. This is where the 'loving support from somewhere' comes in. A story: when I created my first consulting business back in 1983 (out of the necessity of staying at home to look after my very sick wife), I first took on any and all work (even some with the eventual promise of payment - they never did - more on this late). However, I was intrigued to notice that some of these embryonic businesses went ahead, others never did. What was the magic difference?  It wasn't the ideas - ideas are two a penny and usually have little to do with success. It wasn't the availability, or not, of money - some of the most successful started with virtually none but attracted support because they got customers and credibility. It wasn't the business planning. While it is clear that - with my help - the level of planning was appropriate to the situation. It wasn't the skills and experience of the would-be entrepreneurs. Usually they were all knowledgeable enough in their chosen area to be successful, or they were able to get the help in areas of weakness. No, there was something else! 

One day, to continue a lengthy business discussion with one of my clients, I was invited back to his home. So, I got to meet his wife and kids and to understand how important was their support to him in his plans for the future. To explain: he was a successful executive in a company controlled by his parents but now part of a larger group. He was well paid, he had a responsible and very enjoyable job, and a secure future. However, he was frustrated by the restrictions placed on him by his company and wanted to 'fly free' to develop his own business. When I broached the subject of the new business with the family, their response could not have been moving loving: "Yes, it will be hard, and uncertain, but we will find a way to make it happen" was the jist of their reaction.  Yes, creating and running the business was tough, but it was a major success.  After a very few years the business had a successful IPO on the secondary stock market in the UK, and went on to become a significant player in their market area.

Contrast this with another business that I was being asked to help create. In this case the meeting with the spouse was 'accidental.' The reaction was,"Oh that silly business! It will never happen!" Sorry to say, I decided to walk away from that one after only a few days.

Imagine: a really tough day a couple of months into committing to the new business - one of those days where nothing goes right (they happen!). It is late at night, the brand-new entrepreneur goes home, exhausted, dispirited, and uncertain. At home (I am drawing a very classical picture here): in one case there is a loving hug, a hot meal, and a promise from the spouse of help in the office to sort things out. In the second case, the main reaction is, "See, I told you this would happen!"  Tell me: which of these two scenarios suggest a successful future?

I don't want to over-emphasize any one of these three elements: passion, persistence, support. They are the three legs that, together, keep the stool standing whatever weight is put on it.

The 'loving support' need not be from only one quarter: it may be a spouse or partner, a friend, a coach or consultant,  . . .  that person, or people, with whom you can talk about your dreams and fears without fear of ridicule, and with the expectation of a neutral - though sometimes critical - perspective. Being an entrepreneur can be a very lonely business. Find a way to make that loneliness bearable . . . .