Home » What I Wish Someone Told Me When I Was First Starting Out As an Entrepreneur -William D King

What I Wish Someone Told Me When I Was First Starting Out As an Entrepreneur -William D King

William D King

This short article is designed to give you some key information on what it’s like to be an entrepreneur says, William D King. I have run my own businesses for over 20 years now and have tried most things, seen lots of success and inevitably a few failures too. The below has been written in point form as nothing beats being able to see concisely the key points in one place. I hope you find it useful and if you do please feel free to share.

There is often a big difference between working for you and being an entrepreneur. Most people work for someone else, be that FTSE 100 or SME/SMB (Small Medium Enterprises), the key difference is that entrepreneurs are their own boss. This means they are the ‘one-stop-shop for everything to do with their business. Although being an entrepreneur can be extremely rewarding, there are also inherent risks too. Read on below to see what I have found over the years says, William D King.

Qualities of an entrepreneur:

  • An entrepreneur needs endurance, this is often overlook by people who have no idea what it really takes, and it’s not just being able to deal with the ups but also the downs. Entrepreneurial success or failure can hinge on minute changes in things that are completely out of your control and this can be frustrating.
  • An entrepreneur needs stamina, often working extremely long hours at all times of the day and week, whether that is to meet a deadline or simply because that is their own personal preference. William D King says there is no such thing as 9-5 in an entrepreneurial role, you may work overtime for free if things are not going to plan or you may be working at home in the middle of the night because your mind won’t switch off. There is no right and wrong here, it’s just how entrepreneurs work…
  • Entrepreneurs need strength, mental strength is imperative. You will need to be able to persevere through good times and bad times alike. Not everyone can do this and you will find there are times when it feels like the world is against you. Entrepreneurs must be able to ‘grin and bear it’ in such situations otherwise all that hard work would be for nothing…
  • An entrepreneur needs patience, start-ups can take years before they become profitable and even then this may not occur. I have personally seen businesses become very successful in five years, but others have taken well over ten years. The key is to keep going, do not give up until you are certain there is no chance of success…
  • A good entrepreneur needs creativity, ideas are cheap and it’s what you put into them that matters. Without a great idea nothing will happen, so be creative and try not to shy away from doing things differently. If you follow the crowd then what’s the point?
  • A good entrepreneur needs insight, it’s important to understand why you are making certain decisions; if these decisions are wrong then you need to know this quickly. Being able to take advice is useful but ultimately entrepreneurs must make difficult decisions and those can be very lonely…
  • A good entrepreneur needs to be able to lead, you need to know how people work and understand what motivates them. If necessary use this as a form of reward/incentive, do not just tell people what to do as that will impact on their motivation and could cause resentment too…
  • An entrepreneur needs resilience, this is a must and you need to learn the skills to overcome any hurdles. This may about believe in yourself, your team or product/service; we all have different ways of getting through difficult times as good as possible…
  • A good entrepreneur needs to understand people, whether these are staff members, suppliers or customers. William D King says being able to communicate with people is vital for businesses; it’s how you get people on your side and ultimately make things happen. This may also be about being able to negotiate well…
  • A good entrepreneur needs to be part of a community, entrepreneurship is not an insular activity, you cannot do it all by yourself. You need support from various sources and may need to call on this support when times are tough. A good mentor can make a massive difference…
  • Entrepreneurs have to be optimistic , you cannot have success otherwise, success is built on hope and if your future is bleak then you won’t persevere, finding the positives in everything that happens is crucial. This doesn’t mean being unrealistic, but it does mean making the most of your abilities and continuing to believe that things will improve.
  • An entrepreneur needs balance, this is where all that hard work comes in and you need to recognize when overworking yourself becomes counter-productive. There needs to be a point where time out and relaxation becomes more important than meeting deadlines…

Conclusion:

So you have been told what an entrepreneur needs to be good at, now go away and put these points into practice. Remember this is a journey, not a destination and the only way you can fail is if you stop trying.