When we talk about entrepreneurship, or being an entrepreneur it sounds like a very complex job. Personally I don’t like the word and I think it can be off-putting when being taught to children in school.

Definitions

Speaking of schools - there are two schools of thought on whether we can actually be taught entrepreneurship, or if a select number of individuals actually born with the traits that it takes to be successful in business.

Personally, I think there are two groups. A small number of individuals seem to be natural entrepreneurs. These are people who at school would buy things like fireworks or foreign sweets in bulk and mark them up and sell them to their friends - but the same could probably be said about people who go on to become drug dealers, not successful business people.

Others (the majority) can learn the skills required to run a successful business by honing their skills and learning from others when working as an employee. I worked for Campbell Bewley Group for 13 years and learned a huge amount from its CEO Patrick Campbell.

Going solo

I actually didn’t start my first business until I was 39 years old - “Make your mistakes with someone else’s money” was some advice given to me by my father, who himself was an entrepreneur. 

Another misconception about entrepreneurship is that people do it for the money. In my case I ended up frustrated by corporate life in that it no longer satisfied my ambition and that is why I made the jump to running my own business.

The early days can particularly challenging - I found I was constantly questioning myself - asking myself, "Am I mad having left a good secure pensionable job for all this hassle, grief and abject poverty?"

The other thing I found having run a successful business as a manager was how little I knew about finance, raising money and actually starting a business.

Fear

It was an inherent “fear of failure” which spurred me on even in some really dark hours. This is a quality that I still possess to this day, I put it down to how I managed to become successful in the early days. It is not necessarily a fear of failure for yourself, but for those around you. In my case a loyal and supportive wife and four young children.

Fear of failure if harnessed and channelled correctly can be one of the greatest qualities an entrepreneur can have, even if they don’t realise it. 

Speaking of family another important factor is the support of your life partner, in my case my wife. In the initial stages of running a business you have to give it everything. That means sacrificing important things like family time, holidays and social activities.

The absolute dedication to the business is particularly critical in the first two years. I had to miss children’s birthday parties and showed up late for a First Holy Communion, you need the ongoing support (and tolerance) of your loved ones.

My Top Five Tips for Entrepreneurs

• Research your idea to death - Make sure there is a market or customer for the product you are selling before taking the plunge.

• Have a plan - but make it flexible enough for you to change course.

• Work night and day 24/7 in the first two years - you have to be prepared to live with the commitment that is needed to turn an idea into a successful business, especially during this crucial early stage.

• Harness your fear of failure - Make it proactive, let it drive you on and you can turn this potential negative into a positive.

• Lead by example for your employees - They might never have the same drive as you for the business - but your dedication and commitment will rub off on the employees who have potential.

You can read more business tips on BobbyKerr.com, and hear Bobby live on Down to Business from 11am, every Saturday on Newstalk.

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