Don't underestimate the amount of effort required to start a business. Sounds simple, right? But countless entrepreneurs and new business owners can easily be caught off guard by the mountains they have to climb for success. Some might not even have the right stuff to begin with, making the climb even harder. Entrepreneurs may underestimate the amount of effort required to own a franchise. It is up to the entrepreneurs to step on the gas to win the race.
Your business’ success hinges on two things: the strength of the business model you work with AND your mental fortitude. It’s rare that I’ve seen entrepreneurs fail when they apply a positive, ‘don’t quit’ attitude with a solid business models. When business owners fail to match their personal dedication to even the best systems, failure is almost guaranteed.
Entrepreneurship has taken on a glorified sheen, prettied up as a sunshine and rainbows money machine, but rarely do people hear the blunt truth: it takes a lot to be successful. If you have these five characteristics, you have the superpowers to give yourself a great chance at being successful.
1. Focused Determination.
You need to love and crave your work to make your business succeed. Enjoy the ups, be ready for the downs and learn to love them. This roller coaster ride is all part of becoming a better business. There are no half-measures in business ownership, not if you want to be successful. If you’re looking for a convenient work-life balance it’ll have to wait. Don't worry, you'll find that balance, but it'll be your destination and it shouldn't be expected as a starting requirement for a budding business. If business owners don’t have a strong dedication, even an obsession with succeeding, you can easily get distracted, depleting your available time. The equation is simple: Effort equals results!
2. Positivity
A positive frame of mind goes a long way. It affects how your employees interact with you, and in turn how your customers interact with them. Negative attitudes impact everything around them and can even negatively impact the productivity of your business. Managing positivity is important. Cheering everyone on, lifting each other up, demonstrating empathy towards others develops strong teams and stronger businesses. It’s not often that I sense negativity in franchise candidates, however when we do, we immediately let the candidate know our franchise simply isn't the right fit. Positive people are often prepared for many outcomes with bravado, while negatively tuned individuals, aware that things may not go perfectly, can approach downturns with apathy or downright dread leading to a downward spiral. It’s one thing to be prepared, it’s another to execute and get out of that spin.
3. Grit.
If owning a business was easy everyone would do it. How long can you sustain pouring the blood, sweat and tears necessary to become successful? Perseverance is that secret weapon I look for and you can only discover someone’s ability to persevere by diving deep into successes they have experienced in their own lives.
When problems start to mount, can you grit your teeth and push through? In 2014 our Calgary, AB franchise experienced a string of bad luck. Mike and Deb Darbyshire, the business owners, fell on hard times when they were unable to collect on a significant amount of accounts receivables and operations simultaneously suffered a hit when one of their newest vehicles was severely damaged by a garbage truck. I recall Mike Darbyshire saying, “I have never quit at anything in my life and I am not about to quit now”. They gritted their teeth to push through the bad luck and have since won multiple awards at our annual franchise conventions.
4. Financial Stability
Can you afford to start your own business? Launching a business can put significant financial pressure on you and your family. As an entrepreneur, you’ll need to consider these new obligations and the extent that they’ll affect your life. On top of that, don’t forget the working capital that will be necessary to keep the business afloat and lead it towards success. I’ve seen many business owners start a business while their spouses already have their own successful careers. It’s still not easy, and it won’t eliminate all of the risks, but additional incomes can oftentimes limit the risk the whole family will be taking on and allow for more focus on turning the new franchise into a huge success over time.
5. Maturity.
In my experience, entrepreneurs that are too young are easily distracted by many of the superficial lures that can attract the attention of the youthful mind. Alternatively, business owners who are in the thick of juggling a young family also tend to have their hands full during the early years of their children’s lives. The reality is there is no better time than NOW to get into business, however their is a little truth to the adage, “timing is everything”. When your window of opportunity opens, capitalize on that moment. In due time that decision can set you up for a lifetime. As the saying goes “Live like nobody else today so you can live like nobody else tomorrow.”
Give two people the same business model and you could easily see one become a millionaire and the other go bankrupt. Any model is only as good as the person running it, but feed the model with your determination, positivity, grit and the financial wherewithal to sustain it and you’ll become successful.
Mike Thorne is the Founder and CEO of JUSTJUNK and writes about his experiences developing the national brand from the ground up.
