When starting a small business it can be straightforward to look at Richard Branson and the ‘Dragons den’ panel and think that to be a success in business is easy. You could not be more wrong, for those starting a small business the first six months are critical, it is estimated that two thirds of small businesses fail within their first year.
This is why the world is not full of successful businessmen; those who make millions and buy islands in the Caribbean are an exception to the general rule. Even those now living in luxury have struggled at times in their meteoric rise.
Duncan Bannatyne, now famed for his financial worth, is worth an estimated 200 million pounds. In many cases businessmen such as Bannatyne, when starting their small businesses had nothing. For instance after Bannatyne had been dishonourably discharged from the Navy he spent years living a mediocre life until he forked out four hundred and fifty pounds for an ice cream van.
From this small acorn he invested in more vans, eventually selling the business for twenty eight thousand pounds, next moving into the nursing home business and finally the health spa industry. Not all those who are starting a small business will experience these levels of success but he shows how important dedication is to succeeding in business.
Dedication can also been seen in the career of Richard Branson. When starting a small business at the age of just fifteen no one but Branson himself would have predicted the level of his success.
Carving a niche in the magazine industry with ‘Student’ his success moved to music stores and mainly through his own efforts to publicise his brand he now has a music production company, a train company and even a transatlantic airline. A concurrent theme here is dedication; such skilful businessmen never admit defeat and never fail to spot an opportunity.
Another example of why determination is so important when staring a small business can be seen in the story of James Dyson. Inventor of the dual cyclone vacuum cleaner he revolutionised his chosen industry and etched himself out a niche in the world of vacuum cleaners. He recognised the importance of dedication early on in his life when at Gresham’s School in Norfolk as a long distance runner.
Dyson himself has remarked at this stating ‘I was quite good at it (running), not because I was physically good, but because I had more determination. I learned determination from it.’ The importance of determination was vital to Dyson’s success, although being a talented inventor with some amazing inventions it was his determination to drive and market his devices that made him a success.
Dedication can be seen all the way up to the echelons of business; Bill Gates widely regarded as one of the richest men in the world drove a business idea, aggressively marketed his products and vigorously defended any preferable position with gusto. His determination to put Microsoft on top of the world in computer software has led to one of the most influential companies of the last twenty years.
It is clear that when starting a small business determination is essential to success. Firstly you must believe in your business and the service your business provides. Secondly a prerequisite of success is to find a niche and pursue it fervently.
From the examples I have shown here, it is possible to make a success of your business, with the right drive it is possible to emulate the success their businesses have experienced. As all these men will testify it may not be easy but it only takes determination and belief to succeed in commerce.
Shaun Parker knows a great deal about success in commerce and has helped many when starting a small business . To find out more please visit lloydstsbbusiness.com/support/eba.asp
