Considering a Change: Get Into An Entrepreneur's Mindset

Having been in business for over 30 years, I have seen the challenges faced by entrepreneurs. In particular I have seen the challenges faced by those starting their business journey, and amongst all the usual documented problems, one is often overlooked. How many people can successfully get into the mentality of an entrepreneur?

Becoming an entrepreneur is often perceived as a risk, particularly for those who have gone from the security of a job to running their own business. But once you have accepted this risk, it is important you accept the difference in responsibilities. I sometimes find that people who have gone from employee to entrepreneur find it difficult to accept the change in mindset that is required.

Recently, I have decided to invest half a million pounds into somebody who wants to start their own recruitment business. When discussing this with my investment managers, I was very clear that the successful person would need to have the right personality, passion and drive as well as ability and experience. Capital and a good support network helps you succeed, but it is an individual's characteristics which are equally important.

I want somebody who is genuinely passionate about recruitment and can inspire others. When you start running your own business, you have to accept that you are now also a leader. You are the one who sets the tone and ethos of a company and you are the one who others look to.

For example, what sort of brand image do you want your company to give off – corporate or quirky? This has to come from the very top – you must represent your brand. This will then filter to your staff and then to your customers.

When it comes to business, I am always about solutions rather than problems. It’s very easy to complain or point fingers, but as the owner you have to take charge. It is often said that the true test of a business and its leader is how they deal with tricky situations. When you are working for somebody else your role in these situations can be totally different– but as an entrepreneur you have to become a problem solver of sorts.

You also need to make a decision in terms of the long term vision. Where do you see the company in 5 or 10 years’ time? If you want it to be something really scalable, set this out from day 1. Of course it won’t happen overnight, but by having that goal in mind from the start, you give yourself something to work towards. Ambition and commitment is something I always look for in entrepreneurs.

Another necessity is a deep understanding of your market. I often get asked for advice by people who want to set up on their own, and I always tell them to ensure they have as much information about the market as possible. If you are already working in the industry then you automatically have an advantage as you will have built up great knowledge and contacts. This is why the person I am looking to invest in must have an extensive understanding of the market.

Going into the world of entrepreneurship is often a step outside of your comfort zone and it can take a while for you to get used to it. But I am a firm believer in mind over matter, and once you have adopted the right mentality, the journey to success will feel a lot easier.

To find out more about about the investment opportunity I am offering, visit the Hamilton Bradshaw Website