These may surprise you.
There are some things you need when starting a business – determination, will, enthusiasm, etc – but there are also things you may think are also essential but really aren’t.
Every entrepreneur is different, every new business is unique to itself, but there is a commonality across all businesses on what traits are irreplaceable to the establishment and maintenance of a successful enterprise. But many of the things you may think of as belonging on that list of traits, in actuality, are a lot less essential than you may think.
In this article, we will list a whopping 19 things that, while useful and advantageous to any business, are not necessarily do-or-die appendages.
And you may well be surprised at some of them…
1. Higher Education
While academic qualifications can be an advantage, they’re not in themselves strictly necessary. The ability to think clearly and make quick, informed decisions, not to mention the ability to learn and adapt on the curve, are more important.
2. Moolah
Yes, money is an essential lifeblood of business, but you don’t need to be wealthy to start a business. A great idea and a sound business plan can attract investors.
3. Logo
Some entrepreneurs spend too much time on surface-level issues, like a company logo, that really aren’t that important in the grand scheme of things. Yes, an attractive logo can get people’s attention but it’s not something to be obsessed over.
4. Top Secret Ideas
Having a great, perhaps even an inspired, idea for your business is a good thing… but it’s not national security we’re talking about. Some people feel the need to go clandestine on their business vision when being more open about it, talking with people, consulting those whose opinion you trust, and getting an objective viewpoint is actually a very healthy thing.
5. Comprehensive Business Plan
Having a business plan is, of course, a good thing to have in order to attract potential investors. But you don’t need to go overboard with a plan that rivals War and Peace in epic length! A suitable and concise summary backed up by your positive, verbal communication can instill confidence more than a dry text ever could.
6. Investors
While having investors can be important, it is not the end-all-be-all of starting a business. Many successful entrepreneurs have established themselves with their own money and the sweat of their own brow, it can be and has been done.
7. Business School
Anyone who tells you that it’s necessary to go to business school to become a successful businessman is someone you should ignore, quite frankly. While not a bad thing in itself, being street-smart more than book-smart is more advantageous.
8. The Big Idea
Having a great idea is a good thing for a business but it’s not the end of the battle, quite the opposite in fact. Some entrepreneurs feel that once you get the idea, then it’s all downhill from there, but getting the idea is just the first step on the road… and there’s a lot of miles still left to go.
9. Network
Businesses can succeed or fail on many factors but having (or not) a large network of backers is not one of them. Just like you don’t necessarily need wealth to start up a business, you also don’t necessarily need a whole phalanx of backers in the background. Entrepreneurship can be achieved by individual strengths too.
10. Slave to the Grind
Some entrepreneurs adhere to the work-hard-play-hard mindset, thinking it makes them a better, more driven and competitive titan of industry. Indeed, many young upstart entrepreneurs have been lulled into thinking this is the way it is and anything less, you’re a wuss. Where it leads to, ultimately, is exhaustion and burnout. You’re not a machine so don’t behave like one; take down time, relax, have a life outside work.
11. (Practically) Perfect
There’s an old saying that goes “never let perfect be the enemy of good”. What it means is that sometimes something can be good enough to meet requirements and that continually striving to make it perfect can be counterproductive at times. Being an entrepreneur and at the center of your business, you have enough to do at any one time, so unnecessarily laboring over something in pursuit of that elusive perfection is not the best use of your time and/or energy.
12. Partner
While many successful startups have more than one founding member, it’s not essential and many entrepreneurs have, in fact, built up their companies from the outset almost single-handedly on the sheer strength of their own vision and self-belief.
13. Growth Expectations
The economic climate right now is not exactly conducive to large-scale investment; war, pandemics, cost of living crisis, social frictions, all are conspiring to induce more investors and customers alike in keeping their money in their pockets. This will, obviously, in turn affect revenue and sales growth for businesses. Be aware of this and so don’t get overly discouraged if your business isn’t growing at the rate you’d like. There are better days ahead, believe that.
14. Ducks in a Row
It may surprise many budding entrepreneurs but starting and running a business is a highly ad hoc affair. You are continually solving problems, dealing with issues as they come and which you didn’t foresee or plan for in advance. You don’t need to have every detail lined up and set in a row in business… in fact, it’s probably to your advantage that you don’t, as the need to adapt and be flexible is a cornerstone of good business practice.
15. All that Glistens isn’t Gold
Presentation can aid and enhance a business’s commercial prospects but don’t let it take prominence over substance. Aesthetics matters but it’s not all that matters! A nice interior decor, a nice suit, an attractive website, a snazzy logo are all good but if your product and/or service is compelling enough, it will sell itself. Simply put, quality counts.
16. Experience
Having experience in business can indeed be a highly advantageous trait but not totally necessary. Many if not most startup founders do not have any extensive experience in the commercial arena when they start, and that is actually to their advantage. Very often you’ll hear a successful entrepreneur say that they didn’t know what they were doing but they did it anyway because they believed in their vision. That inexperience and naivety worked in their favor as not knowing the established rules of the game, they simply created their own… innovation, initiative, and idealism can win over experience more times than not.
- Validation
Everyone likes to be appreciated and complimented, but don’t go looking for validation from your peers or feel disappointed if you don’t get it. Business is not a charity, there are no prizes for second-best, so get out there, do your very best, and never worry what people think of you, good or bad, let your product and/or service speak for itself.
- Roadmap
As stated previously, every business and entrepreneur is unique to their own background, experiences, and journey. Just because you may not know exactly the direction to go for success, doesn’t mean you will fail. Many of the most successful entrepreneurs will tell you they had no idea when they started how they would get to where they got… but it was that unknown that drove them forward, for the opportunity around the next corner.
- Yes/No
When you’re starting up in business, it can be discouraging to constantly hear no when you are searching for investment and a foot in the door. Likewise, it can be exhilarating to hear a yes meaning an opportunity has opened itself up to you. But don’t determine your worth and confidence on hearing either, they are but words… keep hold of your vision, endure all hardships and setbacks, welcome all successes, and always remember why you started in the first place.
For any entrepreneur, you are your own boss and captain of your own destiny. Know what you need and don’t need to succeed and you’ll find your own path to success. Good luck!
