Below is a discussion with Alastair Sanderson and Richard Sanderson from Oxford on the 4 things to consider before launching into entrepreneurship.
The life of an entrepreneur is often envied by those who have never experienced it.
Those who choose to look at the shiny veneer of success fail to see the effort and the sheer willpower it has taken someone to become successful. Likewise, entrepreneurship might seem simple enough – a secure road to success. On the inside, however, it is quite a different tale.
Today we are talking to Alastair and Richard Sanderson – brothers, entrepreneurs from Oxford who have launched businesses on three continents. They can certainly tell us a thing or two about the life of an entrepreneur.
According to Richard Sanderson, the one thing you should count on when starting a business is failure. The business itself might be a success, but there will be plenty of failures along the way. That’s just the nature of business, and the nature of life.
If you are afraid of failure and don’t expect yourself to respond well to it, the life and career of an entrepreneur might not be for you. It's a very key consideration in the list of things to consider before launching into entrepreneurship.
When we focus on our weaker (or weakest) points, we tend to slip into a negative mindset that is anything but productive, state the Sanderson brothers.
We all have something we are really not good at, and while working on these weaknesses is welcome and desirable – don’t start there.
Focus on your strengths first and build your business around them. Try to escape the negativity and the idea that you are not good enough.
If you are more of a negative person and can’t eliminate a distracting focus on everything you don’t know or have yet – think about the way you want to approach your entrepreneurial career.
Having the right team around you can make a world of difference for a startup. Alastair Sanderson emphasizes the importance of finding the right people as soon as possible. It's one of the crucial things to consider before launching into entrepreneurship.
While you may be looking to fill specific roles, bear in mind that your first hire should take some significant load off your own back. Either delegate what you don’t like doing or delegate something that takes up a lot of your time (even if you do like to do that). This will help you refocus on other aspects of growing your business.
Hire for fit over skill first – you need to create an atmosphere you want to grow, and that will allow your ideas and strategies to flourish. If you hire people who don’t believe in your ideas or share your passions, you won’t benefit too much from their skills.
There are millions of businesses out there – what puts you on the map?
If you can’t answer that question yet, maybe hold off on launching your business. The Sanderson brothers both agree that believing in yourself and your ideas and values is the key to success.
If you can’t explain to yourself, let alone someone else, what it is that makes you different and why someone should do business with you, you won’t be able to sell your expertise, and your business will not be off to the best start.
You’re ready to bring your ideas to life only once you have your value proposition, your elevator pitch, and your pitch deck ready, and you can stand behind each 100 percent.
The world of entrepreneurship is dynamic, tantalizing, and it has plenty to offer if you know how to become a part of it. These are key things to consider before launching into entrepreneurship. Take a leaf out of the Sanderson brothers’ book, and slowly consider your own rise on the ladder of success. If you want to learn more about Alastair Sanderson or Richard Sanderson from Oxford you can visit their site https://www.sandersonholdings.com/.