By Syed Ahmed, CEO at SAVORTEX
Being an entrepreneur comes with a host of challenges. It takes commitment, determination and real belief in both yourself and your business. As an entrepreneur, you are constantly hinged between success and failure. It has been 10 years since I first approached Peter Williams, a mechanical engineer with over 40 years’ experience in the industry, and asked him to design the world’s most sustainable digital brushless motor. Whilst there have been many successes, I have also faced some great challenges along the way.
- Taking the first step
One of the greatest hurdles is abandoning your current career to start on your own. It is almost impossible to simultaneously manage another job whilst you are trying to nurture a new business to success. You may be able to manage it initially during weeknights and weekends, but this is not enough if you want to even have a chance at achieving moderate success. My advice would be to think through your decision logically, to go with your gut and to trust your instincts. These instincts are your greatest asset as an entrepreneur and will guide you through starting your company and lead in your first steps to success.
Anyone deciding to start their own business must think about funding. Experienced entrepreneurs may have an upper-hand due to pre-existing or already established financial contacts. If you are a first-timer, building that pool of potential clients and supporters can be a huge challenge. When I started SAVORTEX I applied for a grant which I then used to raise a further £1.2m. This growth would undoubtedly not have been possible without the network of supporters I had previously built for myself. I had a client base that trusted me, which denotes both the demand for my services and the large profit potential my business has. These two features have made me a safe bet for investors and further supporters. Funding is something that should not be approached tentatively. It should start as and remain a commitment as your business develops.
- Dealing with the unknown
When you are starting out, there are many unanswered questions. How long will your business exist? Will customers like it? Will you be able to support yourself financially? Not one of these questions has a solid answer – even start-ups based on great ideas with all the resources they’d need. It is something you have to simply accept as an entrepreneur and learn to channel in a positive way. You should devote yourself to turning these questions into certainties, and doubts should be used as catalysts to spur you on to success and to add to your determination.
These are only a handful of the challenges you will experience as an entrepreneur. Starting your own company is one of the most difficult yet rewarding ventures possible. You have to be prepared for failure and build resilience to allow you to pick yourself up when you do get knocked down. However, eventually your hard work starts to pay off. 2017 has been an exciting year for SAVORTEX, namely the launch of the latest editions to our EcoCurve range, the EcoCurve 550D Smart Dryer and the revolutionary adDryer, the world’s first smart, revenue producing hand dryer range. We have managed to reach this point due to the hard work, commitment and support of the SAVORTEX team.
In my opinion what truly determines the success of an entrepreneur is their ability to keep going despite challenges along the way.