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Alfie Best Business encourages entrepreneurs and entrepreneurship but what makes an entrepreneur?

People who create their own businesses stand out from those who work for other people. Just to clear things up, I am not in any way suggesting that there is anything wrong with having a job. I have known people talk in a derogatory way about a J.O.B. or Just Over Broke. These were sole traders who clearly did not realise that they were creating themselves a job with longer hours and without a secure wage!

Businessowners are grateful that there are people out there who want to work for them. If everyone wanted to run their own businesses, we wouldn’t have any staff … and as every businessowner knows staff are the lifeblood of any business.

There is a comfort in working predictable hours and earning a steady wage. It makes it easier to plan for the future. It makes it easier for you to go to the bank for a mortgage if you can give definitive answers to the questions. 

It means you will never be told off by your family for speaking to a client at dinner time. You will never have to tell your children … I’m sorry I cannot pick you up then … you will have to find your own way back.

A job Provides Security:-

But despite the benefits of having a job there are people who will choose to create something of their own. People who want to plough their own furrow. People who want to build a legacy. The business owners, the entrepreneurs. People that want to be their own bosses. 

These people are risk takers. They know that money will not come in steady predictable payments. They know they will have to work long and often unpredictable hours. The know that they could well be working less hours for more money. 

I know an entrepreneur who was offered a six-figure salary but still chose to plough on with a start up business doing long, long hours for next to no money. Why? He loves to create and is willing to put in the tough hours to, all being well, reap the rewards in the future.

Entrepreneurs may be considered by some as a little bit crazy. After all, instead of the comfort of a nine to five with a steady wage, a pension plan, and a gym membership they step out on the precipice of the unknown. 

They take the chance that they might not succeed. When they start, they might be earning less than minimum wage. Is it worth it? 

Well, you might be thinking that it depends if they are successful or not. I think it is more complicated than that. The road to success seems to be paved by bankruptcy! The list of famous entrepreneurs who succeeded after losing it all is long and includes many household names.

Successful Entrepreneurs Stories:-

Stan Lee, famed for Marvel Comics lost a huge sum when the dot.com bubble burst. He fought his way back and went on to become almost as famous as his characters.

Walt Disney made the mistake of taking on too many illustrators in his early career, but we all know where that has gone!

Henry J. Heinz was bankrupted after things went wrong with a harvest and knock-on effects. Within months he was back in business with his brothers and a £3000 investment. He went on to become a multi-billionaire.

Henry Ford’s first car company, the Detroit Automobile Company formed in 1901, went bankrupt after producing just 20 cars. He went on to set up the Ford Motor Company in 1903. The model T Ford is widely regarded as the world’s first affordable car.

Milton Hershey had two failed attempts at creating a chocolate company before succeeding with a caramel company. Unperturbed he returned to chocolate and was finally kissed by success.

Both Bill Gates and Steve Jobs had tech failures early in their careers before bouncing back.

Finally, I am going to point to our very own Alfie Best. Alfie had built himself a fortune before losing a million pounds and sleeping in his van while he tried to get back on his feet. With business assets of around £750 million his is truly a rags to riches, riches to rags, rags to riches tale.

Failures did not stop Entrepreneurs:-

So clearly, failure did not stop these entrepreneurs. It actually seems to have spurred them on to greater success. Whilst some fear failure, others use it as a source of motivation, a way to keep them going. 

The story of the entrepreneur is one of persistence. People might think of it as being innovation. The truth is though that many a million-pound idea goes to rest without ever being more than an idea. Entrepreneurs do not just have ideas, they act on them, they work on them, hard and persistently.

Running a start up business is hard, hard work. You will make mistakes along the way, and you might fail. Many start up businesses do fail. Many of the biggest businesses in this world are ones which have risen like a phoenix from the ashes of earlier attempts. 

This is what makes businesspeople and entrepreneurs stand out from people who have jobs. Persistence. They have a dogged determination to keep getting up, to keep pushing on and to keep working until they succeed.

Alfie Best said in his interview on ITV’s Undercover Big Boss that the reason he is successful is that while one man is willing to work for one hour, he is willing to work for three. That is persistence!

“I’m convinced that about half of what separates successful entrepreneurs from the non-successful ones is pure perseverance.” — Steve Jobs 

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The Business Show 2021- Alfie Best Business

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