Refer a friend and receive up to £1,000!
As always, Luke Johnson’s Animal Spirits column in the Sunday Times resonates with us; this week because it focuses on business start-up factors, and we work closely with entrepreneurs from their initial concept through to complete business set-up. But of course it doesn’t end there. Our role is to ensure that business owners – however large or small their enterprise is – have the strategic tools in place for continued and sustained success.
Here’s Luke Johnson’s article:
Starting a business is asking for trouble. Because, unfortunately, trouble of one sort or another will be visited upon every entrepreneur. Be it bad debts, supplier disputes, employee fraud, cyber-security breaches, client complaints, industrial accidents, fires, floods, order cancellations, equipment malfunctions, terrible weather, partners falling out, budget overruns or a thousand other problems . . . running a company is a vale of tears, a series of trials and tribulations to test the most optimistic character. So, unless you are resilient by nature, do not apply for the position.
None of these challenges will be highlighted in any business plan. Indeed, they are rarely mentioned at all. They are, however, the very warp and weft of an entrepreneurial life, and these crises cannot be delegated or ignored. If you are the owner and chief executive then you must roll up your sleeves and overcome the difficulties.
Of course, there are times of transcendence — great moments of achievement and victory — and plenty of fun and satisfaction to be had being your own boss. You have the pride of ownership and the creative delight of building something meaningful, generating employment and making customers happy.
However, no one embarking on a start-up should be under the illusion that success will be easy or quick. Indeed, it may never arrive.
Patience and stamina are essential attributes for those who choose to commence the journey — along with an ability to cope with the inevitable setbacks and disappointments.
There is a 21st-century myth among too many founders that business triumph is almost guaranteed within a couple of years. In reality, almost every worthwhile enterprise takes at least five years to develop — and a 10-year marathon is more typical.
In fact, I often think that every founder should learn how to lose money. Not because this is the purpose of any business, but because it is almost certain to happen — especially in the early years.
Having the confidence and spirit to push ahead, despite losses and errors, is a prerequisite for those who want to be entrepreneurs. Sales and profits come slowly and painfully, and economic cycles have to be navigated. Meanwhile, competitors attack relentlessly, and most things are much harder and take longer than you first imagined.
Capitalism is all about creative destruction, and any investor who tells you all his ventures have made money isn’t trying very hard — or is lying.
Innovation is especially fraught and perilous, but it is the principal engine of progress in society — the driver of rising living standards. Without it, we are consigned to stagnation.
It is the riskier stuff that provides the most excitement, and the greatest rewards when it takes off.
As a consequence of all the hazards and anxieties, entrepreneurs should be physically and mentally fit. Sadly, those with chaotic personal lives frequently fall by the wayside, unable to find refuge at home when business is giving them hell. The danger of bankruptcy, the striving to keep one’s dreams alive — these pressures can push founders to breakdowns or even suicide, yet for entrepreneurs, it seems it is almost always better to have tried and failed than never tried at all.
I probably come across as a bit jaded. In truth, I could never imagine doing anything other than being in charge of my destiny, owning and running businesses. Another career would pale into insignificance by comparison; the prize is worth the struggle.
There is something viscerally intense about the commitment and responsibilities required when you are the boss; you have a sense of purpose, a direction, vital engagement — and also nowhere to hide. A company will demand your attention, almost as if it were another child.
Moreover, trouble can be a stimulant. It demands action. A relaxed and stress-free existence has never appealed to me — too dull, too lazy, too unproductive. As John Dewey, an American philosopher, wrote: “Conflict is the gadfly of thought. It stirs us to observation and memory. It instigates invention. It shocks us out of sleep-like passivity, and sets us at noting and contriving . . . conflict is a sine qua non of reflection and ingenuity.”
Of course, it might be that if every business pioneer knew before they started just how arduous the expedition was likely to be, none of them would even start. Better, perhaps, that such founders are naive and inexperienced, but possess the unshakeable conviction and energy of youth, a hunger to prove themselves in the world and the advantage that they don’t know why something can’t be done.
If you’re considering starting your own business, or you’re already running one that isn’t giving you the rewards you deserve, call us on 020 8530 0720 or email email@example.com. We’ll be pleased to chat through the ways in which we can help you set ambitious goals then ensure you achieve them!
You can see the original Sunday Times article here.
At Nordens we're more than just accountants, we're business experts who can help you achieve the biggest goals.
Our specialist strategic division at Norden’s boasts some of the leading entrepreneurial business minds in the country. They cater towards delivering consistent success stories for businesses looking to achieve all their goals and more.
Through highly tailored guidance, coaching and advice, Norden’s Strategic are able to define exactly how your business can attain new levels of success.
Regardless of how you define ‘success’ for your business, our strategic service is guaranteed to bring about real and lasting change. By partnering with some of the UK’s top business coaches, we steer you along the path to greater future.
Every business, no matter how big or small, needs to make the right decisions. How to best manage your accounts can put huge question marks over your business. Accounting 2 You are here to take that away and provide all the answers you need.
Our bookkeeping branch offers a fully inclusive, comprehensive service that they can trust. Since 2005, our specialist bookkeepers have been successfully managing the accounting of individuals and small businesses.
With experts in payroll analysis, credit control and financial recording, Accounting 2 You will lead your business efficiently and with a real purpose to help you grow and prosper.
Voted as EXCELLENT - 9.8 out of 10 based on 160 reviews
We've always got our ears to the ground when it comes to interesting, useful and topical information relating to business and accountancy.
We love making videos that break down convoluted accountancy jargon into a plain talking explanation of the important facts.
In November 2002, having sold our other business interests off earlier in the year, I decided to set up Nordens Chartered Accountants. The easy part was knowing how to do it, as I had established and built a smaller practice a few years earlier, the difficult part was not following the traditional accountancy path. Having run businesses, both successfully and unsuccessfully, I wanted to help business owners resolve their short term problems and work with them to achieve their longer term goals. Business has always been my interest and I love that I can help business owners achieve what seems like the impossible every single working day.
Our limited company accountants have a range of qualifications from The Institute Of Chartered Accountants (ICAEW) to the Association of Chartered Certified Accountants (ACCA). They follow the bye-laws, regulations and ethical guidelines of the ACCA and we are an ACCA accredited employer. We are also accredited by Professional Passport for our Umbrella and accountancy services.
At Nordens we're committed to keeping our clients updated on all things business strategy and news. Each week we update our newsletter subscribers on what really matters to their business helping them stay one step ahead.
In celebration of our 18th birthday, we’ve launched our Refer-a-Friend scheme, allowing you to receive a thank you gift from us of up to £1,000 for successfully introducing a new client.
Our team of experts will be in touch to find the very best time to hold a free, no strings attached, one-hour consultation.