This video was part of a two hour training run for NATWEST Entrepreneur Accelerator in Milton Keynes, in February of 2020.
What follows in the text is a transcript of this section from the training.
What actually turns a start-up into a viable business? From a personal point of view and I’m not an expert.
I’m not one of the business coaches (here). This is my perspective on the kind of the characteristics of an entrepreneur and I kind of boil it down into three.
It’s understanding the customers need. Having a smart solution to solve that need.
And Relentless enthusiasm to do that in the face of adversity in the face of cynicism in the face of life because it tends to get in the way and some of the characteristics.
I think that that you need to turn the start up into a viable business and some of the things I’ve learned more about myself over the last couple of years customer empathy.
So actually really understanding the customer.
Understanding what it is. What does need mean actually what’s going on for them?
Personally analytical thinking actually being able to understand that stay connected to the person that you’re trying to sell to whilst being objective about it and not getting caught up, you know in the in the fun and kidding yourself that they have a need that actually the data doesn’t support and that’s quite a difficult because those two those two functions operate on different sides of the brain.
And when one side of the brain shuts down which often happens during stressful times or does happen during stressful times you start to get a disconnect on a smart solution.
Innovation is a combination of Technical and creativity again, both sides of the brain problem solving problem solving is a skill that you know that you’re constantly being challenged with each time a supplier turns out they can’t do what you thought they were going to do.
Or you can’t recruit the people that you that you had in your business plan and you have to find a way through it planning not my favourite thing like to get other people to help me with planning because my optimism can sometimes get in the way of my realism relationship management with the client with your investors with your stakeholders with your other half with your kids all those people that you’ve got to maintain.
Chain connections with which becomes very difficult. In fact, I’ll show you that the science behind how difficult that comes when we’re suffering from stress particularly chronic stress. And changes Advantage.
So being able to respond to change, unexpected change rather than our God just as just another thing I have to deal with to say, well actually this is probably happening to our competition as well.
So, how can I use that as an advantage? How can I be agile? Relentless enthusiasm supported by positive relationships, you know, we have to both keep maintain relationships when we’re really under pressure, but we also need those positive relationships to keep us level headed and to keep as well and we’ll talk more about importance of relationships later recovering from knockbacks.
I think being an entrepreneur is is is still keeping a smile in the face of relentless knockbacks, isn’t it? Being able to course-correct actually saying I’ve got to learn from this am I going in the right direction?
I’ve got this brilliant product, but no one’s buying it. You know, why is that and what do I need to do and accepting feedback and dealing with feedback is a whole brain function.
If only part of your brain is functioning because you are so stressed. You can’t see straight.
You’ll ignore opportunities to get better.
So that’s just my perspective and it’s kind of my learning over the last couple of years on to a slide that isn’t hopefully isn’t Death by PowerPoint.
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