Entrepreneurship. It sounds sexy and it’s such a buzz word right now, but let’s face it, almost anyone can call themselves an entrepreneur. The appeal of course, and allure of being an entrepreneur comes from seeing celebrity entrepreneurs like Richard Branson, Mark Zuckerberg, and Steve Jobs, yet we so often only see the success they have had.
Success is dirty work. It’s hard, manual labour, blood, sweat and plenty of tears. It’s grit and determination. Most importantly, it is failure, after failure, after failure. This has certainly been the case for my journey, and for the thousands of successful entrepreneurs and business owners I speak to, I know this is their story too.
People often say, “the harder you work, the luckier you get.” I agree in part with this statement, however, I think the real meaning behind this is lost on so many. Of course, you have to work hard, but you have to work smart as well – you have to make good decisions, more good than bad.
Then, what’s the attraction to being an entrepreneur? In addition to the glamour that the celebrity entrepreneurs create, it can also be incredibly exhilarating, rewarding, and empowering. To own a business, to create something, build it from nothing and create something of immense value, to lead a team, to serve your community, your country, or even the world, it’s hard to describe. It is immensely addictive.
Every big win I have had in business, from the dozens of successful businesses to the incredible achievements and awards that we have won over the years – they propel me to keep going. It’s almost like you are chasing that “next high.” A successful entrepreneur is simply one that has succeeded more times than failed – what’s the net effect? If you’re in front, you’re winning!
It’s the high, the addiction, that allows you to overcome all adversities. Even as failure upon failure descends on you, and it seems like you can’t possibly recover from this latest setback or challenge, you can draw on the successes, the “next high” to keep you going.
When I was two-years into business, I found out my business partner had not been paying the businesses tax and so forth as he should have with the businesses money. Instead, much of the money he should have invested into the business, as well as the businesses funds, were used to prop up his own already failing businesses. We had three retail businesses, all trading well, but with serious debt – over half a million dollars! Now, most “normal” people in this situation, would have called it quits and folded – but not me. I made a commitment to trade through the adversity, to repay the $500,000 plus interest and penalties of $250,000. This is what true entrepreneurs do, we don’t shy away from adversity, we head straight towards it.
Every time I tell this story, people always congratulate me for my strength in overcoming such an incredible challenge. Upon reflection though, I sometimes think there may have been a more sensible approach – a less entrepreneurial approach.
I work with thousands of business owners and my advice is shaped by my experiences. More often than not, the setbacks, challenges and mistakes that I have made in business, are my nuggets of gold. Over the next few articles, I will share with you the strategies and tactics I have used to develop my businesses into award winning entities, the multi-million-dollar equity raises and influential organisations and individuals within the business community, and the “gold” that will save you thousands and make you millions.
Matt Alderton, Founder, Alderton Enterprises and author of Business for Life
