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These two factors are essential for entrepreneurial success

This is where the hard work comes in

Scientific research and business rarely appear in the same paragraph, and yet they have much in common. Working away in labs, scientists have lots of ideas, carry out experiments and wait to see what works and what does not. If you are an entrepreneur you might recognise the process.

1. Work ethic

Not all great ideas work in practice and commercial history is littered with concepts which bit the dust at an early stage. Often those that succeed have benefited from failed predecessors who have seen their ideas refined and adjusted, leading to commercial success.

A given quality for success is hard work and belief in your idea. It helps if you love the area in which you are working. You will have heard the phrase “I love my job”, but if you are to succeed, it had better be heartfelt. Most of the time it helps if you love problem solving because you are going to spend a lot of your working life doing this.

Steve Jobs once said that the only way to achieve great outcomes is to love what you are doing, and he suggested that you need to be in it for the long haul.

This is where the hard work comes in. You might be lucky with your idea, but the only thing that overcomes bad luck is hard work and opportunities are often missed because you are not putting in the hard graft.

Missed opportunities can mean your ideas do not come to fruition. To avoid this outcome, you need to be flexible enough to learn from your own mistakes and change your approach if needed. Don’t confuse passion for your idea with commitment. And, of course, remaining open to new ideas will help you to develop your business.

As we mentioned above 1.0 ideas do not always work in practice and may need to be amended. By remaining open to the best ideas, you can pave the way to success. Imaginative recruitment will push ideas forward. It may be your concept but employing like-minded people in your business will help it to develop. The more ideas that are discussed around the table, the more likely it is that problems will be solved.

2. Leadership

As an entrepreneur, you stand at the head of your company. You may have your own ideas as to how the company is to move forward, but inspiring vision in your staff is vital to success. They are critical assets within the organisation and any business needs to maximise its assets.

Good communication skills are key to getting the best out of staff, especially in encouraging a contribution from each individual to help drive the business forward. This will ensure that the best and brightest will value their own position within the company.

By having the confidence to express your own position and the foresight to delegate tasks, you will also ensure that vital talent is retained. You cannot risk losing key staff to another organisation or competitor.

Only through identifying current employees or applicants as potential leaders can you ensure that the business is always on the front foot and that you will have time to develop new ideas.

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