What Every Entrepreneur Should Know Before Company Formation

In yesterday’s post, we investigated the level of commitment and motivation needed, not only to start the company formation process, but also to get through the whole start up phase and make a success out of your business.

In today’s post we ask some market leading entrepreneurs the sort of qualities they think every successful entrepreneur needs.
Emotional Strength
At the start of the company formation process, it is easy to caught up in the excitement of being your own boss; no more office politics, being in control of your own future and flexible working hours. However, working by yourself presents a number of new challenges; lack of support, no one to bounce ideas off, nowhere to go if you have a problem. According to Mark Ryder, founder of online solutions company MR Consultancy, most entrepreneurs have trouble settling to the new working environment offered by being your own boss.
“Ultimately, working for yourself can be extremely isolating and, if the situation is not managed correctly, it can leave you feeling de-motivated. When I started the business, I was working out of a tiny office at home and it was a very lonely time professionally. I would advise any budding entrepreneurs to build up a team of ‘virtual colleagues’ – people you can speak to via email, on instant messenger or Skype – who you can bounce ideas off and ask for advice.”
Confidence
While we have investigated all the potential pitfalls of forming your own company, it is not all doom and gloom. Working for yourself provides you with an opportunity to do what you have always wanted to do and while it is important that you are aware of all the potential pitfalls and areas to watch out for, it is important that you go into the company formation process confident that you and your company will be successful