Tips from Guerassim Nikolov on Starting a Successful Business

Starting a new business is a daunting enterprise, requiring multiple factors to come together to result in success. According to recent statistics, more than half of all start-ups founded in 2013 in the UK didn’t last five years; this fact alone will make many potential entrepreneurs think twice about taking the plunge. However, on a more positive note, 89% of companies founded in 2017 survived the all-important first year in business.

When thinking about establishing a new company, it pays to consider every possible aspect of success and ensure that risks are minimised, the business is prepared and ready to meet challenges and overcome them, and that the people behind it are willing to go to great lengths to ensure it succeeds. 

Guerassim Nikolov has undertaken numerous top-level management roles and founded start-ups of his own throughout his career. The most successfully entrepreneurs tend to share certain characteristics and traits that enable them to deal with the trials associated with setting up a new business successfully.

Motivation, Drive and Determination

One trait that all successful entrepreneurs share is drive. Entrepreneurs are by nature motivated, determined and prepared to go the extra mile to ensure their ventures get the best possible chance of survival. Total commitment is required to undertake a new venture, with a willingness to give everything required. That’s not to say there are no limits to what an entrepreneur must give; it is perfectly acceptable to put a cap on how much money will initially be invested, for example. But within certain prescribed hard limits, entrepreneurs give each new venture their all.

Long-Term Vision

People who want to run a business that will be successful for a long time need to have long-term vision. This might mean accepting short-term losses, as long as the trajectory of the business is heading in the right direction and long-term gains are likely around the corner. Immediate challenges must of course be met and dealt with, but a great leader is able to focus on the decisions that will cause their company to not only face immediate challenges but prepare for the future. Maintaining success is just as important as finding market opportunities in the first place. Companies that do not grow will not succeed in the longer term.

Market Evaluation

Every great business starts with a great idea, or so the saying goes. This may be true, but behind every great idea that works, there is also a lot of other work that goes into the success of the business. Entrepreneurs not only come up with business ideas, they identify gaps in the market and create ideas to fill those gaps. 

This requires extensive market evaluation, looking at a variety of factors before making the decision to commit to the initial idea. Factors to consider include market segments and the state of the market, available opportunities, and what the strengths and weaknesses of the potential new product, service or business are. 

Entrepreneurs also look closely at the people that will be their closest competitors and evaluate them thoroughly, looking at what they are doing well, where there are gaps in their offering that can be filled, how they promote their products, and who they currently sell to.