How To: Survive being a Recruitment Entrepreneur
According to a study conducted at the start of this year, in the year 2016 – 91% of startups failed after just one year of trading. Now, of course, this is across all sectors, & not entirely accurate when it comes to the recruitment market but it’s still a staggering figure. Compounded by the statistic that just 40% of small businesses are still trading after 5 years, it’s not just staggering, it’s scary!
It makes you question the very idea, doesn’t it?
Even in my very brief “Google” of statistics across the internet, I was hardly left inspired that entrepreneurship was the “easy” thing to do. But I guess that’s because well, it’s not. Entrepreneurship is tough, always has been & one would argue it continues to be. I mean who would voluntarily join a game whereby the longer you stay in the game, the more likely you are to die. You’d have to mad!
But let’s assume you’re crazy. You’re a crazy recruiter, focussed on the idea of starting their own agency regardless of statistics. To you, I say well done & perhaps the latter parts of this blog today can help you overcome the first year of trading & survive being a Recruitment Entrepreneur.
After all, the only way you are going to beat the game is to study the game tirelessly before hitting “Start” & playing – isn’t it? So, what do you have to be aware of? What are some of the secrets to survival that the team here at SSG have seen time & time again & what advice do we have to those of you out there at this very exciting stage in your careers?
1) Know where you want to go
Have you ever driven to a destination in a car & had absolutely no idea where you’re going? Yes? & how did that work out for you? Did you get there, or did you have to take a minute to understand how to get to where you want to go?
I know it’s a corny metaphor but it’s true – you would never set off in your Fiat 500 to a destination that you’ve never been to before & just expect to miraculously appear there a few hours later. Why would this be any different when starting your own business?
If you don’t know what you want & how you’re going to get there, you aren’t quite ready to start your own business. Because however cynical it may sound, it’s tough & if you don’t know “what” it is you want – you’ll give up on your goal before you even start
2) Enjoy the process
The game of Entrepreneurship is not for the impatient. Very rarely does the term “Entrepreneur” & “quick win” go hand in hand. This is a long-term game you are about to join & you need to make sure you are both ready for that & willing to play.
The most successful entrepreneurs we have had the pleasure of working with over the years have been those who, even before starting on their journey, were already falling in love with the process.
So, learn to spread the love. You’re family, you’re friends, you’re beloved pet & now you’re business journey.
3) Have the right support
Support comes in all shapes & sizes. This can be the support of your family, the love of your partner or the commercial support of an organisation behind you. Whatever type of support you feel you need, make sure you know where you are going to get it from.
Everyone needs a little bit of love & support along the way in life & Entrepreneurs, however much we like to think we’re different, are no different. Find the right support network that will help you, will help support you through the lows & celebrate with you through the highs.
It’s also worth bearing in mind that sometimes that support can come from more than one place; a lot of the ventures we have invested into over the years have had personal support networks & professional support networks. The objective of any support network is simple – to understand what you are looking to do & to have a moral obligation to support you in whatever way you find important.
4) Be comfortable with uncomfortable
You’ve got to feel comfortable with risk. You’ve got to feel comfortable that some days or even months will be worse than others. That some months might have a little bit more healthy tension (in other words, stress) than others & you have to feel comfortable with that.
You have to make sure that the entrepreneurial life is the one for you. You have to make sure you feel comfortable with the ups & downs of working for yourself, comfortable with what we love to call – The Pressure Cooker.
Are you up for it?