The essentials to succeed in self-employment and starting a business
Thinking about leaving the 9–5 and starting your own business? You’re not alone. But before you take the leap into self-employment, it’s crucial to ask yourself: Do I have what it takes to succeed?
1. Mindset: Resilience over romance
Self-employment looks appealing—freedom, flexibility, fulfilment. But it also demands grit. You must be comfortable with uncertainty, stay self-motivated, and bounce back from setbacks without losing momentum. Emotional resilience isn’t optional—it’s your core operating system.
Key traits:
- Self-discipline and drive
- Problem-solving mindset
- Tolerance for risk and ambiguity
2. Marketing: Sell or stay invisible
You might have the best product or service in the world—but if no one knows about it, it won’t sell. Whether you’re a freelancer or launching a start-up, marketing is non-negotiable.
Essentials you need to master:
- Building a personal or business brand
- Understanding your ideal customer and, crucially, their needs
- Content, digital, and word-of-mouth marketing
- Knowing how to sell with confidence
3. Finance: Know your numbers or fail fast
Poor financial management is one of the top reasons new businesses fail. You don’t need to be an accountant, but you must know your cash flow, costs, and what it takes to be profitable.
Financial fundamentals:
- Budgeting and forecasting
- Securing sufficient funds to get beyond the start-up phase
- Separating personal and business finances
- Pricing your work or products correctly
- Keeping a financial cushion
Final Thought
Self-employment isn’t for everyone—and that’s OK. But if you’re ready to commit, learn, and grow, it can be the most rewarding move of your career. The essentials? A resilient mindset, smart marketing, and financial control. Nail those, and you’re already ahead of the curve.
Ready to explore further or develop your entrepreneurial essentials for success?
Read on here about the IAE Toolkit Workshops and Action Learning programme and how it can equip you for your success!
This article has been written by IAE Founding Member Malcolm Trotter.
Malcolm Trotter is a prominent leader in international education and business, with a career spanning roles as an educator, director, CEO, and government adviser. His work with educational institutions, membership associations, and government bodies has focused on raising standards and qualifications in the UK and global markets. He serves on the Governing Board of the National Association of Licensed Paralegals (NALP) and chairs the Advisory Council for the Small Firms Enterprise Development Initiative (SFEDI). Appointed to the T-Level Professional Panel in 2017, Malcolm played a crucial role in developing new technical qualifications in accounting, earning recognition as a T-Level Ambassador in 2019. He is also an Honorary Fellow of the Institute of Enterprise and Entrepreneurs (IOEE), furthering his legacy in educational reform and leadership transformation.
