Republic of Work, founder and serial entrepreneur DC Cahalane, gave some interesting insights into the realm of start-ups and what it takes to run your own business during his Lunch & Learn. His main focus was Skill Set, Understanding and the Environment required to be a successful entrepreneur. 

Recognising one's personal skill set is a vital game play when venturing into the world of business. You must be honest with yourself about your strengths and weaknesses so you know where to improve and when the time comes, where to hire. Hiring someone with a skill set that ticks boxes yours doesn’t always leave you in a stronger position.

DC was clear when he articulated the best thing you can do for your business is to be a jack of all trades in some shape or form. As a business owner, you need at least a basic level of understanding of all the things it takes to run your business. A great example of what DC spoke about came from one of his favourite books, ‘Business for Punks,’ the story of how BrewDog came to fruition. The first challenge the co-founders took on when they decided to open their business was to become certified chartered accountants. This gave them an edge in that they would always be in control of their own finances and had at least a general understanding of all of the components it would take to build their empire. 

When DC spoke of understanding, he pointed out that people tend to assume the life of an entrepreneur to be full of freedom and flexibility but in reality it’s far more difficult than that. DC highlighted the importance of understanding the responsibility and loss of guarantee that comes with a life of entrepreneurship. You must be comfortable with a level of uncertainty and find a way to manage the level of instability it will bring to our life. Being able to adapt to your ever changing environment is another skill you will need to learn on your journey. 

Considering the environment you’re in when starting a business is also very important. Start-ups have the big advantage of speed when it comes to change. They can adapt easily as they scale but picking the right place to scale and grow is the problem you need to overcome. Location can be a factor that nurtures or inhibits you so it is important to consider all the aspects of your location and environment. A starting point with a nurturing community and ecosystem can be a great fit when you’re growing but not when you’ve gotten to the point where you want to scale. 

To hear more of DC’s advice and his insights on the entrepreneurial mindset, watch the full Lunch & Learn here on the Library section of our website.