The risk is the adventure: Darren Fell on becoming an entrepreneur

The best business people don’t spend too long weighing up whether an idea will work or not, they just go for it and follow the gut feeling that tells them the idea will turn out well. That’s the challenge of business and it brings with it many risks - starting your own business, particularly in the beginning, is one of the greatest adventures.

I probably wouldn’t have taken the risk to start Crunch if I had given myself time or space to weigh up the potential outcome. Instead I focussed on my gut feeling - “we can do this.” I knew it was the biggest risk ever but that made it all the more exciting.

Sometimes the adventure is too risky and many feel compelled to analyse every possible outcome before they take that initial leap. That’s totally understandable, especially for those with dependants for whom the risk is always much greater. However, if you spend too long thinking, someone else will inevitably act and get in there before you.

When I first had the idea to set up Crunch we were in the middle of a recession and I had no previous experience in accountancy, other than finding the traditional processes frustrating. There was a huge gap in the market that I felt really should be filled but in terms of actual accountancy, I learnt as I went along.

Actually, I think that ended up being an advantage because I was able to go into the business with a different way of thinking and consequently could disrupt the market and really make our mark. Successful business is about seeing a painful point and trying to solve it, even if it is in an area you have not previously had experience with. Seeking opportunities and seizing them will inevitably lead you through an amazing adventure.

Adventures are often addictive and the seven year itch can creep up on you in business. Once you have established a successful company, however, the desire to take risks decreases - you have far too much riding on your company’s success and the decisions, often, are not solely yours to take. The trick is to find ways to inject adventure into your strategies, look for exciting ways to develop so that your business doesn’t stagnate and ensure you are always reinventing yourself in new and exciting ways.

Darren Fell is MD of Crunch Online Accounting

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