Starting a Business

Starting your own business can be an exciting and challenging experience. However you need to take time to consider if self-employment is the way forward for you.

“Entrepreneurs are risk-takers, willing to roll the dice with their money or their reputations on the line in support of an idea or enterprise. They willingly assume responsibility for the success or failure of a venture and are answerable for all its facets. The buck not only stops at their desk, it starts there too.” Victor Kiam, Entrepreneur and owner of the New England Patriots football team 1988-1991 

Characteristics of an entrepreneur;

  • Self-confident all-rounder
  • The ability to bounce back
  • Innovative skills
  • Results-orientated
  • Professional risk-taker
  • Total commitment
  • Good management skills

Key questions to ask yourself about starting your own business?

  • Do you have the skills/experience needed to run a business?
  • Do you have sufficient motivations to stick with it got as long as it takes?
  • Do you have the support of your family?
  • Does your business idea based in reality?
  • Is your business a start-up, buy-in of an existing business, franchise or network marketing?
  • Do you need further training? – What kind of training do you need?
  • Are you ready to write your business plan?

As an entrepreneur starting a business, it is important to spend time accessing your idea and its viability. This will not only give you an even better understanding of your idea, it will improve it and will make you more competitive.

Key questions to ask yourself about your business?

  • Why is it a good idea?
  • What assumptions are you making and on what basis are you making them?
  • How can you prove that those assumptions are correct?
  • What types of customer will be interested in your product/service?
  • Why?
  • List reasons why the idea may not work?
  • List reasons why your idea will work?
  • What will be your unique selling point?
  • Is your idea a single product opportunity or a realistic business proposition?

The next step for you as an entrepreneur is to develop a plan of what you need to do in order to start your business.

One of the principal reasons for business failure is the lack of business planning – ‘the business that fails to plan, plans to fail!’                                                                                                                                                                                                    

Writing a Business Plan at the outset reduces the trial and error factor and will prevent obvious mistakes. The more you put into the Business Plan, the more you will get out of the plan.  Download a template business plan to help guide you.

The Local Enterprise Office Kildare provides comprehensive training to small businesses in Kildare at a very competitive price. To view our current training schedule, please click here.

 

Share: