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
- 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 as long as it takes?
- Do you have the support of your family?
- Is 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?
- On what assumptions is your opinion based?
- How can you prove that those assumptions are correct?
- What types of customer will be interested in your product/service?
- List reasons why the idea may not work?
- List reasons why your idea will work?
- What is different about this idea from others already in the market-place?
- Why are those differences important?
- Is your idea a single product opportunity or a realistic business proposition?
The next step for you as an entrepreneur is to make out 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.
We have designed and organized a comprehensive training schedule which offers an excellent opportunity for small businesses to avail of highly professional training at a low cost. View our current training schedule.