Cash – you need lots and lots – you don’t- The amount of money that you put down does not reflect how innovative you are neither does it indicate whether a business will run successfully.
The only potential investor is a venture capitalist- not so – less than 15% of start ups are given capital from venture capitalists.
Save the cash and pay off your overdraft before starting a business- not true – over 15% of new businesses were set up from bank loans. The hard part is persuading the bank of the feasibility of your plan.
What you love is what you will succeed in – Not necessarily – many entrepreneurs have been surprised about the industry that they have chosen. Starting a business and running a business is about a process. Even an industry you love may not provide the business results you are looking for.
Your company investor/investors will get very rich – Nice idea but often not the case – investors come in all guises and some don’t see much return. Remember there is a difference between starting a business, running a business and making money. [Read more...]
Now for quashing the myths of entrepreneurship
Know your field
Whatever your area of expertise, you will need to know more. When you are planning a new business venture create a network around you of people who know your field inside out. Pick their brains; your contacts will always be able to tell you something new. Often entrepreneurs have branched out on their own after working within a particular business segment for several years. It is essential to know your audience and potential customers.
Love your field
If it’s music then work in music, if its cosmetics then work in cosmetics.
Remember you have to love the industry you are creating your business around, as an entrepreneur your field will become your world.
Be realistic and smart
Being an entrepreneur is not a unique occupation and whatever you are doing has been done before. You need to concentrate on doing it better. Look at the “EAT’’ sandwich shops. Nothing unique there, there is a plethora of places to purchase sandwiches and a coffee on the market. [Read more...]
Yes I can be an entrepreneur – It is want I have always wanted
What does entrepreneurship really look like? And how easy is running your own business? Are you prepared for the long haul and will this business be making money in ten, twenty years? Yes you want your business to be successfully running not just for the first year, or the second year, but for years to come. Hold this thought and read on.
“Brian Head, Economist with the SBA Office of Advocacy, noted that the latest statistics are a much more accurate assessment of new business success rates, and that “as a general rule of thumb, new employer businesses have a 50/50 chance of surviving for five years or more.” (businessknowhow.com)
To be a successful entrepreneur you need to start on solid ground:
Consider the first 3 tips of starting a business
• A comprehensive business plan.
• Funding to start.
• Advice, advice, advice, including; legal, accounting, technological, marketing. [Read more...]
The Birth of an Entrepreneur: Nurture or nature?
The Birth of an Entrepreneur: Nurture or nature?
Who is an entrepreneur? Are you born one, or is this title “Entrepreneur” something that can be developed? To be an entrepreneur there are certain attributes that will help you on your way to successful entrepreneurship. Successfully starting and running your own business not only has to be something you fancy doing, but being an entrepreneur has to be your passion. Having an interest in all aspects of the business world is key to running a business and eventually making money.
We will start our helpful insight into the world of entrepreneurship by finding out exactly what entrepreneur means.
The definition of an entrepreneur as far as Wikipedia is concerned is: “An entrepreneur is a person who has possession of a new enterprise, venture or idea and is accountable for the inherent risks and the outcome”. [Read more...]
Entrepreneurship-running your own business
To be an entrepreneur it’s a must to be able to persist, work hard, overcome challenges and build a strong reputation, do these and they will treat you well during your entrepreneurial mission.
One must when starting out is gaining experience in the field of work you wish to pursue, at the start it’s not all about making money and running your own business as learning is the first step to the key to success.
If work has never been an issue in your life getting around and getting a job is the first place to start before considering stepping outside into the world of business on your own, it might not be the most interesting of experiences but it will help you learn about how to run your own business and could prove invaluable to you in the future. A good way to look at this is paid research and by the time you ready to take on your own business, you should already have knowledge from previous work and jobs. Being knowledgeable in business is the first steps of running your own business. [Read more...]