Starting
up in business
Could
I Really Make a Go of it?
Many
people wonder deep down if they could really make a go of
running their own business. It is not for everyone but the
following is a list of attributes that successful business
owners have. You do not need all of these characteristics
but ‘go-getters’ have the majority of the qualities.
Qualities
Needed For Success
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To
help you decide whether or not you are cut out for the
enterprise culture, do you see in yourself any of the
following? Are you:
- Positive
- decisive and enthusiastic to succeed?
- Proactive
- do you go out to get things or do you let them come
to you?
- Determined
- have you clearly-defined personal and business goals?
- Hardworking
- do you mind being tied to the business seven days
a week?
- Leadership
- are you able to get the best from your colleagues
but discipline them when necessary?
- Opportunist
- will you see openings in your market and develop
products for it?
- Self-critical
- are you able to review your own performance and
welcome advice from others?
- Flexible
- could you change your products or methods quickly
when necessary?
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Erratic
Spending Power
You
must appreciate that in becoming self-employed you will lose
the comfort of having a regular income. There will be times
when you will have very positive cash flow but also times
when money is short. Therefore during times of shortage you
must be prepared to do without some luxuries for both yourself
and your business.
Making
Sure the Family Is With You
Starting
a business is not easy and your family must both be on your
side and also lend you support. Initially, especially in the
early days, you could often find yourself away from your family
for long, unsocial hours. Their understanding can be invaluable.
It can help to get your family involved in aspects of the
business. There may be many jobs that can be easily delegated
to them. It may also help on the financial side that they
understand why there may be a tight control of the family
finances.
Identifying
Your Skills
You
may be considering self-employment to exploit your talents.
Running a business needs many skills. You should identify
those things you are good at and those with which you will
need help. You may wish to employ people with the necessary
skills or, alternatively, consider contracting out certain
tasks.
Researching
Your Market
You
must research as much as possible about the marketplace, your
potential customers and competitors. It is vital to have knowledge
of these areas when considering whether you have a potentially
successful business proposition. You may wish to use published
material or ask people who are likely to buy from you, either
directly or by market survey.
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You
will need to find out about:
- Your
target market - its size and whether it is expanding
or contracting.
- Your
customers - who are they? Where are they? What do
they want? How much will they pay?
- Your
competitors - what are their products, prices and
market share?
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How
Can We Help
You
will need to consider all the above very seriously, involve
your family and make a trial business plan.
We can help you to plan and answer any questions you may have.
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For information of users: This material is published
for the information of clients. It provides only an overview
of the regulations in force at the date of publication, and
no action should be taken without consulting the detailed
legislation or seeking professional advice. Therefore no responsibility
for loss occasioned by any person acting or refraining from
action as a result of the material can be accepted by the
authors or the firm.
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