Friday, January 31, 2014

Some Serious Considerations for Getting into Business

Lately, entrepreneurship is a word that's being touted around. With the amount of business schools that are available, not to mention the online courses and articles, there are many who want to do business that are unprepared.

I hope that this would be a sort of guidance for some of them since as I interact with the various supporters of SMEs from investors and financiers, through professionals - accountants, attorneys, operations, marketing, statutory bodies, and general business advisory services; there's a growing intolerance that can be detrimental to those with sound businesses. There's a need for entrepreneurs to understand that business goes past the point of - A Great Idea.

  • Governments are looking towards it for job creation
  • Universities and tertiary level institutions are offering it as courses 
  • Those who are upset with their jobs decide they will embark upon it so that they won't have to work for the man
  • Young people leaving school have decided that they will embrace it so that they won't be treated like their parents 
  • Agencies are set up to encourage it and to sometimes teach aspects of it
  • Training programs are developed, Investors are predatory, yet with all these interest groups it is a sad day when the true realization is as follows

Entrepreneurs and Entrepreneurship are by and large unprepared for Entrepreneurship 

Beyond all the industry knowledge about your product / service idea some other real things are needed. Fortunately . Unfortunately, depending on where within the system you fit / have to function within you will find that you need some if not all of what will be listed below shortly. 

Business can be done internationally, regionally, and locally. However at the end of the day, it must be done well. 

Entrepreneurs why should any of the aforementioned groups wish to invest more in your business than you wish to invest yourselves. I may offend some of you with what's going to be suggested shortly, if you are thin skinned - STOP NOW and leave this article alone. If you're serious, you'll know what to do. 

  • You need to know where to find information that will ensure the success of your business. You need to know your business inside-out. You need to surround yourselves with professionals. They are:
    • accountants to calculate the feasibility of your idea in a numerical format - it's been my experience they don't do great business plans but can offer fantastic insights into the planning process 
    • attorneys-at-law [yes a few of them - law is a vast area, you can't be all things to all people] 
    • business advisory services [someone who knows a little bit about a lot of the different aspects of business, and who can find the specialist - those who know a lot about a little bit] 
    • bankers, financiers, investors, friends and family - you will need money to begin a business is about as gentle as I can say it. the aforementioned support is not always free
    • Marketing and Operations are key and vital functions for any business. Again these areas receive too little respect and are so critical to a business 
    • Human resources will be offered separately since this area is evolving with the rise of so many small businesses, yet it is so vital with labour laws and employee rights being a major cause for concern in business 
    • Your friends in government are a great source of information and are readily available to assist you. Do not believe the hype about civil servants. They are wonderful if you're respectful. 
  • You need to bring the following to the table
    • Commitment, Trust, Loyalty where necessary, Competence, Willingness to Work
    • You need to show that you're organized
    • You need skills in negotiation - however don't be ridiculous thinking that everything comes for free because you have a great idea that will be profitable. Expect that you will not get everyone willing to work and wait until the back end to receive their payment. Often they will not know you unless they are a part of your develop team. 
    • Money - there's no gentle way of saying it so I won't try, but money needs to be present at the event of your business. 
    • You'll need a working knowledge of how to utilize the skills and abilities of your professional "team". 
 There you have a place to start, and be assured that this information though is on the surface will help you to be a bit more prepared on embarking on your next business venture. 

Richie B. is responsible for Business Development with Blades & Blades Consultancy Services LP. He has experienced many successes for his clients over time and enables them to realize their business dreams. The above information will help you fast track your business to success; saving you time and earning you money. 

No comments:

Post a Comment

Resetting and restarting your business - some considerations

The pandemic has taken a toll on everyone globally. For many, we have been kicked in the teeth one time too many and it has stirred up wide ...