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Entrepreneurship Part 2

Written by: Nuala Duignan

Article Overview: If you can, there may be benefits in sticking to what you know. Learning by doing is an interesting process, but it can be a precarious one. Whilst you are still at the “looking around stage” look at the unsuccessful as well as the successful businesses. There lies many a cautionary tale!. Thousands of new businesses fold because their owners did not establish or even identify either business or personal objectives.

Entrepreneurship Part 2

Following on from last week’s article on Entrepreneurship there are a few Questions you must first ask yourself:
Is this a good time for me to go into business?

Thinking about it
What do I want to do?
It is more than likely that you have already got some ideas about what you want to do. Even so, it is worth investigating other business ideas bearing in mind that you don’t need a bright new idea to have a good business.

Buy? Franchise? Improve?

If you are worried about starting from scratch, you might want to consider buying an existing business or franchise. Alternatively, you could study an established business, improve on it’s methods and go into competition.

Take Professional Advice

If you decide to buy an existing business, professional advice should be sought before you enter into that commitment. The same goes if you are interested in a franchise (renting an established business name and system).

How Do I Reduce My Risk?

“There is no such thing as a sure thing”, but “tried and tested” is a sound philosophy for the new businessman or businesswoman seeking to reduce the risks. If you can, there may be benefits in sticking to what you know. Learning by doing is an interesting process, but it can be a precarious one.
Whilst you are still at the “looking around stage” look at the unsuccessful as well as the successful businesses. There lies many a cautionary tale!.

Write down ideas

Writing down ideas will help you to focus the mind,
• Why do you want to do it?
• Are you going into business to make more money?
• Is it to be involved in something that interests you?
• Do you want independence?
• Have you been displaced from full-time employment and need a new way to make a living?
• No matter what your reasons are for starting up, be clear about your business and personal objectives and set your goals. Thousands of new businesses fold because their owners did not establish or even identify either business or personal objectives.

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Article Tags: business ideas, business name, businessman, businesswoman, buying an existing business, franchise, full time, good business, good time, money, new businesses, personal objectives, professional advice, risk, sound philosophy, starting from scratch, sure thing, time employment



Related Forum Posts
Re: Hi there! I'm Shanuna Cortez - Welcome Shanuna to the club. We will like you to post and let us know more about British Entrepreneurship Society
Re: Hello everyone! - Hi Michelle, Welcome to the club. You will find all the information you need on Entrepreneurship here. What are your business?
Patent information - I'm also interested in Part 2. Thanks.
Patent Process - Interesting to hear your experiences with the patent process - what's Part 2?
Re: Attention Age Doctrine - Hi Andy, So how did you find of "The Attention Age Doctrine" Part 1? And has following its guidelines yielded any positive results yet?


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