Getting out there and looking for ideas

7-day-crash-course-231x300In this tough economy some small business owners have seen their turnovers collapse. Instead of giving up, they have gone out in search of new business ideas. Some have found new opportunities to revitalise their business lives.

Where do business ideas come from? They can be triggered by your personal circumstances. For example, you may have a problem and you find a solution for it. Ideas can also come from your experience with customers. They may be looking for a new way to solve a problem and their complaints spur your thinking. Others may try one of the many idea-generation tools and techniques that help find “white spots” of opportunity that may have been overlooked. Yet others go walkabout. They may visit local shopping centres, morning markets, or even travel to other towns and cities. Continue reading “Getting out there and looking for ideas”

Does starting a business make you an entrepreneur?

Limonadedmg (Photo credit: Wikipedia)

The other day I saw this article that add the following headline “Starting a business doesn’t make you an entrepreneur: study”. The piece made this claim as a summary to a study by two Swedish academics from an industrial economics research institute but quite frankly got the whole thing wrong.

What these two Swedish academics were really saying was that when the rate of self-employment in the country is high, the rate of billionaire entrepreneurs is lower. When they compared for correlation between the presence of billionaire entrepreneurs and the rate of self-employment in a country, they came to a surprising conclusion: countries with many successful entrepreneurs had lower rates of self-employment.
Continue reading “Does starting a business make you an entrepreneur?”

Before you pull the trigger on your new business consider the four legs of the table

I've had a migraine/headache for 6 days straig...
Does “admin” give you a headache? (Photo credit: Wikipedia)

I met an environmentalist the other day retrenched from a large environmental nonprofit who is looking for a job with another organisation or institution because he can’t work as an independent consultant as he is hopeless without the structure of a formal environment.

Some business people find handling administration and finances, working out their sales, cost of sales, preparing a basic income statement and implementing office systems difficult to handle. These people typically say “I’m bad at admin”. Continue reading “Before you pull the trigger on your new business consider the four legs of the table”

Can you really make money from ideas?

I recently saw an ad with a headline that said, “How to wake up with the financial genius in you”.

The business person then went on to explain how he and his wife had come up with a system to help others with increasing their wealth potential.

Any expert will agree that increasing your wealth to become financially independent is to be welcomed, especially in this economy when two incomes barely enough to pay for the monthly expenses. Continue reading “Can you really make money from ideas?”