Tag: entrepreneurship

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Are you afraid to say no to a promising business idea?

Steve Jobs and Bill Gates at the fifth D: All ...
Steve Jobs and Bill Gates  (Photo credit: Wikipedia)

The other day I saw a quote from Steve Jobs that got me thinking about how it is just as important to say no to some business ideas as it is to say yes to others. The quote:

“I am just as part of the 1,000 things we didn’t do, as I am of the things we did.” – Steve Jobs

In today’s new economy flooded with freelancers, part timers and consultants, there are many more ways to make an income than in the past. Technology, especially the Internet, has paved the way or open up the way to business opportunities that weren’t available just a few years ago. In this marketplace, you have a growth of marketing Wolverines who will incessantly try to push their business ideas your way. I’m not just talking about, artists and shysters here but also the well-meaning who believe that what they are offering is in your genuine interest. You only need to think of the diet supplements and the income-making claims associated with them to recognise how forcibly these schemes are pitched and promoted. Continue reading “Are you afraid to say no to a promising business idea?”

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Trend spotting can pay if you know what you are looking for

Français : Zone Wi-Fi dans le parc de Bercy, Paris
 (Photo credit: Wikipedia)

Trends bring about change. Smart entrepreneurs who can spot trends early and get in when the timing is right are able to profit from them. Fads are short lived. They are usually found in pop culture and fashion. Again, timing is critical because a fad can come and go as fast as lightning.

A start-up or small business owner who sets themselves up to ride a trend in the early stages can do well. They may not be able to benefit directly from the main trend but by establishing a foothold in a niche part of the market, they can take advantage of the trend. Continue reading “Trend spotting can pay if you know what you are looking for”

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Observation gets the ideas flowing

(Copyright © 2015 by Chesney Bradshaw, all rights reserved)
(Copyright © 2015 by Chesney Bradshaw, all rights reserved)

One of the best ways to find out if entrepreneurial ideas are working is to go out and look for yourself at real businesses in main street, morning markets or shopping centres. Rather than swallow hook, line and sinker the stories you read in small business magazines and newspapers, it’s good to get out there yourself and find out what’s working and what isn’t. It’s not only about the business idea itself but also about merchandising, store location and customer service.
Continue reading “Observation gets the ideas flowing”

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What prevents you from starting something of your own?

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What separates the doers from the talkers when it comes to implementing new business ideas?

Sometimes it could just be that some people like the idea of talking about an idea that they want to implement but never get around to doing something about it. Others may justifiably be uncertain about whether they could really pull off starting something of their own or from scratch. Yet others may not be able to handle the uncertainty that comes with entrepreneurship.

Take one would-be small business person who has a number of sideline activities yet has a brilliant idea for a food business but talks about it all the time. Yet he’s never actually taken one step towards starting the business that he believes has a strong potential market. It’s not that he’s lazy. It’s just that when you remind him of the reality of what he needs to do to start such a business, he backs off. Continue reading “What prevents you from starting something of your own?”

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Do you always have to put a monetary value on success?

Kite Boarder Launching Kite
Kite Boarder Launching Kite (Photo credit: Wikipedia)

I met with a small business owner the other day who told me that he used to be a lawyer and if he measured his success against that of his friend who was also a lawyer he would turn out to be a failure in monetary terms. Running and operating a small business, this small business owner has fallen far short of what his lawyer friend now earns and who has a luxury home and luxury cars for himself and his wife. Continue reading “Do you always have to put a monetary value on success?”

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Better to start developing your new business idea soon as possible than wait for the perfect thing

Food
Food (Photo credits: PB Teen)

The glossy business magazines will feature entrepreneurs who got their promising business ideas up and running in six months. These are the exceptions or what researchers call outliers. It leads you to believe that starting something from scratch can be done in record time and that instant success is forthcoming. What about all the other would-be entrepreneurs who take far longer to come up with a new business idea and even longer to get it off the ground?

The reality is that starting something from scratch, something of your own, something from a promising business idea, takes three times the duration to get it off the ground and will probably cost twice as much as the business gurus would leaf you to believe. It’s far better to have a realistic sense of what to expect when trying to develop something of your own than live in cloud cuckoo land expecting overnight success. One Internet business, for example, took 10 years before it became commercially viable, gaining enough traction to start getting noticed by Internet users. Continue reading “Better to start developing your new business idea soon as possible than wait for the perfect thing”

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Can you find opportunities in zombie business ideas?

Zombie Influx
Zombie Influx (Photo credit: Wikipedia)

Some time ago there was a flurry of interest in BlackBerry because the rumour was that Samsung would buy it out. These rumours were squashed promptly. But the whole saga tended to make one think about slow-moving zombie technologies that refuse to die.

Despite the changes in technology, older technologies such as teletype still exist although in some smaller applications such as secure electronic messaging services in Europe. Why is this? Because it’s possible to deliver messages securely to a recipient without knowing their email address or phone number. Continue reading “Can you find opportunities in zombie business ideas?”

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Is hatred holding you back in your business?

On Letting Go
On Letting Go (Photo credit: Wikipedia)

Some people seem obsessed with hatred. They talk about it all the time. They even end up writing long opinion pieces on the people they hate. Everyone is to blame for their lack, for their failure, for their lack of action.

I know it’s not easy. It’s not easy to be dealt a poor hand or no hand at all in life. Bitterness creeps in and seeps through your entire body and mind. The bitterness that somebody else has done better than you. The hatred of people even from the long distant past who you can blame for your own shortcomings. You can even blame them for your perspective or the particular mindset you hold. Continue reading “Is hatred holding you back in your business?”

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How do you reduce the downside risk in starting a dream business?

English: Sir Richard Branson at the eTalk Fest...
English: Richard Branson at the eTalk Festival Party, during the Toronto International Film Festival. (Photo credit: Wikipedia)

An entrepreneur started a gourmet fast food business on a main street in a coastal village but within two years she closed down. Another entrepreneur opened a gift and stationery shop also on a high-pedestrian traffic street and within three years it closed. A young entrepreneur created and online fitness supplement venture which did well for about two years after which the business caved in.

Is there a sure-fire way to reduce the risk of failure in starting your dream business from scratch?

Even Richard Branson, famous for the Virgin Group of companies, began his entrepreneurial journey with a couple of early ventures with failed ones including growing Christmas trees and raising pet parakeets. But Branson went on to sell music records via mail order, bought a nightclub in London, sold vodka and eventually built a business spanning music, media, telecoms, airlines and space exploration. Continue reading “How do you reduce the downside risk in starting a dream business?”

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Obsessed by success secrets but ignoring common sense

Sara BlakelySara Blakely, an entrepreneur, was listed as a billionaire on a rich list. She took her product Spanx, body shaping undergarments for women, from a start-up to a multi-million-dollar company.

A fire storm of articles and TV shows dug into her background to find her secret of success. This is what the media do best – simplifying a story to one or two things that are easy to communicate. This results in giving the wrong impression to would-be entrepreneurs and start-up founders. It looks so authoritative in print or on TV but actually only sells a half-truth. Continue reading “Obsessed by success secrets but ignoring common sense”