Tag: entrepreneurship

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Is your small business dying? One dead giveaway that you’ve got it all wrong

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

Some time back in the early morning I wanted to buy magazines at a stationery and assorted non-foods and gifts store in a large shopping centre. It was 9 AM and the store was still closed. I waited together with a small group of other potential customers for the doors of the store to open. Staff were in the store as well as security but there was no sign that anyone was going to open the shop. After about 15 minutes I gave up as did almost all the other potential customers.

This flagrant disregard of customers was a worrying sign. The same chain of stores had a few years back gone into near bankruptcy and fortunately had been pulled back from the brink of disaster. Now one wondered what was going to happen next. Continue reading “Is your small business dying? One dead giveaway that you’ve got it all wrong”

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Don’t throw in the towel too early

Climber in Vedauwoo
Climber in Vedauwoo (Photo credit: Wikipedia)

Starting something new takes a lot out of you. You’ve got to do many things: build a solid value proposition, a sound business model, test your product or service prototype in the marketplace, prepare a business plan and if you don’t know marketing, learn marketing as you have never done before.

Would-be start-ups come up with “brilliant” ideas all the time. But will they stay the course with their ideas until they have seen the concept implemented, tested it and adjusted it to the marketplace? Many would-be start-up entrepreneurs give up too soon.

Continue reading “Don’t throw in the towel too early”

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Can you really start your business on a shoestring?

English: A display in shop that sells biltong.
English: A display in shop that sells biltong. (Photo credit: Wikipedia)

More people are able to start businesses these days because of the Internet. Online tools help bring down the cost of creating a form or structure for your business and making payments online. It’s a far cry from the hefty entry fees you pay for starting a physical, bricks-and-mortar business on main street or in a shopping centre. The upfront costs for a franchise are often so high that you need to have at least over a million.

An entrepreneur, Stacey Jacobs told Startup Smart how she started Tidy, a professional cleaning business, in five days with only $125. She used a range of online tools and apps to get started, even hiring three cleaners using Gumtree. Although the website platform she is using is “clunky at best and will only serve its purpose for a very limited time” it gives her the opportunity to test her idea without spending thousands only to find out that it is a dud.

Continue reading “Can you really start your business on a shoestring?”

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How much money have you lost delaying a decision?

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

One time when making the decision to start a new business I decided much quicker than when things went awry and I had to decide to shut it down. In the beginning you are pumped up with enthusiasm. You feel unstoppable. But when things don’t work out and you know you have to decide to close your start-up it can take long to make up your mind.

How quick are you to make decisions that are critical to your business? Continue reading “How much money have you lost delaying a decision?”

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Not knowing the numbers can put your small business in financial jeopardy

Scotch pie showing inside contents. Purchased ...
(http://www.dalbeattiefinefoods.co.uk) (Photo credit: Wikipedia)

Do you know the key financial numbers in your business? How well do you know them? If woken up in the middle of the night, could you give a pretty accurate estimate of where your business sits financially?

Without control over the financial and operational numbers in your business you really are operating blind. Knowing the numbers allows you to see potential problems before they occur. You can also operate and run your business with confidence knowing where you are going.

A report from Canada showed small-business owners were lacking in basic financial knowledge that could help them better manage their companies. The report said that while 93% of entrepreneurs surveyed did believe they have an average or even advanced understanding of financial management principles, 39% failed a 18-question financial literary quiz. About 57% achieved a score of 50% or less. With small businesses struggling to be profitable and competitive, this isn’t a good sign, said one of the people who ran the survey. Continue reading “Not knowing the numbers can put your small business in financial jeopardy”

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7 things you must know before you start your new business venture

A hamburger with a rim of lettuce sitting on a...
A hamburger with a rim of lettuce sitting on a black plate against a black background with a black and red napkin on a black and white-dotted tablecloth. (Photo credit: Wikipedia)

A person I met recently talks about starting a hamburger restaurant business. At every opportunity he wants to talk about his hamburger restaurant business idea. But unfortunately he doesn’t get around to taking even one step towards realising his dream idea. Talk won’t get you anywhere. You’ve got to have a vision and a plan.

Here are seven things that you must absolutely know before you start any new business venture whether it is based on a product or service: Continue reading “7 things you must know before you start your new business venture”

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Crossing the unknown sea

English: Catania, Sicily (Dec. 9, 2003) -- The...
(Photo credit: Wikipedia)

Personal voyages – your inner journeys – should begin with excitement. You’ve probably reached a point in your life where you’ve chosen to move on or move forward. But realistically, and in all honesty, personal voyages can start with uncertainty, trepidation and an empty feeling in your stomach.

This is not the right way to start anything so it’s best that you do some self-introspection and reflection if you feel that your start is stuttering – in other words if you have concerns and doubts. Continue reading “Crossing the unknown sea”

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Dumb ways to test your new product or service – avoid them

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

When you start out with a new product or service, you are starting from scratch. How do you find out whether your product has any chance of success? Will potential customers want your service?

Market testing involves taking your product or service and testing it on a small scale. The more honest and direct feedback that you can get from potential customers, the better. As one small business adviser said, testing your market acts as a bridge between having the big idea and launching a full-scale business. It provides useful, possibly essential feedback but the only downside is that it can reveal your hand to a competitor. Continue reading “Dumb ways to test your new product or service – avoid them”

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Advantages of a small business idea accelerator

(Copyright © 2014 by Chesney Bradshaw, all rights reserved)
(Copyright © 2014 by Chesney Bradshaw, all rights reserved)

A man hung on to his idea to start a small businesses and worked hard to bring it into reality. After the inevitable false starts and dead ends, he got his hand and body lotion micro-enterprise off the ground. He started small, hand selling at Saturday morning markets, travelling from one part of the city to another like a Gypsy. His product was of a high quality made with a combination of milk and honey. Soon it began to take off. He branched out into online selling and keeps growing his business.

How many people do you know who come up with a promising idea but never turn their business idea into reality? Some research says that half of the working population have an idea that they wish to turn into a micro-enterprise, small hobby business or small business. Yet the percentage of those who do take their business idea and make it into reality is minuscule. Why is that so? Is it because they don’t have cash? Don’t they have motivation? Or, don’t they have the right mentor or business adviser to help and encourge them to bring their ideas to life? Continue reading “Advantages of a small business idea accelerator”

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A small business owner reveals her survival strategy in this economy

Fried mixed vegetable with tofu, mushroom and ...
 (Photo credit: Wikipedia)

After running her Thai restaurant in Johannesburg for the past seven years, a Filipino restaurant co-owner has decided to close down the restaurant. The main reason, and we are seeing it a lot these days, is that at the end of her lease the landlord has informed that it will increase.

But there is another reason. After working seven years in a partnership owned Thai restaurant and another seven years in a restaurant with her husband, the co-owner says she has seen time fly by. Her daughter is already in Grade 8 and she has lost many years not spending enough time with her. Continue reading “A small business owner reveals her survival strategy in this economy”