Richard Branson Quote

'Business Opportunities are like buses, there's always another one coming.'

Is it a good time to start a business?

The economic outlook  has been gloomy for a while. Banks are not lending, big companies are experiencing difficulties and consumer confidence is in decline. Why would someone want to begin trading in this environment? Well, recessionary climates have produced some of the best firms. Microsoft, Bill Gate's innovative creation was founded in a downturn, as was Amstrad, Lord Sugar's revolutionary electronics company. If you feel the need to go it alone, do not be deterred by externalities. The biggest factor in defining the success of a company boils down to the internal running of the firm. Is there a demand for your product or service? Does your product or service satisfy this demand effectively? If the answers to these two questions are yes, you should not be put off by negative media portrayals of the marketplace, believe in yourself, believe in your idea.

Another way of looking at the market is to appreciate that if you can survive in a downturn, you will most likely have what it takes to prosper in a boom. Admittedly the lending issue is a massive hurdle particularly if your business requires the purchase or leasing of property, but why not try launching your idea online and then adding premises when things improve? 'Necessity is the mother of invention', if you want success badly enough, nothing will stand in your way!

Do you need a degree to succeed in business?

Many successful people have amassed fortunes without ever stepping foot in a University or College. The merits of a degree are focused on helping students find employment, rather than launching ventures. Many people without first class degrees or upper seconds in an academic discipline, find that the best jobs are unavailable to them due to stringent entry requirements, forcing them into an entrepreneurial mindset.

In many ways qualifications can strangely discourage one from taking the risk of going it alone, as there are many more stable, risk free openings available in the world of employment. The list of prosperous wealthy Businessmen without a further education background is impressive: Richard Branson (Virgin), Alan Sugar (Amstrad), Duncan Bannatyne (Bannatyne's Healthclubs), Bill Gates (Microsoft), Theo Paphitis (Ryman Stationers), James Caan (Hamilton Bradshaw Private Equity, Henry Ford (Ford Motoring), John D. Rockefeller Snr (Standard Oil), Sir Phillip Green (Arcadia Retail Grioup), Simon Cowell (Syco Music). It would appear that all one needs is the confidence, drive, ambition, energy, enthusiasm, common sense and strength of will to press on in the face of adversity.

Let me make it clear that many people have also succeeded in the corporate world having earned a well respected degree: Donald Trump (Trump Organization), has often sung the praises of further education and has attributed much of his intellect to his schooling. Many entrepreneurs that specialise in technology or medical disciplines, could not have come up with their ideas without a College background. Sir James Dyson (Dyson Electronics) has championed  technical design knowledge by setting up a foundation at Loughborough University for aspiring engineers.

It is pretty clear that those who have what it takes to set up a venture, will do so regardless of whether they have a further education qualification or not.

Business Owner or Entrepreneur?

                           



Are you a Business Owner or an Entrepreneur? The word 'Entrepreneur' is thrown around all over the place in the business world today. The word is synonymous with million dollar fortunes, Mercedes Maybachs and  extravagant lifestyles. In an effort to make themselves sound more important, successful and interesting, people often use this term when describing themselves. Lord Sugar has noted this trend and has quite rightly said that the word entrepreneur should only be applied in reference to someone other than yourself in observation of their accomplishments. An entrepreneur is someone who creates innovative products and services that captivate the marketplace.  Sir James Dyson is known for making a fortune by pioneering bagless vacuum cleaning systems which have revolutionized the domestic market. Mark Zuckerberg has changed the way people socialise. Alan Sugar brought affordable PCs to the domestic market for the first time in UK. The three examples mentioned all embody the definition of an entrepreneur. All three have thought, 'outside the box' and brought and sold original ideas to consumers. The two key properties of an entrepreneur are firstly their ability to create groundbreaking products or services and secondly that they have made large sums of money and have turned their ideas into profits. A lot of people that have average ideas or run mundane ubiquitous businesses are 'Business Owners' not entrepreneurs as many of them erroneously label themselves. Self- employed people that run laundrettes, cafes, florists, hairdressers, bookmakers, etc are not innovators and are engaging in widely available business models that have been around for years and years. Having said that I am a big fan of Business Owners as they form the basis of economies and present self-employed opportunities to all people from any backgrounds. Many people make big money in conventional, tried and tested industries and full credit to them.