Business Advice

1.        Courage      “being brave in the face of difficulty, overcoming fear”

A successful entrepreneur is prepared to make big decisions and take on tough challenges. There will be times when things are not going so well – when the sales aren’t coming in and bills are overdue – so you’ll need the courage to dig deep and not crack under the strain . Having courage also means making the right decisions for your business, no matter how unpopular they may seem at the time. Having the stamina and focus to succeed

 2    Innovation - "a new idea, method or device"

While not necessarily 'inventors', entrepreneurs are highly innovative and creative individuals with the vision and insight to spot opportunities and act upon them. They have the ability to carve out a new niche in a market where others might not have seen it - and turn ideas into a solid business strategy. Art Fry who invented the post-it note found a simple but perfect invention that filled a niche in the market 

 3. Commitment- "state of being emotionally impelled, dedication"

Have you got the commitment and determination to make your venture a success? Planning, setting up and running a business requires endless hard work and 100% of your time. Your family, friends and leisure activities may have to take a back seat for a while. Would you give up the security of a monthly salary or a pension to pursue your idea. Are you sure you're willing to make this commitment.

 4.    Ability to set goals

An entrepreneur will set specific and realistic goals (SMART goals) and have a clear plan of how to achieve these. Your venture won't be a success if you don't do this as you won't have specific targets to aim for or measure your performance against. So what are you doing for the business in the 2nd, 3rd and 4th quarters of 2009.The 1st quarter has already flown by what did you do to progress you business idea

Further, having clear goals will enable you to formulate a sound business plan. You need to look at: product/ service, market research, marketing plan, management, legals, finance, and more .... We will provide further information on business plans in our newsletters

 5.    Flexibility- "capability to adapt to new and changing requirements

The ultimate Jack-of-all-trades, an entrepreneur has to be flexible. Are you able to cope with the different roles and responsibilities that starting a business demands, such as making decisions on finance, marketing, research and legal matters? Can you secure sales deals and manage new staff? Flexibility also means recognising changes that may need to be made to your business if things aren't going to plan - and learning from experiences both good and bad.

Today you are the marketing manager- sorting out an advert. Tomorrow you're the finance manager- off to see that bank manager. On Friday you're the HR manager- hiring some temporary staff

6.     Passion -    "intense drive, enthusiasm, conviction, ardour"