Category: Entrepreneurship

Article Contributed by Chris Smith

We all dream of retiring from the rat race and starting up our own business; having our spheres of influence completely overlap our working lives.

For most of us, the closest we’ll get to this is writing on blogs and social media where our underappreciated ideas can be properly expressed to a few bored souls.

However, a brave few do venture forth and embark upon the road to self-sufficiency. They are lauded as daring and adventurous, and perhaps rightly so, but is it really wise? Are these individuals really making a sound move? I would suggest no.

If they earn lots of money, then sure, but research suggests this just isn’t the case for most. But let’s ignore money for just now (and you really shouldn’t ever be doing this); there are some seriously worrying indications that starting a business can have some very severe and detrimental effects on your [mental] health.

The extra pressure that comes with founding a business, even a small one, can have quite a significant knock on effect on mental wellbeing, and the internet is chock full of anecdotal evidence as even a simple Google search will reveal.

As a business owner, you’re not only responsible for your own finical position (a position very few of us have ever been in but are single-mindedly convinced we could overcome with the same tenacity that saw us, yes that means each of us individually, win two world wars and create the greatest nation on the globe), but the finical wellbeing of others (family and employees) – in essence, their lives in a non-literal sense rest in your hands.

Suicides among small business owners are often noted and rarely exaggerated. For all the gain that can potentially come with starting a business, the non-financial costs are too often overlooked. And that’s in no way suggesting that the financial costs should be played down either. Restaurants are the most commonly opened business in the UK, but in Edinburgh as an example (albeit one chosen to illustrate a point), nine out of ten close within their first year of opening. That’s fairly staggering – you put everything on the line, finance, health, relationship status, for only a 10% shot at remaining afloat. That’s a hell of a roll of the dice.

It might seem like I’m just streaming vitriol in the direction of those that would willingly subject themselves (and their dependants) to these huge risks, and to a degree I am. Having worked with quite a number of tech start-ups, I can assure you that it isn’t something to enter into lightly.

And that, I suppose, is the point I’m attempting to come round to – too many people enter blindly into starting a small business without properly considering not only if they will succeed or not (let’s be kind and assume they have done the requisite research to truly have an idea how their business would be positioned within the market), but how it will take a toll on them emotionally.

Of course, if you have your heart set and believe you can beat the odds (“hey, someone’s got to, right?”), then Britain is a fantastic place to have that shot and there are few places the globe over that offer quite the same levels of support (including Boston and CA). You can get help and advice from a number of sources, from: government grants and start-up incubators to small business tools and inspirational stories.

If you’re smart, well-funded (and God do you need to be funded!), dedicated etc., you undoubtedly have the potential to succeed. But, I’d be pretty damn sure you will before you put yourself through it.

About the Author

I’m Chris and I write about sport, finance, business and everything in between over at Spend It Like Beckham. You can also find me on Twitter and on Facebook. Feel free to say hi!

We all daydream. It’s an innate habit. The dream to be wildly successful, the dream to be known as iconic, the dream to have your own business, the dream to live your life instead of letting your life live you. But the pressures and anxieties often persuade us not to go down this path with a lot of students forgoing their dreams in fear of failure and under the society’s influence. But beginning your own business, perhaps by getting a personal loan, is a reality and it has been umpteen times over and when it is done by students who have no prior experience or just a little bit of it makes it even more a tantalizing prospect to follow as it guarantees you the things that others just keep dreaming of. The dream is always calling us in its direction, but it’s us who need to take decision to take that leap of faith.

Most of us our fear comes from the fear of the unknown and not knowing what path to take when following our dreams but nothing is impossible. There is procedure to this madness and it has examples in recent history. We will provide you the path many have taken to make themselves true successes and it is not too difficult to follow. Follow our lead and see what we have in store for you and your dreams.

The Idea:

We daydream of being successful, famous and a lot of other stuff but if we look closely, day dreaming often exposes us to the greatest of ideas that are the basis of any successful business venture more than anything. We often restrain our thoughts and pass on some great idea that just came to us by thinking that “Oh that’s impossible” and in that fleeting moment our destiny gets a thumbs down.

Latch on to any ideas that come into your mind and work on them. The best ideas are solutions to problems that not many people think exist. Ideas are the most wonderful thing there is. Pursue your ideas to any length if you believe that they are the ultimate solution to a certain problem and always follow your gut feeling on how great the idea is. It’s your brain who got you this idea and it is the same thing which is the best judge. Facebook was created out of an ingenious idea of Zuckerberg – Creator of Facebook, to connect everyone in the world. At that time, he didn’t know how will he do it or how much finance is required or to what extent this idea can be viable. He just had an idea and he took initiative to take it forward, everything just started falling in place there onwards.

Find yourself a Mentor:

You always listen to your inner voice, don’t you? Well there are some voices in the world who act as inner voices. They can go so deep inside you by their words that they are able to inculcate that belief you need to make it big. Mentors in this case are often those people who are dreamers themselves and have gone through a lot already. They can guide you to no end on a lot of issues from finding that all important self-belief to handling business operations.

More importantly mentors are that special kind of people who are called connectors. They are excellent networkers and can expose you to a wide range of people who definitely will come in handy once you start of your gig. Sometimes they can also take up a cloak and act as angel investors to get you that all important finance you require to set up your business.

Remain Unconventional:

People with great ideas and the passion to pursue them are mostly unconventional to begin with. Being considered eccentric will only add to your appeal. Being unconventional means not following the due course of operation as per the norm. Learning, un-learning, re- learning, reengineering are things which few do with vigor as it requires offbeat thinking and remember that first Ones mostly end up in failures. First ideas don’t work out well and this is where most people lose steam and give up. You don’t need to do that. Bill Gates, the now ultra- rich founder of Microsoft was failure at first. Before starting out his claim to fame company, Microsoft, Bill Gates’s first venture was traf-o- data, a venture which was devised to aid traffic engineers by processing raw data from traffic counters. It wasn’t a success but it was a seminal point in the making of Microsoft because after working with traf-o-data, they came to know how microprocessors actually function in tandem with DEC computers. That made them come a long way in building the arguably the world’s most iconic computing company.

The Self:

The entrepreneur’s way of believing and living has to be different from the whole lot. It has to have a mind that is free from all kinds of distractions plaguing a wandering soul to keep him/her keep experimenting, building and living out the ideas.

Everyone has worries, but they have to be taken care of if one wants to dilute the attention on the task that lies ahead. Students with entrepreneurial aspirations normally drop out of college to pursue the business they plan to open or if they prefer to stay in and complete their college, the debt burden is often a pressure and because of it a lot of students go into jobs to pay off the student loan they took initially. In such a scenario, a student must get a plan to minimize the amount of obligation it has.

Keep going ahead and don’t get yourself tangled in the opinion of others every now and then. Do listen to pieces of advice from everyone, advice is never bad. You never know which one has the ability to further your cause. Make yourself available to experiences other than business, indulge in your life and live it to the fullest. Network as much as you can and if you can, find yourself a partner in your dreams, one who shares the same passions and is on the same expertise as you. Bill Gates had Paul Allen by his side. Nothing great can be built alone and if you want to be great, take the lot ahead with you. You are passionate, it’s infectious, rub it off, you don’t know how many stories you can help while building your very own.

Article Contributed by Jill Phillips

As a small business owner, you might sometimes have difficulty understanding the performance of your company. Daily operations can obscure the actual profitability and health of your company, setting the stage for a surprise when severe problems emerge.

While some business owners might have perfectionist tendencies that unnecessarily increase costs, others continue for a long time unaware of serious flaws.

Although checking sales and profit reports or other criterion can infer success, they oversimplify analysis. Instead, various non-monetary indicators usually provide a more accurate picture of business health and underlie a sound business model and higher chances of long-term success. The following seven signs can either confirm you have a successful business or alert you of problems that set the stage for failure.

Motivated Employees

A business that has low turnover rates suggests that workers feel challenged and engaged. Satisfied workers produce more, provide excellent customer service and add value to the company. Formal surveys and an internal culture that encourages open dialog can help uncover the roots of any possible employee dissatisfaction. When employees feel comfortable expressing criticism as well as praise, business owners can promptly respond to problems in the workplace in ways that help employees enjoy their work.

Happy Customers

Satisfied customers reflect well on your business and give cause for an optimistic view of the future. Business owners should continually evaluate whether their company has made a positive difference in the personal and commercial life of their customers. When your business has happy customers, word of their experiences spreads and your company becomes easier to find. A reputation for having quality products and excellent customer service will sustain your business for many years.

Expert Credibility

Companies that have expertise in their field create a leadership role that others want to follow. When a corporation builds a trusted reputation as a source of industry news and commentary, it increases its ability to prosper. Businesses that solidify their position as leaders create value for their brand and boost margins and profits.

Flexibility

Technology and the marketplace rapidly change, routinely turning winners into overnight losers. Successful companies have the necessary agility to adjust to the changing business landscape. Rather than resisting change, winning firms embrace it and find ways to create value from it. Although staying up-to-date with all environmental changes that affect a company requires vigilance, it pays off in the form of an efficient and flexible organization that can always stay relevant.

A Healthy and Caring Work Environment

The work environment provided by a company determines its success. You already know that satisfied employees can make the difference between failure and success. When happy, your team can make amazing accomplishments. The work environment contributes much to employee morale.
Enthusiastic workers often suffer burnout as they work hard for their employer. That is why it is important to have a well-defined framework of policies that encourage employees to enjoy holidays and family time. Even in small companies where every employee plays a vital operational role, business owners can give their employees needed time off, offer flexible schedules or even telecommuting opportunities. Never underestimate the role of a positive workplace in commercial success.

Your Attitude

Without passionate leadership, employees and customers will hardly become excited about a company. Business owners set the course for their firm with their attitude. Businesspeople with a “can do” attitude and a vision for the future energize everyone they meet, creating a life-giving spark that animates every part of the business.

Focusing on the Future

Small companies often fall into the trap of focusing on short-term profitability without spending time developing a roadmap for the future. Successful companies know their goals for the future and align their operations to contribute to those objectives. In many settings, preparing the future requires additional training for managers and employees. Your team needs to learn the best practices for your industry, how to innovate, and how to lead. Rather than feeling adrift, everyone in your company should feel motivated and excited as they develop the skills and experiences needed to achieve great things.

Spend some time evaluating the state of your small business. Any company can earn a profit, but only successful companies have the non-financial characteristics to achieve long-term success. Happy customers, happy employees, flexibility and a great attitude will help your business succeed.

About the Author

Jill Phillips is a freelance writer from Buffalo, NY. She is an aspiring entrepreneur and tech enthusiast, who loves to share her insight on various business topics. When she is not writing, Jill enjoys taking photos and hiking with her dog. Connect with Jill via Twitter @jillphlps