Yesterday I wrote “What the hell, let’s do it” and today there is a story about people in the United Kingdom not believing in themselves enough to start a business.
Whether it is their natural tendency to stick to the time tested and traditional route research indicates that while the British have great business ideas they don’t have enough faith or belief to make turn them into reality. This is an alarming trend as the growth of our economy is dependent on the innovation and versatility of its entrepreneurs.
In a research study by business advisers Inventva it was reported that while 13 million people in U.K. have a business idea not even three million actually do anything about it.
The Director of Inventva, David Thomas says that potential entrepreneurs need to ask themselves five basic question before they decide if they should do something about their business idea and these include:
* Does the business idea fill a gap in the market or is there a need for it?
* Is it worthwhile to try to make the business work?
* Would you enjoy working on the start-up?
* Is it viable from a business point of view?
* Do you have the resources to make it possible?
Budding entrepreneurs need to make the most of the technology that is available to them and should look for a business infrastructure and IT solutions for accounting, cash-flow, etc. They should also consider outsourcing certain business processes that would leave them free to focus on core business activities.
As I wrote before if your fail, who cares(?) – the most important thing is you gave it a go – so, come on, what the hell, let’s do it. If you don’t try you will always wonder what could have been. Starting a small business, like SOHO-, SME, SMB-, Micro-, Lifestyle-, Home-, DIY-, Hobby-, Boomer-, Personal businesses can be fun and is not that difficult, some times doing it part-time can be the answer.
Hat-tip to startups.co.uk.