Starting a Business - a few FAQs:
1. Is my idea good enough?
Business doesn’t begin with ideas – it begins with You. Ask Yourself how ready You are to work for IT? If You are, then begin. Start by doing, testing and developing. Eventually You will discover Your great Idea!
2. Where do I get the money to begin?
Is it possible to try-out your plans first? Test with a smaller scale project or research more closely similar ideas? Perhaps test Your customer's needs and opinions in advance in someway? If it creates interest, or even business, that can be a great way to collect start-up funds along with experience and reassurance.
There are different ways to apply and receive start-up funding, getting in touch with your nearest business incubator is a good way to begin this process as they can give you more advice regarding such opportunities. This route demands that you are ready to sell and promote Your ideas confidently.
There are other financial pathways (including friends and family) and organisations that are willing and ready to loan You money. For loans or other forms of support, such as venture capital, You will always need to have a prepared and precise plan for how You will repay it along with the interest, or have an exceptional talent for selling.
Often the best and quickest way to get going is by earning respect as well as real wages from Your customers from the very beginning. Learning-by-doing, or perhaps learning-by-earning, is one way to become an entrepreneur. We usually need to spend before we earn so being ready to invest more than ideas helps a business become real.
3. What is the right way to start?
There are many and you can go your own way or be told what to do, do what suits You, follow your heart. The best thing is to go out there and try Your skills and Yours ideas on a smaller scale and learn from the feedback you get. Don’t say I would of, should of, or could of – go out and do IT! Just take small do-able steps at first, rather than taking giant leaps.
If You have a chance to take entrepreneurship training in Your local school or Business Incubator then take advantage of IT and meet like-minded people along the way. Networking and finding possible partners around You, with a similar attitude provides great encouragement and can be very productive.
Beginning a business together can be a LOT easier than beginning one alone.
4. Where do I find the customers?
Who are the people You will focus Your marketing on? Choose Your target group and decide who has the best potential to use Your kind of business. It is worth taking time and effort over this process and to have the courage to be creative. Sometimes there are wonderful surprises at this stage that can lead Your business later.
5. How do I manage the accounts?
As an entrepreneur it is best to concentrate on what You do best. It is very important to also understand Your accounts and financial transactions, and it often makes good business sense to get a trusted accountant to help out from the start. If managing accounts isn’t Your thing then outsource it and support another business that can help Your business improve. Using a bookkeepers expertise (and other outsourced services) from the beginning can really help You avoid well known pitfalls while allowing You to focus on running Your enterprise.
Ask questions about the things that You don’t understand and find partners who love to do what You don’t and work together.
6. What’s a good name for my company?
A good name is often (although not always) catchy and simple, it should deliver an idea of Your product and invite curiosity. Sometimes it is an idea to base it around a product or real name with a little original twist of some kind.
General tips for creating a name for Your business:
- Choose a name that is easy to pronounce
- Avoid numbers, abbreviations and common nouns
- Find something that inspires and creates images
- Don’t try to be too clever or trendy – the name should last for years
- Write the name according to grammar
7. Doing IT alone or together with someone else?
Traditionally entrepreneurship has often been interpreted as working alone. However, often when trying to do everything alone we can waste possibilities and our potential. It is more challenging and courageous to go out and find, or even create, our own community!
Networking with other local Young Entrepreneurs or active students can help a lot and may even find You a partner for Your business. It isn’t as easy as it sounds of course nor is it as hard as it might seem at first.
If we have the courage to co-operate we can benefit greatly from collaboration and community
8. What about insurances?
Here’s something you need to pay particular attention to if you are considering your own business. Take care to insure Your business and Yourself properly as you can never know what will happen.
9. How much energy does it take?
Starting your own company and becoming an entrepreneurs takes a lot of energy. Many people do this whilst already working full-time and with families. It isn’t necessarily the easiest option, yet if you enjoy a challenge and believe in Your business idea then You should also be prepared to put in the time and effort. It will take what it takes to get done.
10. What am I obliged to do?
There are many legal and official tasks required to begin a company, much depends on the type of business, which country you live in and the scale of undertaking. Again there are local, regional or national organisations that help provide employment or economic advice. There are many different kinds of on-line resources available as well as real people to offer advice. For example, you will need to deal with issues that involve tax registration and payment, registering your business as well as trademark, arranging a bank account, securing insurance and making sure You have a pension plan.
11. What are my rights?
Every country in Europe has laws that help to project entrepreneurs, employers and employees. It is best to familiarise Yourself with the general laws regarding work and owning Your own business in relation to the markets You are planning Your business to be in.
12. What are the benefits of being an entrepreneur?
Independence and work satisfaction. It is very important for You to believe in Yourself as well as Your business idea. You are responsible for what happens. You will be making IT happen, and that is what makes IT Your business.
Reputation, recognition & reward will benefit You.
13. What are the risks?
Yourself or someone else suffering an injury or worse. Failing where You imagined You would succeed. Financial bankruptcy. Market change. World change. There are many risks throughout life, entrepreneurship is clearly differentiated by its association with dealing in the unknown. An enterprising personality is also identifiable by the willingness to take educated risks and counter intuitive actions.
Enterprise is not known for providing guarantees and safety, it is more famous for bold steps, venture and taking chances.
What have you got to lose? Identify that and then You can decide if You are really feeling ready to run Your own company.
14. How do I sell what I do?
Attitude and motivation are central characteristics for successful selling. Research has shown that the lion-share of an entrepreneurs income is a result of such attitude. Have the courage to believe in what you do and what your business offers. If you believe in IT, it makes what your offer more convincing to others. Practise what you preach. Tell IT well, sell IT well.
15. How to motivate myself or others?
Set a goal. Having a purpose is what you need to get going. Recognising your passions or finding meaning for what you do all helps define your goal. It might be about how many prospective clients you hope to meet in a week or how many euros you need to make during a specific time or how you plan to make the world a better place to live in. The main thing is that You, or those You work with, find ways to articulate those goals in order to realise them fully.
16. Help with budgeting?
Make a budget for your time and how you use it as well as your financial resources, “time is money.” Consider all you do as investment as well as expense to your business. For example use of your time for selling plays a central role to how well you sell. An experienced salesperson will adapt such actions keeping the bigger picture in mind. Be brief, but don’t be in a hurry.
For an entrepreneur relationships and trust are as valuable as sales. A business needs to be proactive and considered carefully in the long term, as well as be active and produce rewards in the short term.
17. How much time do I need to spend negotiating business?
It will take what it takes, so be ready to give it what it needs. Methods to save time are to control the use of communication tools like the telephone and e-mail. Invest extra effort in how You contact people important to your business, when and how you do it, as well as what tactics You use in promoting or selling Your kind of business idea or service.
18. How to make meetings work?
When meeting prospective clients and partners do your best to improve the overall quality of the session, bring something extra to the occasion, try and make it memorable. During the meeting use a format that is comfortable for you, for example follow a theme, give an opening of some kind, create discussion, introduce your business and product, and finish by making a deal acceptable to both parties.
There are many formulas for selling techniques that have easy ways to remember them with abbreviations, e.g. A.I.D.A. = Attention, Interest, Desire & Action.
19. Is preparation worthwhile?
Definitely. Know your subject - who or what you are dealing with. Put ten times more effort to Your presentation than the time it takes to present it.
Build on Your presentation skills, all the preparation work you do will help to develop Your business and Your reputation, especially when it comes to the sales work.
You often only get one chance to make a good first impression, an entrepreneur or an enterprise should be prepared to create those opportunities.
20. What is trust worth?
Your whole business probably. If you have invested enough effort and achieved a little (or a lot) client trust it is an incredibly valuable asset that requires constant care. Keep an eye on it and endeavour to keep these important people happy and connected with Your business.
Ensure they continue to buy, and better still ensure they spread the word and connect Your business to other customers or potential partners.
Word of mouth is a very powerful marketing tool and one that is all too easily undervalued. In personal and professional life trust, integrity and respect are a moral currency that can help improve Your business economy as well as personal well-being. Trust is priceless.
