Entrepreneurs can Still Thrive

There are as many opportunities around today as there have always been, and there are still as many people who want to take advantage of those opportunities, but the current financial climate means that new start-ups are finding it hard to get finance.

It doesn’t mean they can’t still ‘think big’, but they may have to make it big without the help of a business angel or a supporting bank.

The good thing is that online, the enterprising start-up can make a big impression fast, and utilising highly targeted adverts through Facebook and other social networking sites, can bring in customers from Day 1.

John Bremner, Partner in The ResponseControl Group, gives the following tips:

• Use your ideas. Most people don’t, so those who do have an instant advantage.
• Don’t put your eggs all into one basket. Sometimes you need to throw a few balls in the air and see where they land.
• Long-term success is more important than short-term profit. Aim to keep customers once you get them.
• The web is the great equaliser. Don’t upset even a single customer.
• Supply the best product and you can charge at least as much as the best of your competition.
• Don’t start a price war – you will just devalue what you sell, and you will always find people willing to undercut your lowest price.
• Move faster than the competition. Make decisions fast, and implement them fast. Big companies can’t do this, and that’s where fast moving entrepreneurs can take the lead.
• Always keep developing, and learn from your mistakes.
• Avoid ‘meetings’. You’ll end up having meetings about meetings. Just do the thing.
• Take a tip from Google, and don’t be evil…
• When you start to be able to hire staff, surround yourself with smart people who can do things you can’t, and pay them well.
• However small you start, aim to be big. Reinvest your profits and keep developing.
• Pay your bills promptly and make sure people do the same to you.
• Delegate server and web hosting to an experienced firm. You can upgrade later, when your profits justify it.
• Keep working and make it happen. Thinking big and being all excited about the future is one thing. Making it happen is another. It’s been put this way: If you talk the talk, walk the walk…

Leave a comment