When starting a new business it is vitally important to know what your ultimate aims are.
Entrepreneurs tend to fall into five types, depending on their personal psychology and what type of business they want. However, personal satisfaction is often more important to them than growing a major company or brand. You need to sort out the psychology first and stick to it.
A well-known acronym for these five types of startup entrepreneur is SMILE.
S is for System. They are usually happy to buy into a proven idea, such as a successful franchise where everything is provided and the franchisor takes care of advertising and much else as well.
M stands for Money. If cash in the bank is your only goal — and why not — then you should know that this is the measure of your success and avoid all distractions and constantly bear down on costs.
I is for Innovator. New ideas and developments are your prime concern. Make sure you are equipped with the technical skills for the task, or be prepared to hire them.
L is for Lifestyle. Such would-be entrepreneurs often want to exploit their hobby. This can be very successful, but make sure there is a demand for your product.
E is for Empire builders who want to create a brand and spread it widely around.
Bear in mind that you might fall between two, or even more, of these categories. That is not a problem provided you create the right mix of ideas.
Would-be small business owners often dream of turning their hobbies into a business but don’t know how to go about it.
If you are a crafter pursuing a craft at home, but want to make the enterprise more professional, help is at hand.
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A new study by Standard Life suggests that “olderpreneurs” are choosing to set up business on their own rather than seek retirement.
Up to a third of people aged 45 to 65 want to work on when approaching the normal age to take it easy. It’s no coincidence perhaps that this is the “baby boomer” generation.
The more wealthy ones are the most likely to fall into this group.
Policy experts said the research showed that given the right incentives, a new class of “olderpreneurs” could help pull Britain out of recession.
Those approaching retirement age were twice as likely as their parents to choose to continue working, the poll found.
Andrew Haldenby, director of the think tank Reform, said the findings demonstrated a “quiet revolution that is turning traditional ideas of retirement on their head. Policy-makers need to take notice of this fundamental shift in ambition, and instead of telling this generation to slow down and retire, incentivise them to kick start our economy. If all the older people who wanted to set up their own businesses succeeded, the number of UK firms would rise by 50 percent.”
He urged politicians to harness the potential of “the greying end of the population to form a new group of enterprise champions”.
With pension entitlements shrivelling up in the current economic climate, isn’t this the kind of enterprise we need for these hard times?
Accounts software firm Quickbooks is offering a free version of its system to small businesses for three days only.
The software, priced as around £40 ($60) is available for download until Thursday, so hurry if you want to take advantage of the offer.
It’s called Quickbooks SimpleStart and is described as “small business finiancial management software”.
You can download the package at: www.QuickBooks.co.uk/free/freeforthree.
Be aware, it’s a hefty download, weighing in at one hour and a half on standard broadband.