Documente Academic
Documente Profesional
Documente Cultură
10 9 8 7 6 5 4 3 2 1
Keywords
entrepreneurship; business; startups; risk; reward; profitability; marketing;
strategy; networking; managing change; decision making; uncertainty;
stakeholder management; planning; resource and process management;
consistency of good habits; research; market research
Contents
Preface��������������������������������������������������������������������������������������������������ix
Chapter 1 Introduction���������������������������������������������������������������������1
Chapter 2 Is This Option Right for You?�������������������������������������������7
Chapter 3 Understanding the Norms of Uncertainty, Risk, and
Relentless Change�����������������������������������������������������������25
Chapter 4 Key Entrepreneurial Skills and Competencies�����������������37
Chapter 5 Stakeholder Management: Exceeding Expectations���������47
Chapter 6 Understanding Key Financial Statements������������������������53
Chapter 7 Your Strategy and Mission Statement������������������������������77
Chapter 8 Objective Setting������������������������������������������������������������81
Chapter 9 Short- and Longer-Term Planning����������������������������������85
Chapter 10 Marketing: Letting People Know You Are There�������������89
Chapter 11 The Importance of Social Media and Networking���������103
Chapter 12 Decision Making����������������������������������������������������������113
Chapter 13 Understanding Resources����������������������������������������������117
Chapter 14 Process Management����������������������������������������������������121
Chapter 15 Opportunities for Growth��������������������������������������������137
Chapter 16 Conclusions������������������������������������������������������������������147
Bibliography���������������������������������������������������������������������������������������151
About the Authors�������������������������������������������������������������������������������153
Index�������������������������������������������������������������������������������������������������155
Preface
Entrepreneurs come from different backgrounds, and each has their own
story to tell from how they started to how they became successful, with
some challenges along the way. Each entrepreneur and their journey is
unique; some have started with literally nothing, some have previous
business experience, so it is difficult to Pigeon hole what you need to start
with. In this book, we will look at various areas that entrepreneurs need
to be aware of at the very early stages of starting your business, what you
may need to consider, all the way through to looking at opportunities for
growth. We will outline the opportunities, potential pitfalls, and key areas
you need to consider at each stage of the entrepreneurial journey.
CHAPTER 1
Introduction
A man’s success in business today turns upon his power of getting peo-
ple to believe he has something they want
—Gerald Stanley
larger firms. That said, while they may not be the same big
revenues, that is not to say they do not add value. If they
are set up in business-friendly countries, with sensible tax
structures and regulations, small business and startups can
make a big contribution to a country’s economy as well as
their local area. Small business can give people the opportu-
nity to achieve financial independence, encourage innovation
and also boost employment, by employing local people, who
may be not be employable for larger firms. A thriving small
business will also generate more revenue and, therefore, pay
more taxes to boost government resources. And ultimately, if
a number of factors fall into place, small businesses, over time,
can also become big businesses.
• It can open doors to additional opportunities: As your
business goes from startup to becoming established, there
are likely to be external opportunities that arise. This could
be in areas such as keynote speaking, judging on business
award panels, nonexecutive director or advisor roles, or
taking part in TV shows such as the Apprentice. While these
sorts of things give an entrepreneur a platform for increased
profile and income, there are also things that can be done
to give back. For example, this could be mentoring for a
charity or giving careers talks or mock job interviews at local
schools.
• Lack of other choices: In reality, due to a variety of potential
circumstances, some people are left with starting their own
business as their only realistic choice. It may be the case that
working for someone else is not suitable or undesirable. Other
factors could be due to uncontrollable circumstances such as
economic and job market conditions, previous work experi-
ence, unexpected sudden job loss, and education.
In this book, we will look to outline the many aspects of starting your
own business, the good practice, and consistency of good habits you need
to have to maximize your chances of succeeding. We will also look at the
massive and varied opportunities it can lead to, the various challenges you
Introduction 5
may come across, the pitfalls you could face, the reality and practicality
of the entrepreneurial adventure, the predictable unpredictability, and the
overall success you can achieve.