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Don't be put off – go for it!

Don't be put off – go for it!. Rex Lambert, Editor of The Listener, wrote in 1936, 'Television won't matter in your lifetime or mine.' John Langdon-Davies, fellow of the Royal Anthropological Institute opined in 1936, 'By 1960 work will be limited to three hours a day.'

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Don't be put off – go for it!

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  1. Don't be put off – go for it! • Rex Lambert, Editor of The Listener, wrote in 1936, 'Television won't matter in your lifetime or mine.' • John Langdon-Davies, fellow of the Royal Anthropological Institute opined in 1936, 'By 1960 work will be limited to three hours a day.' • Sir Richard Woolley was the British Astronomer-Royal who declared in 1956 that, 'Space travel is utter bilge.' • Don Rowe was the director of Decca Records who turned down the Beatles. He said to their promoter, Brian Epstein, 'We don't like your boys' sound. Groups of guitarists are on the way out.' • Frank Sinatra in 1957 stated, 'Rock and Roll is phony. It's sung, written and played by cretinous goons.' • Ken Olson, CEO of DEC said in 1977, 'There is no reason anyone would want a computer in their home.' • Bill Gates stated in 1981, '640k ought to be enough for anybody.'

  2. Start-up Issues ...And how to avoid them Peter Doggett – Vistage International

  3. What’s the best way to make sure that your new venture fails? • List and rank • What worries you about these issues? • What could you do to reduce their effect or eliminate them?

  4. YOU ARE HERE end

  5. TIME • The Issues • Not enough time • Poor time planning/utilisation • The Cures • Proper planning – be realistic • Don’t underestimate • Take breaks • Ask for help

  6. Confidence

  7. You - your skills, passion and commitment • What are the issues? • Commitment • Time • Get bored/distracted • Discouraged • Scared • The cures • Who are you? • Are you the right person? • Why do you want to start a business? • Are they good reasons? • Personal SWOT

  8. SKILLS AND EXPERIENCE

  9. The Idea • The Issue • No ideas/limited ideas • Don’t know how to get started • The Cure • What do you love doing that somebody might pay you for? • Who could you talk to who could help? • What is unique/needed/you can do better than others?

  10. The Big Idea • How do you decide? • Something you like/are good at • An existing product – but yours is better • A new market or product/service • An existing market or service • Where’s your niche?

  11. “Create something that is unique… If you set up a company selling widgets like the bloke down the road and the only difference is that yours are cheaper, you’ll make a living, but that is all you’ll achieve. If you can be truly differentiated and unique, then you’ve really got something.” Martyn Dawes, founder of Coffee Nation

  12. “The difficulty is NOT developing new ideas butescapingthe old ones.” J.M. Keynes

  13. “The difficulty is NOT developing new ideas butescapingthe old ones.” J.M. Keynes

  14. “I’m an optimist. I am alwaysexcitedby the prospect that something can be done better.” Charles Dunstone, Carphone Warehouse

  15. Market Focus – where’s yours? BROAD PRODUCT OFFER ASDA SAINSBURY ??? STUCK ZONE M & S FOOD MORRISONS COOP WAITROSE LIDL NICHE LOW COST PREMIUM PRICE

  16. The Support • The Issue • Who can help me? • The Cure? • Ask people you trust & who are positive – not too emotionally attached. • Beware of strangers bearing gifts • Network with purpose • Get a mentor and be very honest.

  17. Partners • Key to your success or... • A major part of your failure • Choose carefully • Complimentary skills • Same passion • Same ethics • Do you trust them implicitly • Do the have similar ambitions? • Families are not always the best • Above all – create an agreement very early on in your growth

  18. Cash £££ • The Issue • I’m no good with money • I don’t understand • The Cure • Keep it and systems simple • Watch the cash at all times especially • Bank • Breakeven • Key numbers that drive your sales • Be honest • Keep good but simple records

  19. Where can I get financial help?What will I need? • Before doing anything – Business Plan – honest and realistic • Establish how much you can put in yourself • You’ll need • Setting up funds – e.g. Premises/equipment/IT etc • Working Capital – funding the gap between paying for materials and receiving money from your suppliers • Funding options (sole trader) Cost Security Risks/implications • Self £ Nil Overspending • Families & friends £ Nil Relationships • Partners £ Nil Will want a share • Banks – overdrafts £££ YES Withdrawal • Banks – long term loans ££ YES Limited • Foundations £ Nil Low • Some government agencies £ Some Low • Business Angels ££ Some Will want return • The more risk they take the more they’ll want you to contribute, provide security and a payback

  20. IMPORTANT NOTE Small increase in sales price rapidly reduces break even Even small discounts increase the break even considerably BREAK EVEN

  21. Plan PlanPlan • Keep it simple • Spread sheet • Review • Keep a score • Define what will drive sales • Work out your break even – how much do you need to sell to make a profit?

  22. Marketing

  23. Planning – the development process REVIEW = YES or No or modify COST OF STOPPING Review Review Review Review Business plan Prototypes Customer feedback Research Funding Finalise plans Marketing sales strategy Develop final product Systems Ideas Sketches Models Test real products with real people Review and change Marketing Customer feedback Measure Control

  24. Pricing • Key to your success • Market research • Decide where you will focus sales • Don’t confuse the market • Care with discounts • Don’t fiddle your business plan by using un realistic prices which you cant achieve

  25. IMPORTANT NOTE Small increase in sales price rapidly reduces break even Even small discounts increase the break even considerably BREAK EVEN

  26. Marketing • Who are you trying to reach? • Where are they? • What do they do now? • What do you want them to do? • What do they read, watch, listen to? • SOCIAL MEDIA?

  27. BUT ACTIVE CUSTOMER MAILING RESPONSE 12.5% WITH PERSONAL FOLLOW UP CAN BE 40%

  28. “What you do speaks so loudly that I do not hear what you say” Ralph Waldo Emerson

  29. Selling • How? • Where? • Location • Marketplace • Internet • Who – you or....? • Costs?

  30. Organization Life Cycle GROWTH – THE RISKS Start-growth, matured decline, and termination or revitalization Becoming an Institution Denial= Termination Closing In Revitalization Formalism= Termination

  31. Growing

  32. Change is criticalto Success

  33. Go forth and multiply! • Keep it simple • Write and paint your dream • Find something you really believe in • Surround yourself with honest and positive people • Be realistic about your time and cash • Review ReviewReview

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