Have you got what it takes?

Over 40% of new businesses set up in the UK each year fail within their first two years of business.  Enterprise North East Trust (Enterprise) is advising budding entrepreneurs to consider whether or not they have the right qualities to set up and run their own successful business.

Joyce Duncan, director of operations, of Enterprise comments, “At some stage during the planning phase, prior to starting a business, every budding entrepreneur is likely to have asked themselves whether or not they have got what it takes to run their own business.  Different qualities are needed depending on the type of business they want to run, for example someone aiming to become the next Richard Branson or Stelios Haji-Ioannou is likely to have different qualities to someone who wants to turn their hobby into a way of making a living.  However one common denominator is enthusiasm for their product or service – this is vital if the person founding the business is to be successful in getting anyone else, such as potential investors, to believe in their idea.”

Intrinsic to starting a successful business is a good business idea.  It is also necessary for anyone setting up their own business to have in-depth knowledge regarding the product or service that they intend to market. 

Joyce adds, “Organisational and planning skills are vital for those planning to run their own business, in the initial start up stages these can be implemented to carry out research to determine whether or not there is a gap in the market for the business offering.”

Other qualities identified by Enterprise as being found in those who set up and run successful business ventures include:

o Determination
o Drive to succeed
o Perseverance
o Self belief
o Planning
o Organisational skills
o Self confidence
o Imagination
o Flexibility

Joyce continues, “Anyone considering going it alone and starting their own business should bear in mind that it is probable that they will face long hours, stress and possibly financial insecurity.  In order to combat this it is important to have a support structure in place, family or friends have a role to play in encouraging the budding entrepreneur.  In addition business support organisations, such as Enterprise, provide information and advice to those starting their own business, this maximises the possibility for a new business to not only survive but flourish.  98% of businesses which receive assistance from Enterprise survive their first year of trading, 88% are still trading after year 2 and 80% continue into year three and beyond.”

Those who have been out of the work arena for some time should not discount themselves, the skills which Enterprise have identified as being fundamental in running a successful business are not just found in those who have been exposed to a business environment. 

Joyce says, “The characteristics which are central to setting up and running a good business are ones that most people will have in some form or another; for example it is probable that a housewife and mother who is considering returning to work will have good organisation skills and perseverance.  Putting it simply setting up a business will make use of these skills in a different way.”

Enterprise delivers business support and advice through the Business Gateway service which is supported by Scottish Enterprise.  Telephone 01224 289725 for any aspect of business advice or visit www.enetrust.com.

Ends

Picture Caption:  Joyce Duncan, director of operations, of Enterprise says that those starting their own business must have enthusiasm for their product or service.

For further information contact:
Lyndsay Brackenbury
Tricker PR
9 Victoria Street
Aberdeen
Telephone  01224 646491
Direct Line 01224 654086
Mobile  07780 680751
Email  lbrackenbury@trickerpr.com