The Entrepreneurial Adventure

Embracing Risk, Change, and Uncertainty

Oliver James, David James

• Publisher: Business Expert Press
• Year: 2019
• Print ISBN:
  9781951527105
• eBook ISBN:
  9781951527112
• Topic: Business
• Subtopic: Entrepreneurship
• Index: Business

The Entrepreneurial Adventure is perfect for anyone with an interest in business or with aspirations to start their own business.

The author outlines key principles of the entrepreneurial adventure and the business world, bringing it to life using case studies. This book contains useful and practical information about business and entrepreneurship gives a robust understanding of the theory and real-world implications of running a successful business. It describes and explains the whole process from understanding the implications and risks, the start-up stage through to future expansion. The authors clearly demonstrate that if the good business habits and practices described in this book are followed consistently, you really will achieve entrepreneurial success and the opportunities that come with it.

CHAPTER 1

Introduction

A man’s success in business today turns upon his power of getting people to believe he has something they want

—Gerald Stanley

Since the beginning of history, entrepreneurship has been underpinned by the market forces of supply and demand. Across the world, entrepreneurs look to address demand for goods or services by providing supply.

A start-up business, which typically is started up by a founder or cofounders, is a new business venture that looks to fill a gap in the market or address a need or problem. While there are several avenues that can lead on from the start-up stage, it all starts from an idea and the courage to build on it and see it develop into something to be proud of.

Owning a small business can be as rewarding as it is challenging. Owners come from a variety of backgrounds and have many different reasons for becoming self-employed. Sometimes, small businesses start as ideas that no one really believes in yet, but some of the biggest and best-known brands in the world would have all had to start somewhere. From Coca Cola, to Amazon and Disney, all of these household names would have started from an idea that has developed into a big business. Each of these founders had an idea and a vision that they believed in.

Becoming an entrepreneur has become a cool thing to do. It is no longer the case that we have two choices when we leave compulsory education—further education or entering the job market. It is also no longer the case that working for a big company is the only way to be recognized as successful. Starting your own business and making it a big business from nothing is widely admired and can lead to many exciting opportunities and successes.

There is worldwide attention on high-profile entrepreneurs, for example, Lord Alan Sugar, Michelle Mone, Steve Jobs, Barbara Corcoran, Elon Musk, Sir Richard Branson, Mark Cuban, Peter Jones, and their individual success stories. There are also a number of mainstream television shows that have hugely increased the profiles of entrepreneurship, for example, Dragon’s Den, the Apprentice, Shark Tank, and Undercover boss. With the huge viewing figures across the world and the emergence and importance of social media, both the judges and contestants can massively increase their profiles and in turn can lead to life-changing opportunities.

These factors have all contributed to a shift in profile about starting your own business and entrepreneurship, making it a positive and viable choice. However, there are other factors that make starting your own business and becoming an entrepreneur an attractive choice:

• Wanting a new challenge: Sometimes in life, you may wish to seek a new challenge or to become a better version of yourself. This is sometimes due to a number of factors, for example, you may feel underutilized, undervalued, unhappy, or that you are not fulfilling your potential in some way. Whether you choose to do so or it is forced to make the decision due to factors outside of your control, having something new to focus on can be invigorating and provide the opportunity for a fresh start. While any decision you make and the consequences of that decision have to be carefully considered, starting your own business can be that opportunity and new challenge you are looking for. As we will cover in this book, becoming an entrepreneur will have its challenges, and embracing and facing them will be one of the key factors in making your own business a success.
• Pursuing a passion: If you run your own business and it is an area that you are passionate about or by definition you are passionate about your business because it is yours and you want it to succeed, the hard work needed will be that much easier as you are pursuing a passion. With hard work and a bit of luck, there is a huge variety of concepts that can be made into a small business and as is sometimes said “if you love what you do, you will never work a day in your life again.”
• Admiring and being inspired by other entrepreneurs: Successful people inspire other people to become successful. Potential entrepreneurs can learn from the stories of other successful entrepreneurs and if they choose to start the journey, meet and network with people who have made their entrepreneurial journey a success. Learning from the experience from and expertise of others who have been there and done that is an important part of the process. Seeing someone who has made millions after starting with nothing is inspiring for many new entrepreneurs who aspire to achieve the same.
• Liking risk: Entrepreneurs tend to like risk, and ultimately, whatever type of business you wish to start, there will be varying elements of risk to that venture. However, the level of risk is something that has to be fully researched, measured, and understood, to make sure an informed choice can be made. Ultimately, it makes sense to have a balance of risk, pragmatism, and realism. Aspiring entrepreneurs have ideas, put them in to action and watch them develop.
• You can control your own destiny: As an entrepreneur, you can be your own boss. This is a mixture of liberating, empowering, and challenging. That means in terms of running the business, you only answer to yourself, set your own hours, and manage your own workload. When you work on your own and you achieve something, you are likely to be more fulfilled as you have achieved it for and by yourself. So, you ultimately take charge and do it your own way, rather than feeling like a cog in a large business. That said, while you answer to yourself in terms of running the business, you also answer to clients and customers, who ultimately will be paying you for what you offer. They will expect a high-quality good or service at a reasonable price. So, you have to deliver.
• You are making a contribution to the economy: The role small businesses play in an economy and the value they add can sometimes be underestimated. In some ways because they are small, they can be overshadowed by the news coverage that their larger counterparts get and do not take the revenues of 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 opportunity 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 experience, 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 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.

A big business starts small

—Richard Branson

CHAPTER 2

Is This Option Right for You?

The way to get started is to quit talking and begin doing

—Walt Disney

Becoming an entrepreneur is very much in the mainstream; however, that is not to say it is all straightforward and easy. While it is very empowering to be your own boss and can be very rewarding, there are many other factors to consider and understand. So, it is vital to do your research and make an informed decision before taking the plunge and starting your own business.

There are potentially massive rewards and opportunities that come from starting your own business, but there are a lot of practicalities and realities to it as well. In all honesty, it is a matter of weighing up the benefits and risks and making a clear and informed decision on how to move forward.

Ultimately, there is a lot to consider, and there are elements that have varying degrees of uncertainty.

What Is Your Business Idea?

A new business can range from an idea to introduce something completely new or something that is already out there that the new business can deliver more effectively. Either is a valid way to start, and both come with different benefits and risks. Ultimately, at some time or another, you are going to have to be prepared to take a risk, but understanding the level of risk associated with your particular idea is a key starting point.

Different Types of Businesses

Once you have decided on your product or service, another important consideration is what type of business model you wish to use. In essence, how your business will run. There are a number of different ways of doing this.

Sole proprietor: This is a business that is owned and operated by one person and can be named after the owner or be given a fictitious name. This is generally recognized as the simplest and most common business type out there, as it is relatively easy to set up and taxation is also quite simple, as it is calculated using income earned from the owner. However, a disadvantage of this model is the sole proprietor is responsible for everything the business does and t...

Table of contents

• Cover
• Halftitle
• Title
• Copyright
• Dedication
• Contents
• Preface
• 01_Chapter 1
• 02_Chapter 2
• 03_Chapter 3
• 04_Chapter 4
• 05_Chapter 5
• 06_Chapter 6
• 07_Chapter 7
• 08_Chapter 8
• 09_Chapter 9
• 10_Chapter 10
• 11_Chapter 11
• 12_Chapter 12
• 13_Chapter 13
• 14_Chapter 14
• 15_Chapter 15
• 16_Chapter 16
• 17_Bibliography
• 18_ATA
• 19_Index
• 20_Adpage