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Courage to follow your dreams
25/06/2008 - By Natalie van Veen
Your Idea could be the missing piece in a puzzling market!
I’ve recently been reminded of two things:
It takes courage to follow your dreams and to do great things, you must act now!
Successful entrepreneurs are doers not just dreamers.Throughout our lifetime we will all have had millions of ideas. If you’re a business minded person you may have even thought about starting a business from your idea. It is reported that in Australia 37% of people think of ideas but only 5% do something about it.
Australia has a great track record of producing successful entrepreneurs: John Symonds (we’ll save you) and Dick Smith (buy Australian) are two of my favourites.
In Western Australia there are 186,315 small businesses which represent a staggering 95% of all businesses in WA (Gov Stats based on Business Names Registrations). Now what this tells us is that there are many wonderful and courageous people out there who have taken the leap from thought to action and had the courage to reach for their dreams.
Successful entrepreneurs are also brave and ready to accept the consequences of their actions.
Here’s another intriguing stat: only 3% of the 5% who have started their own businesses have had any formal training on managing and/or operating a business. It is also not surprising then to learn that many business owners are also not financially literate, however they are still able to run their businesses.
On a downside, unfortunately what this last stat has proven in many cases is that if we did learn those things and put them into practice then we would probably have saved ourselves a whole lot more time and energy (by being more efficient and effective and ultimately more profitable).
Conversely, what this last stat tells us is that sometimes you just have to go for it and let everything else fall into place, time later to dot the I’s and cross the T’s. This is often true in the case of a sole trader. Sometimes, blind faith and passion can make a significant headway into a sound business proposition… expressed more commonly as flying by the seat of your pants!
Andrew Mandredes who is also a successful Australian entrepreneur started from the bottom up, literally! He worked as a delivery boy for a potato processing company – who later saw a niche in the market and created The Kettle Chip Company. Andrew is quoted as saying that any budding entrepreneur should follow a few basic principles. “These are the same – whatever the business you’re in, be honest, don’t give up, believe in the product and get the right people on the bus with you. If you want to achieve anything you must put money, time and commitment into it and then just go for it.”
Here’s a list of what you need to consider in Australia (in WA) to get your business idea off the ground:
- Yourself – your strengths and weaknesses, your skills and abilities
- An evaluation of your idea aka feasibility
- Licences or permits required
- Market research
- Intellectual property
- Business planning (you’ll need a business plan to secure funding)
- Location and leasing
- Financial management
- Funding and finance
- Employing staff
- Business structures
- Working capital
- Insurances and superannuation
- Registering a business name, domain names
- Taxation
- Marketing and promotion
- Technology
If anyone requires assistance to find out where to get help with a business idea please feel free to email me.
Good luck!
Cheers, Natalie
natalie_vanveen@yahoo.com.au
