Archive - November 2017

When you start a business, you may have to face some “barriers to entry.”

What are “barriers to entry”?

These are in-built barriers existing in some industries and market sectors that face newcomers, making it difficult for them to start a business in that industry.

It is important as a startup to recognise and identify barriers to entry, and even more important to look at ways you can get around them – or your business may be stillborn. Let’s first look at what they are.

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When you are starting a business you need to be clear about your “why” – your purpose.

Some people say “that’s easy, it’s to make money!”

Well, I disagree. If you start your business with the purpose of making money….you won’t! Your decisions will be based on yourself and not on who you serve. Your actions will be based on making money, not on the reason why you serve! You will be found out – people will see the truth behind any branding message you try to put out there.

So, what is your “why”?

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One of the most often asked question I get is “I have a great passion and I want to start a business – what do I need to do?”

I see more and more people every day who want to start their own business. Sometimes, they think they have invented a better mousetrap, or at other times they use their skill and experience at a job and think that they can do better in their own business.

However, I suspect that most of the time, the person who asked me that question thinks I’ll give them a list of registrations that they need to do.

Well, there’s more to it than that, and we have to take a couple of steps back.

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