Biggest Concerns for New Entrepreneur in 2011

Posted by on January 19, 2011 in Business Start Up Advice [ 0 Comments ]

EntrepreneurA recent survey carried out by YouGov suggests that although there are a greater number of people wanting to start their own business, nearly half believed the economy was in a worse position than it was 12 months ago.

Looking more closely at the study it showed that a third have already set up their own business or want to. Which also reinforced the general belief that the UK was an entrepreneurial country with opportunities to create a business.

It is predicted that there will be more start ups this year than last, so for all the people out there that do want to become their own boss or want the opportunity to keep the money they earn rather than working for someone else what should they be aware of.

Finding the money, 53% of people said that this was their number one concern when setting up on their own. Further answers showed that people believed less lending to be one of the main issues and the solution that was favored was to ‘cut loan interest rates for small business’.

Making sure you have a good business plan, you have identified any possible areas of concern financially and you are prepared to work hard to succeed can help reduce the concerns from a lender. Visit a bank and find out what they will need from you to consider your idea, make sure you have everything ready, you are prepared for any questions that may arise from your plan and you have passion about your new business venture, provide data to back your projections and your business plan.

Having a good idea was next on the list at 38%, understanding an idea and putting it into practice can sometimes be a hard realization. May be you’ve had this idea for a while and as an idea in your head it was easier to manage but now the realization can seem a little daunting. Any new venture is always going to be a little intimidating to start with but as your idea turns into reality, working with the idea as it grows into a business that is a success.

Finding courage came in third at 32%, it can be hard to make the change, start something new especially when the economy is at a low but there are companies that are still making a profit during uncertain times including John Lewis and Carphone Warehouse.

If you aren’t ready to become an entrepreneur at this time there are ways that you could make it a smaller initial step and then when you are in a position to make that change you are in position. Working evenings and/or weekends to build your business opportunity into more than just an idea will give you a base, give you a better working understanding of your new business and address any issues that arise early on without the risk as you will still have an income from your own job.

H Parker has previously worked in the finance industry but recently chose to follow her own path. But still has a close interest in tax advice and information.

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