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Starting new small business: Information on starting a small business

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Advice on starting a small businessSince the recession started in December 2007, over 7 million people have lost their jobs, and the unemployment rate has doubled, reaching 9.8%. (Source: yahoo finance) Under these circumstances, and the difficulty of finding a job, many started their own small business, and many more are thinking to do the same and become self-employed. If you are among those, we know that starting your own business can be daunting, so here is some advice we thought you could use in order to successfully transform your ideas into concrete projects. Don’t forget that becoming self employed can also be very motivating and rewarding.

Starting your own business requires you to have a minimum sense of entrepreneurship and leadership. It is essential that you keep a positive attitude, that you have confidence in your capacities and that you know to impose yourself. According to a study done by Mr. Stewart and al. in 2000 among 664 entrepreneurs, there are three absolutely essential qualities that successful entrepreneurs have in common: 1) they have a higher propensity for risk, innovation and achievement; 2) they are less scared of failure; and 3) they are more able to recover when they fail. An entrepreneur always sees opportunity where others see risk.

Some of you might already have created small companies in the past and are not starting your first business. Remember that your past experiences will serve you as well as the numerous contacts acquired over the years. Investors and people who supported you in the past (financially or otherwise) will be ready to help you again on the basis of trust; profit from your previous relationships! While your past experience can help you, there will also be the challenge of “recapturing the drive and direction that fuelled [your] first venture, without letting the first success overshadow or dictate what [you] do next” as Gwendolyn Bounds and al. explain. (source: The Wall Street Journal)

From time to time, you may wish to have a friend, or anyone not directly implicated in your project, have a look at your plan; people looking at something for the first time have fresh insight. You can benefit greatly from their suggestions.