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Your EnterQuest Bulletin - Issue 228
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| Thought for the week: "If you don't get noticed, you don't have anything. You just have to be noticed, but the art is in getting noticed naturally, without screaming or without tricks." Leo Burnett |
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In this week's issue:
New start up mixes business with social enterprise
A new social enterprise is taking a leaf out of the book of networking websites like Facebook and MySpace - but with the aim of helping socially excluded people start their own enterprises.
Tom Howart and Martin Murphy set up Network 2012 to bring the concept of social networking to the business and voluntary sectors. Membership is free for a trial period, before a sliding scale of fees is introduced. These membership fees will eventually be used as financial backing for new social enterprises.
Tom explained: "The profits we're going to put into a trust fund, and have that managed by a board of directors, then we'll give bursaries to socially excluded people who want to start in business."
The network also aims to put entrepreneurs in touch with professionals who can help them in areas where they perhaps don't have much expertise, such as marketing or accountancy.
"We're all about sustainability," Tom added.
Tom's background is as a health and fitness specialist in the armed forces. When he rejoined civvy street, he worked in the voluntary sector using outdoor activities to motivate excluded groups like lone parents or people leaving care.
He admits that one of the worst pieces of advice he received was not to start his own business after he left the forces. Friends and family advised him against setting up an outdoor activity centre.
"I could've been successful in business 10 years ago," he said. "I'd never listen to those people now."
He says that setting up Network 2012 has involved "a steep learning curve".
The enterprise has received funding from outside sources including the Premier League, but the majority of the start up costs were met by Tom and Martin.
Tom said: "It's been funded by me working seven days a week. I've remortgaged my house. Along with my business partner, we're both passionate about it so we're funding it ourselves."
Although starting up in business can be a stressful experience, Tom says it's vital to dig your heels in.
"It's having the confidence to know that you're going to hit rough times but if you persevere, then you will succeed. If you have the belief, you will get there.
"Everything I've done, I've learned from it."
Tom believes listening to well-known entrepreneurs is great motivation: "Professional speakers who've been there and done it: people who've had big businesses, lost them, then dusted themselves off and made another success."
And he also credits the EnterQuest effect: "Every week there are at least a couple of bits of information that'll help me move on."
Finding business information at a public library
Many towns and cities have a good local college or reference library with a useful collection of business publications that you can access if you are looking for sources of market research information. Information available includes:
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Company reports and profiles that enable you to research detailed information about your competitors and other businesses operating in your chosen market.
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Government statistics which can be useful when building up a profile of your target customers.
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Trade journals that will provide topical news and articles about your chosen business sector, as well as enabling you to locate useful contacts. Your library should keep a copy of the Directory of British Associations (www.cbdresearch.com/DBA.htm) which you can use to find the relevant trade associations for your chosen business sector.
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Product directories which can help you to build up a picture of the types of products already available in your target market, and any gaps you may be able to exploit.
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Worldwide trade information which is useful if you ultimately plan to export goods or services overseas.
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European information which can provide useful details about forthcoming standards and regulations emerging from Europe that may have a bearing on your business sector.
Libraries also stock a range of manuals and how-to guides in their business reference section. These books cover all aspects of setting up and running a small business, from guides to bookkeeping and accounts, to manuals covering how to manage staff and deal with personnel issues.
Many libraries also keep a list of available reports produced by organisations like Key Note, Mintel and Datamonitor. They may be able to provide you with back copies and executive summaries.
Many libraries have departments dealing with intellectual property (IP) issues such as patent applications, copyright, and trade mark or design registration. The information professionals working there will be able to provide tailored advice to address any issues or problems your business is facing in this area.
For more information see our practical guide to Public Library Business Information Services. Find your local library and information service on the Directgov website.
Each week we provide you with summaries of some popular or emerging business ideas in the UK and elsewhere around the world.
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Wind farming.
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Bike dispensers - As spotted on The Cool Hunter, an Amsterdam-based firm aims to make bike rental easier. Users pay a fee to release the bike from its stand then, once they've finished, the bike can be returned to the dispenser they got it from or any one close by.
Regularly improving your vocabulary is not just about learning a new word and its meaning. It will improve your general knowledge and make you feel and act smarter in all sorts of personal and business situations.
Do you know the meaning of the word 'fugacious'?
a) grumpy; bad tempered
b) a term describing dangerous fumes
c) fleeting; lasting just a short time
d) long lasting; deeply embedded
Answer at the end of the Bulletin.
The following topical business issues have been recently reported in the media. Did your radar pick them up?
1) Britain is eating more of what type of product than any other European nation, according to a new report?
a) sausages
b) garlic
c) pizza
d) ready meals
2) Payments made by what type of transaction have halved in the last ten years?
a) Cheques
b) Standing orders
c) Direct debits
d) Bankers' drafts
3) Smaller enterprises are suffering because of late payments. What is the average they are each owed?
a) £8,000
b) £10,000
c) £12,000
d) £14,000
Answers at the end of the Bulletin.
Health and safety information for beginners
The Health and Safety for Beginners website pulls together information, advice and articles on health and safety and is aimed at people new to the subject. Its content is all written by professionals and students studying health and safety. You can also log on to the site's forums to discuss health and safety issues.
Tips for freelancers
Freelance UK has come up with a list of ten handy tips for successful freelancing. The tips range from keeping an eye on the competition and having contracts in place to encouraging repeat business and minimising cash flow problems.
Useful keywords website
Finding Keywords is a website full of hints and tips to help business owners make the most of their website's keywords. It has a keyword analyser and it links to tools to help you choose the best keywords for your business needs.
Creating signatures in Outlook 2007
This online training session from Microsoft aims to help you create and use professional-looking signatures for use in e-mails. In around 50 minutes, you'll learn how to use hyperlinks, icons and create e-business cards. You need Outlook 2007 to practise.
This book promises to remove the pain from finding the finance for your new enterprise. It examines the pros and cons of various types of funding, from the well known to less publicised techniques, then helps you decide how much money you need and the best way to find it. The book also looks at the worst case scenario - what to do if it all goes wrong and where you stand financially. Check out:
Just one word answer
The answer is c).
Fugacious means fleeting; lasting just a short time.
The discount shop owner expected the craze for plastic shoes to be fugacious. |
How's your business radar? The answers
1) The answer is d). According to a new Mintel report, Britain is consuming ready meals worth £2 billion annually.
2) The answer is a). UK payments association APACS said the number of cheques being written to individuals has halved in ten years, from two billion to one billion a year, with cheque use declining at its fastest ever rate in 2006.
3) The answer is c). UK businesses are owed on average £12,000. Credit information group Creditsafe said businesses in London had the most outstanding debts. |
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Good luck
The EnterQuest Team
This information is meant as a starting point only. Whilst all reasonable efforts have been made, the publisher makes no warranties that the information is accurate and up-to-date and will not be responsible for any errors or omissions in the information nor any consequences of any errors or omissions. Professional advice should be sought where appropriate. |
