Your EnterQuest Bulletin - Issue 168
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| Thought for the week: "I don't make predictions, and I never will." Paul Gascoigne |
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In this week's issue:
If
you have any questions about your business idea or target market, or need help tracking down a grant, subsidy or business support
in your local area, then send an e-mail with your query to the EnterQuest
information team and we'll do our best to help.
Send
your question to enterquest@cobwebinfo.com.
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To
access over 800 factsheets, guides and small business reports, go
to www.scavenger.net. |
Business survival tips you can't ignore
There's one question that's eternally popular amongst academics, idle civil servants and so-called enterprise 'champions' of this world. The question?
How do you define 'entrepreneur' and 'entrepreneurship'?
Some of these self-proclaimed experts will spend their entire careers pondering this sort of question, writing about entrepreneurs, speaking about them, and generally confusing the hell out of everybody in the process.
Here are just a few definitions we found about entrepreneurs after a quick Internet search:
"Entrepreneurship is the recognition and pursuit of opportunity."
"An entrepreneur is a person who starts a business to follow a vision and make money."
"Entrepreneurs want to be masters of their own fate and they can't find this outside of entrepreneurship."
"The more that people understand business and entrepreneurship the better their chance of success in business."
"An entrepreneur is not static but fluid - and continues to seek opportunities and different methods of operation."
"An entrepreneur is one who seeks to carry out an enterprise."
Six different definitions of an entrepreneur and, if you asked six different academics or experts, you'd get six different answers about what entrepreneurship in business means.
Our own view is that defining 'entrepreneurship' is an entirely academic exercise because being successful in enterprise needs people to know how to run a business as much as it needs people who are entrepreneurs. In fact, many successful entrepreneurs never start up or run their own enterprise in their entire life.
Now here's EnterQuest's definition, for what it's worth.
A successful entrepreneur is a swashbuckling, risk-taking, opportunity-seeking, creative and innovative individual who starts an enterprise, is capable of thinking outside of the box, and who has learned how to run a business properly.
Now that's cleared up, we can move onto the most important aspect of entrepreneurship, which is learning how to stay in business.
Here are five tips that every successful entrepreneur will learn about how to survive and thrive in business.
1) They don't get stuck on one particular track
People who just have one idea and never vary it inevitably get left behind in business. Staying in business involves spending time keeping your ideas fresh, your offers updated, and your customers interested in finding out what you're up to next.
2) They don't leave useless employees to their own devices
If they don't pick the 'wrong 'uns' early enough and weed out drifting, unproductive employees, they make sure they coach them, mentor them and provide them with the level of support and training they need to ensure they're performing to an acceptable standard. Demotivated and unproductive employees inevitably result in a business in a mess.
3) They never take their eye off their cash position
Those business owners who always know how much cash they have available now, as well as how much they will have in one week, one month and up to six months down the line, are the ones who are in total control of their business. Unfortunately, they are in the minority.
4) They don't believe their own hype
Believing and admiring their own over-inflated sales targets and over-ambitious forecasts in their business plan is another serious shortcoming of many entrepreneurs that just aren't business savvy enough. But those that can temper their optimism with a dose of realism and know what is actually happening in their market have the most achievable forecasts, and hence the greatest chance of survival.
5) They don't push their customers too hard
If your intended target audience doesn't want to buy from you they won't, so it's no good giving the hard sell to people who are simply turned off by your pitch. Those entrepreneurs that listen to their market and constantly find ways of generating feedback will be the quickest and most successful at finding out what their prospects really want, and at providing irresistible and persuasive reasons why their customers should buy from them over and again.
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For hundreds of practical tips and techniques about finding new customers, increasing sales and growing your business, check out the UK Small Business Marketing Bible. |
How to keep your first customers
As a newly started business, finding your first customers is vitally important, but so is keeping them. Here are some tips to help you hang on to your first customers.
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Don't let customers forget you. A fatal error, after you have done all the hard work to build up a new customer base, is to let your customers forget why they bought from you in the first place and the value they can receive from buying from you in the future. Communicating with customers about your latest products or services, special offers and promotions will help to keep them interested in what you have to offer. If you let people forget you are there, they will eventually buy from someone else instead.
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Make your customers feel appreciated. Each customer must feel like they are the most important one you have. Add a personal touch to newsletters, mailshots and correspondence, or recommend new products and services based on previous purchases, to make your customers feel like you're making an extra effort to meet their needs.
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Reward your customers. Rewarding customers for their purchases and continuing loyalty can encourage them to return time and again to your business. Bulk-buying discounts and benefits for long-term custom add value to the products and services you offer, and help persuade customers to stick with you in the future.
For more guidance on keeping your first customers, read these useful articles on creating a loyalty scheme and winning new customers, and check out our practical factsheet with tips for building customer loyalty.
An update on the National Minimum Wage
If you employ staff, you must comply with the National Minimum Wage Act 1998, which requires you to pay staff specified minimum levels of pay set out by the Department of Trade and Industry (DTI).
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The current minimum 'development rate', for 18- to 21-year-olds and those on accredited training courses, is £4.25 per hour, but this will also rise, to £4.45 per hour, from the same date.
All people aged 16 and over working in the UK are entitled to the minimum wage, and no employer is exempt from paying it, whatever the size of their business. There is no minimum period that a person must work before they qualify. The minimum wage is payable for the time when a worker is required to be at work or available for work, including time spent training and travelling for the purposes of the job. HM Revenue & Customs (HMRC) offers detailed advice on its website.
However, there are a few exemptions:
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Apprentices under the age of 19 don't qualify for the minimum wage, and neither do apprentices under 26 who are in the first 12 months of their apprenticeship.
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People working and living as part of a family, such as au pairs, are excluded.
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Voluntary workers who work for a charity, voluntary organisation or charity shop, who receive reasonable expenses or benefits in kind, are also exempt.
The Direct.gov website provides an introduction to the National Minimum Wage, and you can also check out our practical factsheet for more details about complying with the Act.
Windows versus Macs - the virus threats
Constantly fretting about your computer security? Well, you may be better off investing in a Mac rather than a PC if you want to worry less.
Macs - described by some computer geeks as a 'Mercedes versus a Ford' when compared with PCs - are less likely to pick up a virus than a Windows-based PC. In fact, Sophos' latest Security Threat Management Report says none of the new crop of Trojans, viruses and worms affect Macs at all.
The security giant says: "It seems likely that Macs will continue to be the safer place for computer users for some time to come".
Virus writers concentrate their efforts more on Windows-based systems because they are more widely used, and therefore their nasties are more likely to hit the mark.
However, many experts reckon that PCs are better for business use. This is one of the points Macworld considers in this article comparing both operating systems.
For more information about viruses, see Sophos' guide to virus defence and tips on removing Trojans, and the Computer Centre's directory of anti-virus tools and software.
Each
week we provide you with summaries of some popular or emerging business
ideas in the UK.
Here
is this week's idea:
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 what 'mala fide' means?
a) with or in bad faith
b) deliberately mislead
c) with complete agreement
d) without prejudice
Answer at the end of the Bulletin.
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The East of England Development Agency (EEDA)
www.eeda.org.uk
Continuing our theme of reviewing Regional Development Agency (RDA) websites, this week we're looking at the East of England Development Agency. How user-friendly and accessible is its website? |
Navigation
and presentation - this bright and colourful site contains a topic list and quick links facility that make it easy to search. It can be difficult to navigate through some of the sub-topics however, and the search terms aren't very intuitive.
 
Accessibility - other than a low graphics option, there are few accessibility tools. Advice on viewing documents is buried in the FAQs section, and we noticed a few missing images when browsing the pages. There are also no foreign language options.
Content
and usefulness - some useful information about the region's key sectors and enterprise hubs, but the local information is fairly uninspiring. Also, the seven pages dedicated to the London 2012 Olympics don't contain much practical advice.
Relevance - regularly updated news and an events diary keep this site up to date, and the upcoming contracts page is handy for finding tender opportunities. Cookie-enabled users also have the option to receive a customised e-mail news bulletin.
Despite regular news and some useful customisation options, this site is difficult to search and lacks practical information for small businesses. Most of the sub-topic pages are small and rely too heavily on links to other websites. The lack of accessibility options also contributes to this site's average score.
Our rating - 11/20
Tesco card to help sole traders
Tesco is launching a credit card aimed at sole traders, to help them keep their business and personal finances separate. The card will have an annual fee of £25 and an interest rate of 13.9%. Users can take advantage of up to eight weeks of interest-free credit and a reward scheme offering free fuel, as well as the ability to manage accounts online. To qualify for the card, applicants must be VAT-registered sole traders.
Google's gone mobile
Users of Google's e-mail and news services can now access them via their mobile phone. The search engine giant is targeting phone users because there are currently around twice as many mobile devices worldwide as there are computers. Users will be provided with quick links to news items and be able to keep up to date with business, technology and sports news on the go.
Asian eBay
An Asian version of eBay has been set up by a business graduate. Renu Kapila was inspired to start Bollywoodbay when she attended a friend's wedding and wondered what happened to the ornate outfits, which were only ever used for the celebration. She says buying clothes for weddings online will help remove some of the stress of organising the event. The website also allows other Asian businesses to create their own mini sites, making it the UK's first online Asian bazaar.
Finding a consultant
The Skillsfair website aims to help businesses find professional consultants, including everything from business advisers to web designers. It features business, IT and technology categories, and allows consultants to search for projects as well.
In this short read, Richard Branson brings together some of the lessons he's learnt in his business and personal life. With advice including love what you do and keep trying until you achieve your goal, this is an inspiring read for any 'entrepreneur', however that might be defined. Check out:
Just one word answer
The answer is a).
Mala fide means with or in bad faith.
The court ruled that the company had acted mala fide by concealing the information. |
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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. |
