|
Your EnterQuest Bulletin - Issue 199
 |
| Thought for the week: "There are two types of people in the world - those who divide people into two types and those who don't." Robert Benchley, Benchley's Law of Distinction |
|
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 and location to the EnterQuest
information team and we'll do our best to help.
Send
your question to enterquest@cobwebinfo.com.
 |
To
access over 800 factsheets, guides and small business reports, go
to www.scavenger.net. |
The challenge of being a flexible small business owner
There seems to have been a spate recently of those "illuminating" reports announcing an apparent big increase in the number of people about to start up a small business, or expecting to be running their own venture sometime over the next five years.
For instance, the 2006 Global Entrepreneurship Monitor (GEM) revealed that 50% of people reckon they've got what it takes to start a business, while 7.8% of UK adults expect to start their own venture within the next three years. Additionally, research published in NatWest's Student Money Matters report late in 2006 showed that 60% of sixth formers and 57% of university students would consider starting a business after they finish their education.
If you believe what you read, it appears we're turning into a more enterprising and entrepreneurial nation than ever before, fuelled by a variety of quangos, luminaries and enterprise initiatives telling everyone that being your own boss is the cat's pyjamas when it comes to your future career choice.
If this is in fact true - that everyone and their auntie are planning to start a business - it makes you wonder whether people realise exactly what they're letting themselves in for.
While it's understandable that starting your own business is an enticing idea, the reality, of course, is not necessarily the bed of cash-generating roses that everyone thinks it's going to be.
Even the most experienced, thick-skinned, daredevil entrepreneur that has taken the plunge into the owner-manager's ocean will admit to the fact that running a business involves tiresome chores, nuisance situations that never seem to go away, financial headaches, and the occasional nightmare that can keep you awake night after night.
For example, how many of you that are in business already have had to deal with the following typical owner-manager's strife caused by people on your payroll?
- The awkward so-and-so that constantly irritates and often bullies other members of staff.
- Sales staff confusing your customers or even losing you business altogether.
- Under-performers who don't meet acceptable standards of workmanship you have set.
- Abuse of business resources and equipment by members of staff, especially phones, Internet and e-mail.
- Someone leaving your business and taking your ideas, intellectual property and customer list with them.
- Couldn't-care-less attitudes from employees who take no notice of rules and regulations, which can result in you and your business breaking the law.
- The slackers and good-for-nothings who find more time to be idle than to be productive.
- Profligate and wasteful workers that squander your business' money, resources and opportunities.
- The enterprising employee who spends their time at work freelancing, updating their personal blog and website, or working for someone else when you think they're working for you.
And there's been an announcement this week by Government Minister Beverley Hughes that there's a need to extend current employment law to ensure employers give their staff even more flexibility!
OK, maybe we're expressing too much journalistic embroidery here, and over-emphasising some of the difficulties that owner-managers face, because thankfully not every employee on your payroll is going to display these unwelcome traits.
However, we'll wager that just about every business owner reading this bulletin has probably faced at least one of the difficult employee situations we've illustrated above.
And that's when you're really stretching the definition of being a flexible employer.
If you've got any first-hand experience or examples of frustrations like this, or where the reality of starting up in business was not what you expected, we'd like to hear from you, possibly to use in case studies in future EnterQuest articles.
Please e-mail us with the tale of your experience or ordeal to enterquest@cobwebinfo.com.
A quick guide to the Data Protection Act 1998
The Government recently announced the extension of harsher penalties under the Data Protection Act 1998 for businesses that deliberately misuse or trade in people's personal data.
While the new penalties apply only to criminal organisations that are knowingly exploiting sensitive information, the remit of the Data Protection Act applies to any business that holds information on individuals (such as customers or staff).
Businesses need to comply with the rules set out in the Act (known as the eight 'data protection principles'), which include the following four key issues:
- You must need the information for a specific, lawful purpose such as a customer or employee database.
- You can only hold as much information as you need for your specific business purpose, and it has to be relevant to that purpose.
- You must ensure the information you hold is kept securely, and is accurate and up to date.
- You can only keep the information for as long as is necessary for the specific purpose - you can't hold onto it because it might come in handy in the future.
You may also need to notify the Information Commissioner's Office (ICO) if you hold or process personal information in certain ways.
Here are some links to useful sources of further information:
Each
week we provide you with summaries of some popular or emerging business
ideas in the UK.
Here
is this week's idea:
UK online shopping experiences
This top ten list is taken from the Blast Radius report, 'UK's Best Online Shopping Experiences 2006'. The report analysed the whole shopping experience offered by the largest online retailers, including delivery of goods and returns policies, as well as the websites themselves.
The top ten shows strong performance from computer and electronics retailers. It reads like this:
1) Amazon UK
2) Dell EMEA
3) Apple Computer UK
4) Next
5) Comet
6) Tesco/QVC UK (6=)
7) Currys/Littlewoods (7=)
8) ASOS
9) John Lewis
10) Hewlett-Packard/Marks and Spencer (10=)
You can read an executive summary of the report, which provides more detail about the survey's methodology and the key strengths of the best-performing sites, on the Blast Radius website.
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 'panacea'?
a) a cover-up of a mistake or gaffe
b) a trend that affects every sector of industry
c) a view of a range of events or issues
d) a solution that will rectify all problems
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) Which of the following is the focus of a new scheme for shops announced by the British Retail Consortium (BRC)?
a) Supermarket-style traffic light labels for food sold in small, independent shops
b) Certificates to show how energy-efficient a shop is
c) A customer satisfaction rating poster to be displayed in-store
d) Extra financial support to stock locally produced fare
2) Cafés, restaurants and hospitality businesses in Scotland may soon have to declare the origin of which item on their menus?
a) Turkey, chicken and duck
b) Shellfish
c) Beef
d) Organic vegetables
3) Which online payment organisation is to introduce a new system of tokens to improve security for users of the service?
a) Visa
b) WorldPay
c) PayPal
d) HSBC
Answers at the end of the Bulletin.
Pubs are being offered free 'No smoking' signs
Pubs across England are being offered free 'No smoking' signs ahead of this summer's ban on smoking in enclosed public places. The Department of Health (DoH) and Smokefree England signs will be available to pubs from Easter. Under the regulations, all smoke-free premises must display a 'No smoking' sign above the main entrance and also at staff entrances. The pub industry had been concerned that buying suitable signs could cost licensees more than £2 million.
Wikipedia is launching a new search engine
The founder of online encyclopaedia Wikipedia is aiming to challenge the dominance of Google in the online search market. The BBC reports that Jimmy Wales is working on an "open source" search engine, which would rank and organise information the same way that humans do, rather than from a machine's perspective. The project is known as 'Search Wikia'. Wikipedia, which only has five employees, is the world's tenth-most visited website.
New tax guide for e-traders
HM Revenue & Customs (HMRC) has put together a new online guide to tax for eBay traders and people who sell goods via other websites. It explains the difference between those who may be liable for tax - if they trade online with the intention of making a profit - and those who are simply selling off unwanted items. E-traders who start a new business are required to inform HMRC within three months of starting to trade.
Start up awards - and an exhibition
The HSBC Start-Up Stars contest is now open for entries from new businesses that can demonstrate vision and innovation, as well as outstanding commercial performance. The closing date for entries is 13 April. Meanwhile, the first Business Start Up exhibition of 2007 will take place in Birmingham on 23-24 February. Peter Jones, of Dragons' Den, will be part of a panel of investors hearing pitches from aspiring business owners.
Due for publication in three weeks, this is the latest personal performance-improving manual from the author of the bestselling First, Break All the Rules. The new title focuses on how to put your core strengths to practical use in six key steps that will aim to help you build your confidence and improve your performance both professionally and personally. Check out:
Just one word answer
The answer is d).
A panacea is a solution that will fix all problems. The word is often used in a disapproving way, since such a universal remedy is usually unlikely.
Anti-virus software is not a panacea for all the security risks posed by cyber criminals. |
How's your business radar answers
1) The answer is b) - the BRC is developing energy certificates for shops that will show their energy consumption based on their size.
2) The answer is c) - the Scottish Executive is currently considering legislation that would force caterers to label beef with its country of origin.
3) The answer is c) - PayPal, the payment bureau used by eBay, is introducing a new system of tokens to deter fraudsters and phishers from targeting its customers. |
Visit www.enterprisequest.com to access all back issues of the EnterQuest bulletin. If you have any feedback or suggestions for us to make this service more relevant please e-mail your comments to enterquest@cobwebinfo.com.
If you wish to discontinue your subscription to EnterQuest please click on the 'SafeUnsubscribe' link at the bottom of the bulletin.
Remember that we guarantee never to sell or give your e-mail address to anyone else.
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. |
