i plan on starting my own business sometime in the future but i'm not sure of what it'll take for it to be successful. i've not got that much money but i've got some pretty good ideas. i've read on numerous successes like Bill Gates,Donald Trump,Warren Buffet and the dude here in the UK who sold pixels on a webpage and ended up making one mille in less than a year or so and i'm like what was so different about their cases, was it their ideas or was it their determination to make it work, and so then what's the essential key ingredient to a successful business, is it the actual idea, the amount of money you have, your connections or just you?

It's about supplying what people want at a price they are willing to pay.

Dozy

Having ballsed up on a few occasions (big time) and had the odd success (smaller) I can only suggest the following :

Put in the effort and I hope you're lucky. :)
If you can't sell, get someone in who can.
Never, ever start a business with too little capital. It will ALWAYS take you onger than you think to get paid.
Never, ever run out of available cash.
Don't get offices and stuff before you need them.

All pretty obvious stuff - but all things I've dropped the ball on in the past.

Best of luck.

I think the cashflow is important for a small business within the first couple of year's of its growth. I read that from some materials which you can download from Business Link. I thought about my own business too, but never did kick it off, cos I didn't have enough capital to start it off. Though, I may think about it in the future though.

I would say from a subjective point of view, the guy who sold the website did it out of a whim, and was not particularly out to get the money, but people are jumping onto the bandwagon cos it is a new concept, and fresh. It isn't going to be a continuous business in itself. Basically he sold advertising space, which earned himself money, and therefore generating hits back from people who view it. Cos it made headlines, but it is hardly going to be good marketing, and make the consumer/customer buy the products itself... He walks away with the money people paid him. It's no loss to the companies when the amount is so small.

I would say your passion in your service/product which will make you do well and sell. Sometimes timing in the market makes a big difference too. I came across this guy the other day. http://www.greytechnology.co.uk/ It mentioned that he started his business with 20k. Sweepers are common in the olden days, but he's marketing it on a worldwide basis, and people are getting lazy and want something more easier to use in a technological era, so it does sell now. I can't imagine it 10 or 20 years ago in the UK though.

From my own personal opinion, running a business is the easy part of the picture; it's getting the good idea that seperates so many. When it comes to running a business there's some obvious skills and areas you need to focus on: -

1. You have to be determined. It wont be easy, smooth or hugely profitable from the start. Prepare yourself for hard times and ensure you have the capital there to protect your assets.

2. Enthusiasm is priceless, if you can bring your enthusiasm for your product across in briefings then they're more likely to back your idea; so long as it isn't blind enthusiasm.

3. Your customers are the people - Even if you think your idea is incredible, you need to know that there are people out there willing to buy it. Market research really is priceless and you must make sure you research those who are neutral to you. Your family and friends will be biased, whether they say so or not. Use it to develop your product, set your prices and target your marketing.

4. How are you going to sell the product and why? Whether it's over the internet because of low start up costs and quick set up time, or a shop on the high street because you access you're core market there. Think about this carefully.

5. So you have the greatest product in the world - Joe Blogg's isn't going to buy it if he doesn't know it exists. Think about marketing carefully. There's a common saying that 50% of marketing in the corporate world is wasted - they just don't know which half of it.

There the immediate ones that come to my head, I've studied Business for years and haven't had any hands on experience with starting up my own business but have spoken to many who have - so take my advice from an educational and not experienced point of view.

Good luck, I hope all goes well. :)

Having ballsed up on a few occasions (big time) and had the odd success (smaller) I can only suggest the following :

Put in the effort and I hope you're lucky. :)
If you can't sell, get someone in who can.
Never, ever start a business with too little capital. It will ALWAYS take you onger than you think to get paid.
Never, ever run out of available cash.
Don't get offices and stuff before you need them.

All pretty obvious stuff - but all things I've dropped the ball on in the past.

Best of luck.


These are all really good points. Particularly the one about not getting offices and other things before you need them. Nothing winds me up more than a new business dishing out business cards and as for with compliments slips - who needs them?

I would add that you need to have some degree of certainty that your product/idea is needed, or that the level of service you are going to offer is better than anyone elses.

It's a minefield and the best bit is often the ideas and setting up stage, actually running a business day to day takes a whole host of other skills which is where delegation comes in. As in Richard Branson doesn't actually fly the plane! Enrol on a SENTA or Business Link course about running your own business it's a great place to start. Good luck.

wow i didn't expect this many replies. thanks to everyone who's contributed so far, i'm now much better enlightened......keep it coming though:)