plunge

Are You Ready to Take the Plunge?

You’ve been planning to start a business for a while now, but have not taken the steps that will make your dream come true. You’ve been thinking about the business, developing the idea, getting ready, watching the market, examining the trends, evaluating your competitors. You’ve been looking into your own capabilities and questioning whether you are actually ready for self-employment, challenging your assumptions about your business idea, yourself, your strengths, and your abilities.

You’ve been wondering: “Am I ready to start my own business…?”

Unquestionably, that is a very good question, and the five questions below will help you answer it. Take the time to honestly answer them: they will help you to figure out whether you are indeed ready to take the plunge into entrepreneurship.

  1. Is my business idea an incredible opportunity that will allow me to pursue my passion?
  2. Am I ready to put everything in this business (time, money, resources…)?
  3. Could I survive for months with little or no income from this business?
  4. Can I start and develop this business without sacrificing the things that matter most to me (family, health, another hobby…)?
  5. Would I wake up every day and be excited to go to work?

If your answer is a resounding “Yes!” to these questions, then you are ready to take the plunge. Your priorities are clear and the initial financial ups-and-downs of starting a business are not a significant deterrent to you.

Now what remains to consider are your talents as an employee and as a leader. What will you bring to this business? How will you make it grow and thrive? How will you make sure that you still enjoy it when the going gets tough?

To answer these questions is where your own self-analysis comes into play. Look at your strengths, and identify your opportunities for growth.  Utilise those in your environment to help to mitigate some weaknesses you may have. There are many places where you can find the expertise, and the advice that you will need to help start your business.  BSBDC provides free guidance and advice to help you answer some of your questions.  There are other local organizations and consultants that can also help you answer these questions although they may charge a fee.  However, to pay for advice at the start can be a small price to pay for success in the future.

Some challenges that you may face include keeping track of finances.  If you are not very good with numbers, consider one of the many user-friendly accounting software packages like QuickBooks that can help you to develop templates to help keep track of your income and expenses.  You may also find that you are uncomfortable with the idea of firing someone.  Rely on advice and guidance from a mentor. He or she may share some tips and hints from his/her own experience that can help guide you.

In the end, what matters is that you took the time to evaluate your readiness to start a business.  By doing this you create the opportunity to give yourself the best chance at success.  So, are you ready to take the plunge?

If you have questions about starting a business in Bermuda, just ask BSBDC: Email us at info@bsbdc.bm or call 292-5570.

Photo by: by Biscarotte

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A B C D Entrepreneurship – The Importance of Teaching Entrepreneurship to Children

As the parent of a 7 year old, it is my duty to ensure that my son has the best opportunity to become a well rounded, participating member of society.  To do this, I find myself investing in his education early on.  If someone would have told me that I would be spending what could amount to someone’s college tuition on educating a child in primary school, I would have laughed at the thought.  This however, is my reality.  I am sure I am not alone.  There are many parents who also want their children to have the best chance at success and are also investing in their education, starting as early as kindergarten. It’s important to remember that learning opportunities don’t end when the school bell rings at the end of the day. In addition to the usual academic requirements of reading, writing, and arithmetic parents can also instill entrepreneurial values as part of their child’s ‘informal’ education.

I will explore the importance of introducing the concept of entrepreneurship to your children at an early age and how it can impact them in a positive manner and better prepare them to successfully negotiate the world.

When looking at some of the characteristics of successful entrepreneurs, there are some similar personality traits that recur, specifically most entrepreneurs are: risk takers, visionaries, leaders, adaptable, competitive, driven, confident, persuasive, and understanding.  – Following is a list of 10 reasons why we should teach our children about entrepreneurship:

  1. Entrepreneurship aside, the above reference characteristics are what most, if not all of us, need in order to succeed in most careers. These characteristics can help children to develop everyday business skills that can help them succeed in various industries.
  2. Children look up to famous people (i.e. Little Wayne, Justin Beiber, Mark Zukerburg (founder of Facebook).  As parents why not use this reality to shape your child’s future.  All the individuals named are so call “rock stars” and yes, they are also entrepreneurs.
  3. Teaching children about entrepreneurship helps to combine multiple-disciplines.  Try giving your child a business case and watch them use, math, problem solving, language, arts, etc. to try to figure it out.
  4. As the saying goes, there is no “I” in “Team” nor is there an “I” in entrepreneur.  To excel as an entrepreneur you have to be a team player.
  5. Entrepreneurship can encourage and develop imagination. Children by their nature are imaginative.  Allow your children to be curious and let them explore ways to figure out challenges.
  6. Live out of the box not in it.  Learning about entrepreneurship can help your children think for themselves and provide solutions and answers to questions that you would never have thought of because we as parents have conditioned ourselves to live inside of the box.
  7. Helping your child to start a business can help you develop a closer bond.  Help your child to find something that they are passionate about and encourage them to come up with a way to make money from it.  My son loves Legos and came first in his age group in this year’s Lego Competition sponsored by the Phoenix.  Perhaps he can start selling his winning lego Gombey.
  8. Entrepreneurship fosters independent thinking.  Encourage your child to do their own fact gathering to arrive at conclusions, make sure that you ask them to site their sources and congratulate them when they come up with a plausible solution.
  9. Most parents want to raise leaders.  We want our children to be able to make the decision not to go with the flow.   Entrepreneurship fosters the development of leaders and lets the child take the lead in their own life.
  10. Entrepreneurship is FUN!  Allow your child to see the results of coming up with his/her own business, designing their logo, identifying their target market, making their first dollar.  Imagine the confidence that this could instill in your child if they successfully conceptualize, create and implement their very own business idea.

Jamillah Lodge is a Business Development Officer for Bermuda Economic Development Corporation. She specializes in providing aspiring and existing entrepreneurs with business development advice and loan guarantee assistance.  In addition, she manages the marketing and communications plan for the Corporation and oversees the development of a mentorship and youth entrepreneurship programme. She has a degree in Business Administration with a concentration in Marketing.  The opinions expressed in this article are those of the writer and should serve a general guide and should not be considered as replacement advice from a lawyer, accountant or other professional service provider. Readers should consult with the appropriate professionals as necessary.

If you have questions about starting a business in Bermuda, just ask BEDC: Email us at info@bsbdc.bm or call 292-5570.

Photo by:  Thomas Leuthard