This is the second instalment of our advice on country selection. As we said last time when it comes to exporting it is always crucial to have done some homework before committing. The first part of the blog focused on the first two stages of the process of selecting relevant countries for export. If you missed that blog, don’t worry you can read it again here.

This week we will focus on the final three stages of the process. To refresh your mind here is the process again.

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At this point you should have carried out the first two stages and narrowed your target countries somewhat. You are most likely now in talks with EI or CEB’s about your potential to export and they are assisting or giving guidance. What can you do yourself though?

STAGE 3:      Examine the Industry Market Potential

The next stage for you is to examine the Industry Market Potential. In other words the total amount of ‘cake’ on offer by the given countries you have left remaining. When we say you are examining the market potential the reason for this is in order to estimate aggregate demand. So we look at market size as a factor. As mentioned in the previous blog in most developed countries, fairly accurate estimates for many products are available from public or private sources. In emerging markets data may not be available, and even when it is quality may be suspect so beware of this. Your agency should be supportive in this area with resources. You can calculate this using a number of techniques but we will focus on just four simple ones. They are as follows:

• Related Market Size Model
• Analogy Method
• Trade Audit
• Chain Ratio Method

1. Related Market Size

Related markets’ size and related environmental factors can help determine the size of the market you are looking at. You can try finding different statistics on each of your remaining countries and apply them accordingly.

Example:

In 2009, there were more than 1.9 million passenger cars in use in Ireland, up from less than 1.6 million in 2004. In Ireland we have 437 cars per 1,000 – the equivalent EU figure is 463 per 1,000 (2007 figures). If the population rises from 4.2m to 5m between now and 2021 and we reach EU car-ownership norms then we will have at least another 750,000 cars to add to our crammed roads.

2. Analogy Method

The best way of describing this method is where you start by picking a country at the same stage of economic development as the country of interest and for which the market size is known. The method is based on the premise that the relationship between the demand for a product and a particular indicator (e.g. the demand for a related product) is similar in both countries.

Example:

Let’s say Phillips/Sony wants to estimate the market size for DVD Players’ in Russia (r)

For the base country (relative country) we take another Central European country, say Bulgaria (b), for which we know the sales of DVD players. We also choose a proxy variable that correlates highly with the demand for DVD’s e.g. color flat screen TV sales.

In this example, we assume that the ratio of DVD Player ownership to color flat    screen TV ownership is roughly equivalent:

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Since we are interested in the demand for DVD’s in Russia, we can derive an estimate based on the following relationship:

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For this specific example the following information is available (from Euro Monitor 1999):

Fill in those numbers we get:

Estimate VCR Demand Russia

(Sales per ‘000 inhabitants) = ???

17.1(2.9/19.5) = 2.5

However, it is important to note that when using this technique you cannot, as with all techniques, assume it is gospel and that’s it job done. This technique in particular may produce misleading results under certain circumstances as consumption may not be comparable across countries due to cultural disparities, competition or trade barriers may interfere with sales figures and technological advances may allow use of product innovations in a country at an earlier stage of economic development (“leapfrogging” to Blue ray or latest technology).

3. Trade Audit

The trade audit is possibly the easiest to explain as it is simple math. The total market volume per year for a certain country / market can be calculated as:

However for many emerging markets (and even developed countries), such data is missing, outdated, or collected at a very aggregate level so make sure your data is up to date. As recommended Global edge, EI, GMID, Data monitor and CSO.ie are all great sources of this data.

4. Chain Ratio Method

The Chain Ration method is in simple terms an analysis of industrial growth patterns for various countries, to gain insight into relationship between consumption and industrial growth. This method starts with a very rough base-number as an estimate for the market size (e.g. the entire population of a country).

This base estimate is systematically fine-tuned by applying a string (“chain”) of percentages to come up with the most meaningful estimate for total market potential.

Example:

• Consider a firm that makes baby monitors and is considering expanding into China and/or India.
• Firm wishes to focus on urban areas (easier to access)
• As you can see below although China has a higher population and urbanization, India has a greater birth rate per 000’s making it a more valuable market.

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STAGE 4:      Examine Company Potential (I.E-Your Slice of that cake)

After you have examined each country you will now have a better idea of the markets available to you. You should then take the markets and examine the players operating in those markets already and their positions/power. This will give you an idea as to the level of investment and entry mode choice you will require. Say for example our India example above, as I can see the market is valued highly at 7.8m I should enter. Not necessarily. Perhaps Sony, Phillips and Samsung are in there already and already control 90% of the market. How many other small firms are there competing for that 10%?  Will it be worth my investment? It’s all about looking and estimating how much of that market you believe you can gain. Agencies should be able to help you with this and Enterprise-Ireland in particular has Market Advisors all around the globe who can inform you of the market shares and big players in certain markets to help your decision. You can then remove remaining countries that are not attractive.

STAGE 5:      Best Countries Remain

This is the final stage of the IMS process. Here you will have carried out all steps and your pool of countries will be limited. You select the best 2 or 3 depending on business plan to export and proceed with your plans.

Although this article covers a range of techniques we recommend you do not use it solely as your guide to export. For more advice you should speak with Enterprise-Ireland about your potential to export and ensure you have the plan in place and contacts in place abroad. This article should provide some help and education to those considering exporting. It may prove helpful to those wanting to apply for grants as it can show you have done market valuations.

Best of Luck with the exporting!

Calling All Startups. . . . Upcoming Free Event for Start-ups in association with Bizspark and DCU

Accelerating Startup Growth

This lunchtime event is the ideal opportunity for you to further develop your knowledge and skill set surrounding the Microsoft Azure platform, learning from both Microsoft professionals and existing customers, who will share some of their experiences.

Networking with experts

Amongst the speakers at this lunch time seminar will be Josh Holmes and Wilbour Craddock, both of whom are Architect Evangelists for Microsoft Ireland.  Also in attendance will be John Dennehy (Zartis) and Ciaran McGowan (Staff Balance) speaking on their BizSpark and Windows Azure personal experiences and the benefits the programme has delivered to their business.

Date: 28th July

Location: DCU

Where: 3rd Floor DUBS

12pm – Registration – Light lunch & Refreshments

12.15pm - Speakers

• Wilbour Craddock – Architect Evangelist, Microsoft
• John Dennehy – Zartis
• Ciaran McGowan – Staff Balance
• Josh Holmes - Architect Evangelist, Microsoft

13.45pm - Q&A followed by networking

Register here.

Follow the discussion about the event on LinkedIn: BizSpark Start-ups and Network Partners, Ireland/Northern Ireland

Follow Microsoft Ireland on Twitter to get updated with this and other events: MSIrlTechEvents

Hashtag for the event: #bizsparkworkshopdublin

There has been a huge surge in the use of smartphones amongst Irish business owners and in the development of Irish smartphone apps. There are lots of online ‘top 10′ lists on apps for businesses but lets not forget those that are homegrown. There are plenty of Irish companies and individuals that have developed apps which are of great use to the Irish business person so let’s give them the credit they’re due. We’ll start the ball rolling….

Keeping up-to-date:

The Irish Times app allows you to keep up to date with the latest business news and news headlines. Just hours after launch, this app went to number one in the the iTunes Chart.

The Extra Extra app lets you quickly view the headlines of over 800 newspapers from around the world RTE News provides a 24 hour live news and current affairs video feed.

The Davy app allows you to monitor stock information and market research.

Getting Around:

Need a taxi? The Xpert Taxis app allows you Dublin–based business owners to book your taxi and track where your driver is so you are not left in the dark wondering when the driver is going to arrive. Driving to your meeting?

The Dublin Traffic app lets you take a look at snapshots of current Dublin traffic conditions and access news on latest traffic reports and  in Dublin and in the rest of Ireland.

Communication:

JellySMS app lets you send SMS texts internationally using low international SMS rates, keeping those bills down.

QR Contacts app allows you to share your contacts easily and quickly with other QR Contact users

Quick Win Digital Marketing app helps you marketers, entrepreneurs and business managers to understand and use digital marketing. It outlines techniques and tools for Twitter,  Facebook, LinkedIn, etc and tips on how your business can use them.

Learning Motion offers you a library of video clips on developing you interpersonal business skills. Topics include Build better Sales, Meetings, Presentations, Management and Feedback skills.

Being organized:

The myWorkTime app allows you to keep track of your tasks and client projects, helping you to manage your time accordingly.

Two useful apps for managing your bills are the ESB Electric Ireland Meter Reading app and the Bord Gáis Energy app which allows you to maintain control over electricity charges by submitting your own meter readings.

Are there any apps that you as a business person have found useful but that we haven’t included? Let us know so we can update the list!!

Many start-ups are moments away from success but we all know that for most of us the first years of any successful business are the toughest. They test you mentally and physically and often become too much for some people.

What are the solutions? Should you hire extra help? Should it be full-time or part-time? Each case is different but I hope to offer some friendly advice and tips that you may find helpful.

Before making that big decision you need to sit yourself down and look at the questions. Why? Who? What for? How Long will I need them? Do you actually need someone?

Below is a list of questions you should be able to answer regarding the new hire. You may find it helpful to write down the answers to help you draw up a job specification.

• Why are you hiring this person? As a source of direction for the business? A source of support? A source of ideas?
• Who is it you are looking for? Is it a specific skill? Is it administration support?
• What for? What will their role involve? How long will they need to spend per week at these tasks? Do they require experience or training?
• How long will I need them? Is the contract part-time or full-time? Do I require them to be present with me? How much will I pay them?

After answering these questions you should be able to identify if you require the hire. You will be able to weigh up the costs vs. spending more time yourself on your venture. You are now ready to hire.

Your first hire, whether part-time or full time should be recruited, selected and managed in the same way, start as you mean to go on. You should take the answers from the questions above and use the answers to populate the job specification. It is very important that you yourself compile the job description for the role, as you and only you will know the exact person you are looking for. Do note however that you shouldn’t be overly specific, we’d all love that technical expert who’ll go above and beyond, has every qualification and a wealth of experience and will work for €10k a year!

Compiling the job specification

Everything needs to be clear when describing a job. Many business owners use job specifcations to simply outline the duties, tasks and responsibilities for the job- in other words what you want the employee to do from day to day. However if you take the time and put detailed effort into the spec you will in turn be rewarded with the best, most qualified candidates for the job. Below are three tips a good job description should include:

Skills

First you must assess what competencies and skills the employee must possess in order to actually do meet the objectives you set.  The majority of skills are transferable from job to job and industry to industry.  Some simple examples could be verbal and written communication, team player, attention-to-detail, leadership, problem-solving, analytical, and planning.  By specifying the skills you may find that the candidates might bring something extra to the table that you could use in another area of the business.

Education & Experience

There is a huge difference when recruiting to what is required and what is preferred by the employer.  When specifying what you need it is crucial not to eliminate candidates for no reason. Where you may want the best candidate with MBAs MBS’s etc you may overlook those with the practical real-life experience. This is why when composing the education part of your job spec set a minimum e.g. undergraduate and state “Masters may be preferable” or “relevant experience will be considered”. After all you must remember as start-ups we want to keep expenses at their lowest so we are all not going to be able to offer high salaries and packages, therefore it would be a pointless task for example to specify masters education/5 years experience or above only and only offer a standard graduate salary.

Work Environment

This section is not just about explaining who/where the candiadate will be reporting to/working but an opportunity to sell your company. You should describe the work environment, the company and working atmosphere. This can be very effective in getting candidates to apply.

Good job descriptions keep you focused on what you want and communicate your expectations to your future employees. They will also help you set targets, KPIs and measure the success of hiring that extra person.

Start-ups Recruitment Tip

There are many sources of recruiting new hires out there with so many agencies, job sites and the likes but our tip for start ups if on a shoestring budget would be to look to the universities. For years now the country has been investing in these educational institiutions and many of us are not even aware of what we can get from too. Every year several universities around the country have students seeking work experience both paid and unpaid for 3 month to 12 month placements. It is reported that from DCU alone over 800 students per year are hired for placemnt.

Some universities also have MBA/MBS/MSC students looking to complete area specific 3 month/6 month projects and these could actually fit with exactly what you’re looking for. Examples of some of the projects can be SEO reports, Social Media Marketing, Charity Fundraising, Google Adwords and Summer Practicum Projects. The students come in an array of subjects ranging across Science, Maths, Computing, Electronic & Mechanical Engineering, Business Studies, Marketing, HR, Finance, Accounting & Journalism to name a few. These placements and projects are a great, economic and time saving way of getting a certain piece of work completed and also of a step to recruiting a long term employee. They also free your exisiting staff from time consuming but essential jobs so they can work on the more immediate or growing areas of your start up- a problem we all know to well!

All start-ups should try call their nearby university to ask about these placement programmes and projects. Some sources we are aware of are DCU INTRA and DIT placements, both Dublin based. If you are interested why not enquire and email maeve.long@dcu.ie (DCU) or stacy.maccarthy@dit.ie (DIT).

Best of luck with your recruiting!

Introducing www.mytutor.ie a new service for finding classes, courses and tutuors in Ireland…

Company:

Acute Media Ltd t/a myTutor
FBC
Singleton House
Laurence Street
Drogheda Co Louth
email: info@mytutor.ie

Website: http://mytutor.ie

Founders: Artur & Agnes Klimkowski

Age: 33

Date started: 19/05/2011

Tell us what your business does?

myTutor.ie is a smart and easy way to find local, and qualified tutors/teachers nationwide. myTutor offers a variety of classes and courses, and allows students to contact and find their tutors/teachers very quickly.

In other words it is a marketplace for tutors/teachers and students in Ireland.

It is also a new online community for those seeking to learn new things and also for those professional and talented tutors who seek to teach. We have created myTutor to simply encourage people to learn something new, and allow anyone interested in picking up a new skill to do so quickly.

By finding classes you love, and by finding great tutors/teachers, myTutor hopes to evolve and soon introduce many other features for students and tutors/teachers.

myTutor is a place where everyone will soon be able to find classes in academic and test preparation, business training, music, technology, Internet, languages and health and fitness.

By finding your local tutor, users of myTutor service, will simply save time and support local business.

Where did the idea for your business come from?

The idea started when we were fed up with looking for tutors and advertisements for classes. We noticed a gap in the market and the need for one online community for classes in Ireland.

Have you always wanted to run your own business?

Yes, it has always been on my mind to run my own business

What planning did you do before you started up?

Market research was the biggest part of the project, this proved that market needed such service. Business planning, including competitive analysis and possible grant support also played crucial part.

Which entrepreneurs do you admire?

Timothy Ferriss

What challenges have you faced how have you overcome them?

The biggest challenge was to launch our site on time as planned, which involved constant attention to the development of the site and ability to attract a high audience. Both were overcomed by a determination and hard work.

How have you promoted your business?

So far the business was promoted using social media platforms: Twitter, Linkedin and Facebook. We are also preparing for other campaigns including other forms of media use and advertising methods.

Are you optimistic about the remainder 2011?

Yes very optimistic, we started just 4 weeks ago, and the interest increases on daily basis. We also hope for busier September season, when classes are more popular than during summer months.

What advice would you give to budding entrepreneurs?

Try to back up your idea with solid market research and have your business planning prepared, also know your business model, than stick to it and think big!

www.mytutor.ie

Company: Tobin Shipping & Transport Ltd
Website: www.tobinshipping.ie (off line in Jan for re work)
Founders: Simon & Simone Tobin
Age: 38
Based: Dublin
Staff Number: 3
Date started: 11th October 2010

Tell us what your business does?

Tobin Shipping & Transport is a European logistics Company, providing a comprehensive intelligent logistical service.

What does this mean?

It means that we draw on years of experience and a large global logistical network that has daily co-operation between a large numbers of highly motivated people, from a variety of countries and cultures.

Tobin Shipping & Transport uses this know-how to set high standards in the industry. Our European & Global network is constantly growing. The standards of the European Logistics business network also extend to transport solutions in the Middle East, Asia and the USA.

Our aim is always to be a premier logistics service provider with a strong focus on a partnership approach to Customers and Suppliers. Since our establishment, we have achieved consistent tailored logistical solutions through continued research and development, and through strategic partnerships.

We Provide:

· National transport & distribution

· Daily UK Transport

· European Transport & shipping

· Ocean Freight

· Warehousing

Where did the idea for your business come from?

Our family have been in the shipping and transport industry since 1946, and have built up many business in Ireland & the UK. I have now taken on the legacy and established a new business with a reach into Europe, Asia and the USA.

I had worked in the industry for the past 19 years and achieved senior roles in major European logistics companies and plc’s, following restructuring of the company I last worked for I was made redundant, and decided to take up the family tradition and commenced my own business.

Have you always wanted to run your own business?

Yes, I stayed out of the family business and went my own way in the corporate world but always had the itch to do it for myself.

What planning did you do before you started up?

5 months of planning, networking and seeking agents / suppliers globally. Draft business plans and all the legalities and administration infrastructure that is required.

Which entrepreneurs do you admire?

Denis O Brien

JP McManus

Richard Branson

Michael O Leary

What challenges have you faced how have you overcome them?

Trade Credit

Rising Fuel Prices

These are the two main challenges that are a daily on-going problem, we are striving to partner up with other similar / related business to collectively buy services and negotiate on credit terms. With regard to fuel which is 32 % of cost in road transport, we constantly seek to try get a fuel surcharges but struggle. It is the norm in the UK and Europe.

How have you promoted your business?

Daily and hourly, via networking

Are you optimistic about 2011?

Yes, down to my own belief in myself and the will and drive to succeed.

What advice would you give to budding entrepreneurs?

Do your research, you are always leaning, you will never be an expert or know everything, constantly network and meet people, be honest and humble, know who you are and where you came from, never give up, work hard but keep your family values and work life balance, take calculated risks but never gamble, close your eyes and imagine where you want to be in life and business, and live it, act ON IT > GO FOR IT !

At the Out On Your Own Conference Gavin Duffy gave his tips for surviving the recession…..

I was at the ‘Out On Your Own’ conference in the RDS yesterday. This is a very worthwhile event organised by the Sunday Business Post. Due to a hectic schedule I only managed to get in for an hour or two but luckily was there to witness a super presentation by Gavin Duffy of Dragons Den fame.

The main focus of his presentation was the current state of the nation and he was pretty damning of the media’s obsession with perpetuating the doom and gloom, from morning Ireland right through to Vincent Browne in the evening.

After many amusing insights into his own career and Dragon Den Investments he gave his top ten tips for surviving the recession:

1) Appreciate what you have

2) Avoid negative people

3) Ask how you can help a business (as opposed to ‘did you hear so and so went out of business..)

4) Cut down on TV, Radio & Newspapers (CD’s and Giftgrub are a good alternative!)

5) Try to recruit a new politician

6) Hug staff in your local bank

7) Spend locally

8 ) Celebrate Success

9) Do one anonymous good deed for someone each week

10) Start telling future truths (When you say something that is not technically true at the moment but you intend it to be ..yes I can fulfill that order no problem…then find a way to do it!)

If only some entrepreneurs would take control of the country……..

Dave from Hidden Depth here, I just finished designing a great new site for Owen Fitzpatrick: Charisma.ie
Here is some info from Owen on the Charisma Bootcamp

Starting your own business in the modern business environment is no longer about how good your product is. It is about how good people think your product is. Of course, it’s important to ensure that you have good quality and service… but it’s vital you focus on how you present your brand and product line to the customer, to the world.

We consider the importance of a good website. For some, this is their sole way of representing their company to the world. But even when it isn’t, how you market yourself to others is of utmost importance. Many people spend a lot of time deciding on what their logo is going to be while missing the bigger picture. In order to win in this world, you have to stand out from your competitors, grab attention and appeal directly to the customers out there.

There are so many competitors around that we can no longer wait for them to hear via word of mouth. We must know what words mouths are likely to say about us. Whatever we say about ourselves is the starting point. That’s not just about your mission statement or values or promotional blurb… it is something that must be replicated continuously throughout the interactions you have with customers. from social media sites to your own website, your customer service to your sales people…. everyone needs to be on the same page.

Even more important, they must not only be consistent but also impressive. They must impress, captivate, engage customers at every level. This requires confidence. It requires an understanding of effective communication and persuasion. It requires charisma. I spend a lot of time working with organizations and individuals, helping them to become more charismatic. While some falsely believe that you are either charismatic or you are not…. a brilliant marketing campaign can instantly grab attention and appeal to the masses. It can engage the audience powerfully. So a business can improve it’s charisma by creating a powerful impression on it’s potential customers.

The Charisma Bootcamp is a four day course I am running in December where I bring a pitch doctor who has worked with Google and BBC, a multimillionaire business leader, a comedian, magician, stylist, voice coach (who has worked with Hollywood celebrities), a social media expert… and myself, a psychologist together. The course is focused on helping people master charismatic communication so they learn how to grab attention, engage people and captivate their audience.

It’s vital that you become aware of how you are coming across to your potential market and take steps to understand the processes at work in engaging or disengaging them. When you focus on how you communicate as well as what you communicate… you are adapting to the times where it’s no longer good enough to be great… you have to seem great as well!

For more information on the Charisma Bootcamp check out www.charisma.ie/more-details.

wrote by Dave: HiddenDepth.ie

All Businesses start with an idea!, How do you find the right one??

All businesses start with an idea. Ideas are two a penny, millions of people have millions of them every day…somebody should do such and such…I saw this here or there….what’s needed around here is X……I could do Y much cheaper than X etc. etc.

The vast majority of these ideas die a death in the recesses of gray matter around the world. For some people these ideas fester and grow and sometimes they just won’t go away. For others the idea finally moseys off after growing tired of hanging around or worse somebody else grabs a hold and runs off with it.

But what about you? What brings you here?  Have you got an idea that you are struggling to find validation for? Or are you 110% confident that you have a winner and are itching to get going?

Obviously we cannot tell you whether your idea is good or bad, in fact this is in many ways is irrelevant. An amazing entrepreneur with a mediocre idea will still probably outperform an individual with an incredible idea but who lacks conviction, drive and the ability to make things happen.

What we can tell you is this; you need to think about the end game from the start. What hypothetically would you be doing this for? What is your motivation? Is this a lifestyle business? do you want to make the world a better place? Or do you simply want to get filthy rich? It is important to be aware of your motivation as this will help to dictate your course of action.

If your motivation is to quit your lousy job, spend more time at home with the kids, or make the world a better place then our advice is above all to do something that you are interested in or preferably passionate about. Starting a business is tough often really tough but at least if you are interested in the product or general area it won’t seem quite so bad on those quiet days when you are wondering what the hell you have gotten yourself into. The very very lucky get to make money from what they love doing this is the ultimate goal.

So you want to get rich! Not unreasonable, in fact why not? What else are you going to be doing?. The only advice that we can give here (without an in-depth study of your business plan) is this – Play in a field where there is money to be made – sounds obvious doesn’t it?. Yet you would be amazed at the amount of people who expect to get rich selling herbal T bags or similar. Business is so much easier when you are swimming with the current, think being an estate agent over the past 10 years or opening a mobile phone shop around 1994…easy..nice!. So which businesses are moving with the current now? Green energy? Liquidation agencies? Cloud computing? Find one and dive in.

Ed.

1. Some people just don’t want to…great no issue, being an entrepreneur is not the be all and end all. The majority of people who work for themselves work extremely long hours just to get by. Many many others try and fail. Unless you are an extremely unbalanced individual most of us know that the ultimate goal is to lead a happy and fulfilled life during our short allotted time on planet earth. What is a happy and fulfilled life is for each and every one of us to define for ourselves. It is ones of life’s great gifts that we get to set our own standards and goals the fact that many people choose badly and end up miserable is outside the remit of this article. The fact remains that your family, peers, colleagues and every dog on the street may be telling you that fulfilment lies in money/ fast cars/ high profile promotions etc. You are free to decide that for you its flip flops a surf board and enough cash to get by. Screw them it is your life…if you can achieve true happiness for the majority of your life you my friend are the real winner in this silly little game.

2. The Fear Factor…. Given that you are reading an article like this you probably are not surfing at the moment, so you think that you want a crack of the entrepreneurial whip. Ok then. The Fear Factor holds more people back from starting their own business than probably anything else. The old ‘what if’ deamons have caused millions of would be entrepreneurs to turn back and walk away from the scary dark edge with its lurking dangers and uncertain hidden treasures. For its sheer ability to slay ideas and dreams the fear factor remains the number one reason that people do not give it a go.

3. People are lazy…..Sad but true may people would kind of like to be successful but will never make the effort to actually make it happen. It is so much easier to talk about doing stuff and to wait ‘till the time is right’ than to actually go for it. If you are in this category please take the following advice. Admit it to yourself!!. By giving up the game you will take the pressure off yourself, focus on something else that you enjoy and get on with your life. This may seem harsh but it is a case of being cruel to be kind. There is a window of opportunity in everyone’s life to start their own business, this is not age specific but for every Colonel Saunders who founded KFC in his sixties there are hundreds of people who put themselves financially and physically at risk at a time in their life when they should be looking to retirement. There are exceptions to every rule but being successful involves being smart and realistic.

Important note: beware the disgruntled would be entrepreneur, this is a dangerous breed that will be full of stories about how they nearly invested in this or that that would have made them a fortune. They nearly patented some form of widget that would have been a runner etc. Avoid at all costs, they will have nothing positive to say about your plans but will be able to tell you how they tried ‘something like that’ and it didn’t work out. They will hate to see you succeed, you don’t want to be around this kind of energy.

4. People lack personal confidence and therefore (they think) the ability to run a business. A lack of personal confidence will kill the entrepreneurial spirit in those afflicted by it. It undoubtedly has other negative implications on their life but again these falls outside the purpose of this book. Entering the battleground of business with little or no personal confidence or self belief is as stupid as it gets. Sort it out…life is too short.