1 Seek the advice and support of your local economic development agency refer

1 seek the advice and support of your local economic

This preview shows page 277 - 281 out of 383 pages.

1. Seek the advice and support of your local economic development agency (refer back to Session 2 for links to some of these in the UK). 2. Join the sector or industry body for your line of business and make use of their advice and referrals. 3. Network with other entrepreneurs and small businesses to get their advice and referrals. 4. Consult with a legal expert or accountant. Page 277 of 383 12th March 2019 - section-overview
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Entrepreneurship – from ideas to reality What do you notice about these four points? Quite simply each recommends that you seek and use all the help available to you. Those who do seek the help of experts will fare better than those who do not. Those who are part of an incubator or accelerator programme are more likely to succeed, and the same thing holds for students undertaking entrepreneurship and small business courses (Charney et al. cited in Katz and Green, 2000). In other words, the more you know, the better the chances of succeeding. Page 278 of 383 12th March 2019 - section-overview
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Entrepreneurship – from ideas to reality 5 This session’s quiz Now it’s time to complete the Session 8 badged quiz. It’s similar to previous quizzes, but this time instead of answering five questions there will be fifteen. Session 8 compulsory badge quiz Remember, this quiz counts towards your badge. If you’re not successful the first time, you can attempt the quiz again in 24 hours. Open the quiz in a new tab or window then come back here when you’ve finished. Page 279 of 383 12th March 2019 - section-overview
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Entrepreneurship – from ideas to reality 6 Summary Successful entrepreneurs learn to deal with uncertainty – if you could predict everything beforehand, life would be much easier, but arguably also much duller! Fortunately it is possible to move forward and take corrective action as you go or to start a venture part time until you are confident to go all out. Many successful businesses have done that. In this final session, you have: considered how you can overcome fear and anxiety to take the next steps recognised the importance of widening your network by bringing other people on board identified what makes a good pitch set your own bottom line – what constitutes success for you. While it might seem that serial entrepreneurs are impulsive, or even compulsive, risk takers, in many ways this is not the case. They often operate based on the principle you were introduced to earlier in this session of ‘acceptable loss’. In other words, they understand what the bare minimum is they (and anyone they are responsible for) could survive on, and for how long, if nothing or very little came in from the business. This leads them to carefully consider costs, to listen very carefully to advice, especially from Page 280 of 383 12th March 2019 - section-overview
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