james caan dragons den
I think it would be fair to say that the thought of being your own boss and having the ability to be your own person is the dream of all but a few. The joy of being able to control your own diary, work when you want work and take time when you need to take time is something we would all wish was possible in every job we’ve ever had, but it just isn’t like that for the vast majority of people.
The only real way the achieve this is to consider Option 3 – Do It Yourself.
3)Â Do It Yourself
Most people’s initial reaction is to simply dismiss this option out of hand as they reel off typical arguments such as;
- It’s too risky
- It’s to expensive
- There’s no job security
- I’m no good at sales so I can’t get business
- I couldn’t possibly compete with the “big boys” out there
The truth is these are all just excuses NOT arguments against self employment or running a small business. Each one of those, and other similar so-say arguments, can be easily addressed and for those who are open minded, prepared to believe in themselves and determined enough to face challenges head-on, the “Do It Yourself” option is seriously worth considering.
But isn’t this the wrong time?
I’m a strong believer that there is never a wrong time to consider some form of self employment. it’s much more about “what” you decide on, rather than “when”, and this requires both careful thought and a good deal of research. It’s certainly true that we are experiencing unprecedented economic instability right now with even our most trusted of institutions, banks and global companies all looking venerable, but I still believe there are positive opportunities out there. When I was young, my father told to me that working for a bank was a job for life! – In fact, the stark reality is there is no such thing as job security anymore, as anyone who has been made redundant will know all too well..
The following extract was taken from the BBC News website on Saturday 24th January 2009;
“The UK is officially in recession and the next few months will bring more job losses, more gloomy statistics and more hardship. But it could also provide an opportunity for some people to start their own business.
In the early 1990s, during the last recession, thousands of people who were made redundant decided to set up on their own. So for some people, redundancy turned out to be a blessing in disguise.”
Sarah Pennells – Business reporter, BBC News
In many ways, now is exactly the right time to investigate the “Do It Yourself” route.
Before I go on, a word of warning; – This route is not right for everyone. If you are the sort of person who blames everyone and everything around you for bad things that happen in your life, you’ll never make it in your own business. If you think you can just sit back and wait for it all to happen or believe that there is such a thing as a free lunch, you are almost certain to fail.
Running a business, whether you are a self employed individual, a small business entrepreneur or head of a large corporation, is not an easy option. There have been many people I have come across who would make excellent First Officers but would never make Captain. Accepting total responsibility for your own decisions does not sit comfortably with everyone. Above all, a positive mental attitude and a strong desire to succeed are prerequisites.
“I think believe in yourself, believe in the strength of your idea, because if truly believe that idea is a compelling proposition, it’s going to work regardless”
James Caan -Â Multi-millionaire entrepreneur – BBC’s Dragons Den Panel Member
Where you go from here will very much depend on your own personal circumstances, your ideas and your working background/experience. For example you may decide to look at becoming a self employed contractor or perhaps offer cleaning or decorating services or maybe even turn a hobby into a business.
How you go about deciding on your chosen business is entirely down to you however you will need to consider two principal factors;
Capital Investment:Â – (Amount required to start up. This could include such things as);
- Buying an existing franchise or business (if applicable)
- Setting up premises (either industrial, retail, commercial or home office)
- Infrastructure and systems (tools needed to run the business)
- Purchase of stock (if applicable)
Operational Investment:
– (Amount required for on-going operation. This could include such things as);
- Rent & Rates (if applicable)
- Advertising & marketing
- Other operational costs (survival money until the business can sustain itself)
Whatever you decide to do, I would strongly recommend proper research beforehand and never be afraid to ask for advice along the way. Try to remain open minded and flexible and set yourself measurable goals to aim for.
I my particular case, I decided on an internet based online marketing business as it was a low capital and minimal operational investment business with the potential for high revenue returns.
I very much hope you have found the information in this series of articles to be useful and I personally wish you every success in whatever you decide to do.
Peter Ribi – Successful business entrepreneur and MD of marketing company ReebsOnline.com. Peter has spent over 25 years in sales, marketing and business development, starting his first business at the age of 24 and later going on to work in commercial software. Born and raised just outside London, England he now lives with his family in the idyllic semi-rural surroundings of South Wales. Peter is also one of the early associates of MyInternetBusiness, http://www.peterribi-myinternetbusiness.com the online marketing business which is taking the internet by storm.
James Caan from Dragons’ Den on This Week PART ONE
