BQF Innovation Blog » entrepreneur

10 Questions to Ask Yourself before you start Your Own Business

Paul Sloane — Mon, 27 Jun 2011 10:04:17 +0000

Paul Sloane

If you are a brilliant innovator or a budding entrepreneur then you are probably thinking right now about starting your own business and making a great success of your wonderful idea. If you are then please read my list of 10 Questions to ask Yourself.

As a taster here are the first three:

1. Am I good at this? Do I have the skills; talents and experience that will help me succeed in this venture? Make a list of your strengths and weaknesses. Does this venture play to your strengths? How can you compensate your weaknesses?

2. Do people really need what I will offer? Who will buy it and why will they need it? If there is no customer need then the business will fail.

3. Can I make money doing this? Once it is up and running will it make a good profit? If not, why bother?

Good luck with your new venture!

Paul Sloane

The Innovator’s Strange Body

Paul Sloane — Mon, 21 Dec 2009 18:13:06 +0000

You might think that the successful innovator, whether on his or her own, in a small company or in a large organisation, needs just a big heart and a smart brain. But in fact they also need to have some rather peculiar physical attributes. These include:

a) A thick skin - to rebuff the criticisms and complaints from everybody who is against the plan.

b) A big head – enormous self-belief will be needed to carry the idea through to completion.

c) Excellent eyes – a wonderful vision is essential to envisage a better future and communicate it.

d) Big ears – to listen carefully to feedback and input from customers and colleagues.

e) A nose for opportunity. Sensitive enough to sniff out the scent that everyone else misses.

f) A brass neck – to carry on in the face of derision and doubt.

g) Muscular legs – to run like Usain Bolt in order to get the innovation to market ahead of the competition.

h) Big balls - innovators need great courage.

When you consider the list it is no wonder that innovators are so rare. If you have one working for you look after them – they are an endangered species.

Paul Sloane

Trends that will increase or inhibit innovation.

Paul Sloane — Fri, 29 May 2009 09:50:08 +0000

Today I attended a business breakfast hosted by the Institute of Directors West Surrey branch in Guildford. It was run by the indefatigable Chris Ragg. You get a good breakfast and plenty of lively business people to network with. One of the topics we were asked to review was ways in which the future will be quite different. Among the many things that came up there were some that will promote the need for innovation and some that might well inhibit innovation.

Some of the forces that will increase the need for innovation were:

1. Increased competition – particularly in services.

2. Increased consumer knowledge and choice.

3. Demand for sustainable green solutions.

Some of the forces that may inhibitit innovation and entrepreneurial activity were:

1. Higher levels of taxation will deter risk taking and start-ups. Why leave a comfortable job and risk starting a new business if the government is going to take over half the profits?

2. Banks will remain cautious about lending for some time.

3. With higher taxes and lower pension pots many people will defer retirement and work into their 60s and 70s. This could lead to an older generation of leaders who are more cautious and risk averse.

4. General uncertainty about the economic and political outlook.

I believe that innovation is imperative in private and public sector organisations. It remains the best way to cut costs, improve services, increase competitive advantage and to survive. However, we need to recognise and counter the forces that will increase caution and deter risk taking and entrepreneurial activity.

Paul Sloane