Be your own boss :: Accumulate Wealth

Be your own boss
Fantastic advice about starting your own business

The invention myth
You don't have to invent the replacement to the wheel to make your fortune in business, in fact new inventions are often the hardest way to make a success... sort of the national lottery equivalent of entrepreneurship.

Just like the lottery there are the winners that make you want to play, like the Post-it Note, Rubics Cube etc. However if you want to make a lot of money the most proven and simplest method is to look at a competitive market and think about how you could do it better, so innovative evolution instead of pure innovation.

I have set up and run around 20 companies in my life, I got off to an early start at the age of 14, but during my entrepreneurial career I have had a couple of new to market products that were amazing, they would change the world and could not fail... or could they.....I found out, the hard way, that it is far easier to try and win a pound someone is already spending than to try and get them to spend a pound they do not currently spend.

Great examples of this way of thinking are...
Easy Jet - they did not invent air travel but they sat down with a blank sheet of paper and really empathised with the customer, and then importantly got on with the job.

DVD rental by post - People where already spending the money on DVD rentals, this made it more convenient and most interestingly, put some trust in the consumer to return disks. I love the trust approach to business, there are so many opportunities to excel simply by trusting your customers, so many people approach business from the perspective that the world is out to defraud them, consequently they build their business model in such a way that it frustrates the large majority of honest customers in order to protect against a minority. I always wonder if they just trusted people how often the extra sales would pay for any fraud that happened.

I - Pod - they took the next generation of walkman the MP3 player and created a style icon packaged very cleverly with a software system that made downloading music something your grandmother could do. The rest is history.

So none of these companies re-invented the wheel, in fact my most successful businesses have been in telecoms, IT and the call centre industry, all very cut throat and not at all original, it is how you approach the industry that makes the difference.

So what should you look at when considering what new business to start?
1 Is there an itch you can scratch?
2 Can you turn an industry on its head by trusting the customer?
3 Put your self in the customers shoes – what would be your ideal experience?

Once you have your idea, remember it is all about action. Idea are nothing without action, procrastination is the enemy, as the boys at Nike say Just do it.....

Get your idea off the ground
To get your idea off the ground, my advice (controversially) is steer clear of professional advisors, in fact if a bank manager thinks it is a good idea don't do it !!! My advice is read the books on how to start your own business, and there is a wealth of information on line, also who do you know who runs their own business? These are the best people to ask for the nitty gritty bits, buy them a drink and pick their brains, you will be amazed how open entrepreneurs are to talking about their business and their challenges. If you do not perhaps look at the local chamber of commerce and try to go to some of their networking events and start chatting to business people, do not be afraid to share your idea and be as open as possible.

Suggested resources.
E-Myth - Michael Gerber
Bottled for business - Karan Bilimoria
Anyone can do it - Duncan Banatyne
The sharp edge - bi monthly business magazine
Google - do some searching !!!

Words by Jeremy Harbour

About Jeremy Harbour: Chairman of unity-group.com, Jeremy currently has businesses involved in Telecoms, IT, financial administration, call centre operation, recruitment and training.

He is also owns a gym and health club in Watford called The Sportz Academy. He started his business life at the age of 14 and despite two business failures now employs over 120 people. He was runner up Coutts entrepreneur of the year in 2005 and 2006, and contributes his thoughts and ideas once a quarter at the House of Commons, he is also a business mentor for the Prince's Trust and liaises with their fundraising committee.

If you would like to ask a question or see a topic covered in future email Jeremy Harbour.