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A big idea is always an advantage but you don’t need to invent something new every time. Some of the most successful businesses have focused on improving an existing business process. Amazon didn’t invent the book; it simply created a more convenient and lower cost way for consumers to purchase them. Try your ideas out on the experts: http://www.boggleit.com has an online evaluation tool which will give you feedback on the strengths, weaknesses and feasibility of your proposal.
Consider finance
Raising capital is one of the main concerns for entrepreneurs. There are a growing number of government business grants and not-for-profit start-up funds available to the Scottish entrepreneur but you need to work out which one is right for you. No matter how good your business idea, you need a plan to manage debt and stay profitable, or you won’t get funding. A comprehensive business plan provides a good opportunity to outline your financial strategy and estimate short and long-term income and sales turnover. Once you have the plan, match it to the finance options available. A good starting point is:
http://www.scottish-enterprise.com
Learn from your predecessors
The internet is a goldmine for any entrepreneur. There is a wealth of advice out there for you to digest and many venture capitalists have sites offering detailed operational, financial and marketing guides; so you can learn from those who have ‘been there, done that.’ Be careful though, a lot of the sites are UK or US-centric so you will need to think about how their suggestions apply to the Scottish market. Visit the links below to get started:
http://www.score.org
http://www.entrepreneur.com/howto/index.html
http://www.smallbusiness.co.uk
Get to grips with red tape
Bureaucracy shouldn’t be an obstacle to starting up but never under-estimate its impact on business stability. To avoid falling at the first hurdle, you must have an in-depth understanding of a number of forms of regulation from health and safety laws to VAT. The subtleties of red-tape can work for you or against you depending on your understanding of it. To get to grips visit:
http://www.bgateway.com