The Entrepreneur Handbook

The Entrepreneur Handbook

We often think of entrepreneurialism as a solo endeavour, but it doesn’t have to be that way. Many successful partnerships – or bigger groups – launch and run businesses. However, as with anything in business, relationships are key and working with others inevitably adds another dimension to be considered and nurtured as you build and grow. The Entrepreneur Handbook has a useful article covering what they see as the three main things to consider when looking for a business partner.

It’s an essential read if you’re starting a journey of discovery for the perfect partner.

The best business ideas – 2021

The best business ideas – 2021

A regular feature in Streamlion’s blog, the best business ideas are out for 2021. Published by Startups.co.uk they are definitely of a slightly different ilk than before with, as you might expect, a heavy influence from tech, virtual and….. dogs.

These, though, are the trends of lockdown Britain. We’re now used to operating in an online world (although the first idea on the list takes this to a new extreme….) and, apparently, a massive number of us took on a dog for the first time and now need support.

At Streamlion, we can really identify with number 8 on this list: localisation. We’ve seen a huge increase in small, local businesses – lots of them in the catering space – making the most of people’s movements being restricted.

Entrepreneurs are serial ‘ideas people’…..

Entrepreneurs are serial ‘ideas people’…..

Depending on who’s blog you read, there are between 5 and 15 ‘characteristics’ that are typical of entrepreneurs. It’s generally agreed, though, that you need to be in possession of an idea.

Entrepreneurs are often serial ‘ideas people’. They love chasing success; the adrenalin that comes with trying something new, and making it work. They aren’t always as interested in the day-to-day grind that follows an initial launch and which builds a business into a stable and scalable opportunity.

Elon Musk is known for courting controversy. He recently made an interesting statement on Twitter which said “I don’t want to be the CEO of anything.”

This is probably the typical thought process of an entrepreneur: a risk-taking, high-octane, already thinking about the next idea type of person who ended up running a business because he was the one with the idea. He qualifies his message later by describing his role at Tesla; “I rather hate it and I would much prefer to spend my time on design and engineering.”

Time to check in on the real world though. If your idea is the next Tesla, you might get away with moving on and leaving the hard work to someone else. Most of the time though, even the most popular ideas need some vision, grit and determination to get off the ground and become a going concern. Worth considering when you’re planning your entrepreneurial journey, don’t you think?

In the news

In the news

With economic news veering from recession to opportunity, it’s clear that exiting a global pandemic doesn’t happen very often. The difference between this and any other period of recession or economic uncertainty, of course, is pent up demand. People may well be desperate to book a holiday before the year is out and this spend alone will have a huge impact on the economy.

This news about the Indian e-commerce giant Flipkart, is interesting as it shows there’s also no lack of appetite to fund massive expansions. Of course, this is also good news for smaller organisations given that Flipkart are talking about creating a world-class supply chain. It’s likely that a pie of this size means plenty to go around.

https://www.bbc.co.uk/news/business-57815431

There are opportunities in every business

There are opportunities in every business

Recent news coverage on the hospitality industry in the UK paints a troubling picture. The easing of lockdown to step 4 has been welcomed but test and trace guidelines are making running a business in this sector uncertain and exhausting.

Interestingly, one of the most common applications (if not the most common) I’ve received over the past 15 months or so, is for hospitality linked businesses. People have seen the change in circumstances and recognised add-on services, such as home delivery, or mobile sales, that can be provided without falling foul of restrictions. So, maybe there’s something of a contradiction here?

I’ve run growth workshops in the past which focus on looking at opportunities within the business, as well as across existing and adjacent markets and this is still something that works even though the challenge to growth is now a different one. I’d advise struggling business owners to get back to basics: tune in to what you know you’re really good at and see how and where this can be offered or partnered with other services. Spend some time investigating your efficiency and whether this can be improved. And finally, look for someone who can help you brainstorm ideas. There are plenty of links online to rescue funding but very little when it comes to actively working your way out of the problem. There are always opportunities in every business and these should play a part in your rescue package too.

75% of mid-sized business owners expect revenue to return to pre-pandemic levels within a year

75% of mid-sized business owners expect revenue to return to pre-pandemic levels within a year

Accountancy firm BDO recently reported that 75% of mid-sized business owners expect revenue to return to pre-pandemic levels within a year. The survey of 500 of the UK’s mid-sized businesses also revealed that 86% of firms are planning to recruit over the next six months.

This research is comforting given the absolute uncertainty of the past year-and-a-bit, and means interest in investing in British businesses is also on the up. 26% of those surveyed revealed they are planning M&A activity and, while prices will almost certainly rise, the news is generally good for those wanting to grow their businesses.

If launching a new business is something you’ve considered recently, check out these top tips to ensure fast growth even during a global slow down.