Setting up a business

My notes on setting up a business, risks & rewards

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Setting up a business
4/10 fail in the first year
4/10 barely get through a year
2/10 make a substantial profit
TIME CONSUMING
ASSUME WRONGLY ­ LOOSE CUSTOMERS
WON'T HAVE A JOB IF YOU FAIL
LOOSE OWN MONEY
SEE YOUR IDEA GROW
MONEY (PROFIT)
FEELING OF SUCCESS
GET TO BE IN CHARGE (OWN BOSS)
Sources of business ideas:
Can come from entrepreneurs own personal experiences
Mind mapping
4 major sources of ideas:
1. Copying ideas from other countries
2. Noticing a niche in the market
3. Spotting trends and predicting future trends
4. Take a scientific approach
Once a business has done one of these to find an idea it needs to
identify the product and the market that it will target. Looking at
the sources the business must plan carefully

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