Intro to me and my blog...

There’s no ‘sure thing’ when it comes to business, if anything it's a huge risk. I wonder if that is why people refer to things as being ‘a risky business’?

I once heard an entrepreneur state that any business can be set up in a day but it is the maintenance of it that proves the difficult part (If you have watched BBC3’s ‘the Last Millionaire’ this will ring true). To me this suggests the importance of research and preparation and ultimately a strong foundation if a business is to be successful long term.

Entrepreneurs tend to reinforce the ‘third time lucky’ theory in that most business people fail several times before getting anywhere. No business is flawless and the more experienced you become the more successful each of your new ventures tend to be. You learn from your mistakes, don’t you?

For me though, I want to get as close to the mark as possible, first time. I don’t have a mattress made of cash, or know a bank manager on a first name basis. I’m a soon to be graduate with big expectations and ideas but no collateral. So where do I go from here? How do I get a business up and running?

Well, taking a course in business is where my entrepreneurial journey has begun. It has helped me reassess my business plan in a more realistic manner than just day dreaming! Bouncing ideas off other ‘ideas’ people has been both encouraging, and at times disheartening! There have been times when I began to think it was an impossible venture! “How am I ever going to open a clothes shop in Leeds- the costs would be crazy, I have little experience and it’s a huge risk!”

It was at an enterprise event that I got chatting to a tutor and experienced entrepreneur who suggested quite confidently, “No business is impossible because of finance. If you don’t have the money, start smaller!” As a result I realised that although not ideal, the internet was the only real possibility for my clothing business. Since then however I have seen the benefits such as automatic global coverage and the chance to gain experience at a better pace.

Although I had hopes to start a company this summer, as a result of the recession and the uncertainty of the fashion high street, I have decided not to start trading until a later date by which point it is likely the industry will be showing signs of recovery. Below is a model of the Hills and Valleys theory of a business cycle. It is supposed that the optimum time for a new business to enter the market is when competition is neither peaking, nor when the industry is in recession, but when it begins to recover.

Business Cycle- Hills and Valleys

Although this is still a few seasons away, it is not set in stone and is completely determined on how fast fashion recovers. In the mean time though I have been thinking of what else I can do to exercise my business skills and develop my business knowledge.

My blog is to be a summary of the business workshops that I and my fellow Enterprise students will be attending over the next few months and how I can build on what I learn to further develop business ideas and structure.

There are feedback sections, so I would love to hear your comments, suggestions and ideas on ways to improve the blog, or even on your shopping experiences in the past- the good, the bad and the darn right ugly!

Enjoy reading, Faith