IS IT EVER TOO LATE TO START A BUSINESS?

In America, especially if you are older than 50 , entrepreneurs are being encouraged to stat new businesses to help reduce the unemployment problem and promote growth in their economy.

Similarly in UK , there are new mentoring programmes for start up and fledgling businesses, because it is recognised that we need a thriving private sector to pull the world out of recession..

Michael Chodos,associate administrator for entrepreneurial development at the Small Business Administration (SBA) in Washington, explains "Whether you are 20-something or 50-something and starting a new business, you need to know how to plan, how to think about all the things that are required for business success," 

"You need to know how to make sure you have a mentor or coaching in place so that you can learn the lessons without having to repeat them yourselves."

The goal of the program is to get the many tools of the SBA with the aid of AARP to the 50 and older crowd. Most are not staying with one career anyway, noted Chodos.

Those interested in starting a business start with a self assessment offered at www.sba.gov/content/50-entrepreneurs. Mentors and online courses, most of which don't take a whole lot of time, also are available to arm potential entrepreneurs with knowledge.

"We are in the business of helping people pursue their dreams, but we want to make sure they do it with both eyes open and do it with the tools to know what has to be in place in order to succeed," Chodos said.

The thorough online assessment will certainly get people thinking and knowing that they have a few things to learn before they set off on the journey of starting a business.

But the assessment is not meant to discourage as much as to let them know areas where they might lack knowledge so they can go forward with both their mentor and online class offerings.

"The first thing you need is a dream, and an idea and something you want to sell," Chodos said. "But from that point forward you need to think about your financing and capital. You need to think about youremployees. You need to think about all the rules and regulations you need to comply with.

"You need to think about your marketing plan and sales strategy and your technology platform."

Their goal is to train as many as 100,000 people, and the help is all free

read more at  - http://www.southbendtribune.com/news/sbt-its-never-too-late-sba-and-aarp-want-to-help-50andolder-crowdstart-businesses-20120610,0,357289.story

This is all very commendable and in the UK the regional enterprise support hubs are being encouraged to support new businesses.

BUT - should you really be taking the risk?

We see so many businesses start and fail through lack of capital, and we all know how hard it is to get decent funding for business.

So what else could you do?

Well, Rob Go, a co-founder of Next View Ventures, a mico-vc firm in USA focused on internet enabled innovation has an interesting suggestion - dont start your own business but join an existing start up buisiness and help that succeed instead.

He says find people you would like working with in the most "winningest" looking business and be part of others success, instead of taking the risk of being one of the numerous start up failures.

Read more: http://robgo.org/2012/06/10/what-to-do-instead-of-starting-a-company/#ixzz1xZ8BwLrQ

There is a lot of sense in what he says - but if you are determined to do your own thing, good luck and plaease take advice from those experienced in starting up new businesses and I do not mean bookkeepers.

Call Andy Hill or Mike Ogilvie now for the right advice at the right time.


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