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Be a Great Entrepreneur: Business start-up

by Alex MacMillan

A start up is the hardest way to make money as an entrepreneur. It is also the hardest to finance, the hardest to raise first sales. A start-up, by definition is unproven and very high risk.

Have I put you off yet?

On the rosy side the wealthiest entrepreneurs, in fact wealthiest people generally, did it this way.

There are ten categories of entrepreneur according to my own profiling. Of these only four are appropriate for start ups. This means that the high failure rate is in part due to the wrong entrepreneur profile having a go! So that cuts the risk down considerably.

Most people wanting their own business only think of a start-up, they don't realise there are all sorts of options available to them. There are also lots of ways to reduce the risk and costs of start-ups. So pick something that is easy to manage and does not require much spending on it and has a well-defined, easily accessible market.

Start ups require creative people that can apply that talent to commercial opportunity. Additionally they have to have practical skills to make it all happen with extremely limited resources.
These talents are rarely in the same person but most start-ups only involve one person.

If your profile suggests you don't have all these skills, then joint venturing with a partner with a complementary profile makes sense.


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