Brits are amongst the most likely of people to have a great business idea but are often held back by their own fears, it has been claimed.
Research suggests that a mixture of traditional British reserve combined with an ignorance of how to get started means that many people allow their ideas to fade rather than turning them into profitable enterprises.
About 13m people in the UK have had a business idea but less than three million do anything about them, according to business advisers Inventya.
“Britain is traditionally a fairly reserved nation and people do not tend to go for it where fresh ideas are concerned,” says David Thomas, director of the company.
“But, this is what needs to happen if we are to compete with nations such as the US and Japan,”
Thomas suggests that potential entrepreneurs asks themselves five main questions and if the answer to all of them is ‘yes’, then they should go for it. They are as follows:
Does the idea satisfy a need? – Is there a gap in the market?
What’s the potential and can you test it? – Is it worth it? – Will the return justify the outlay?
Does it fit with your personal objectives? – Will you enjoy doing it?
Is it feasible from a technical, financial and commercial point of view?
And above all: what do you need to do to make it a reality? – Think about financial backing and time investment.
“It is also important that people take advantage of the technology and tools available to them,” Thomas continues.
“There are plenty of free resources on the internet, put together by people that have been there and done it, all you need is a web connection. After all, you never know what might happen,” he added.
© Crimson Business Ltd. 2007
