- CHOOSE YOUR KILLER FACT FILE

• Thinking about it
• Reasons
• Golden Entrepreneurs
• Lots of us at it
• 10 Qualities an Entrepreneur needs
• Enterprise Statistics
• A Question of Attitude
• Which kind of operator are you?
• Small Business Headaches
• TEN STEPS - To your big idea
• Ten Strengths you will need
• Ten Worries, you might have

KILLER FACTS ABOUT ENTREPRENEURIAL BRITAIN

3. Nearly twice as many (15%) young people aged 16-34 are thinking about starting their own business than older people (8%) aged 35 - 64 but twice a many older people (16%) are currently running their own business compared with younger people (8%)

4. You're just as likely if you're white or non-white to be running your own business but you're twice as likely if you're Asian and three times as likely if you're of Black Caribbean or Black African origins to be thinking about running your own business, compared to the white population.

5. The higher your level of education and the more privileged your background the more likely are you to be involved in entrepreneurial activity.

6. Of those involved in entrepreneurial activity around 70% are self employed and 30% own or part own a business.

7. You're more likely to be a risk taker, (and there is a real risk in going it alone) if you're male, aged between 25-44, with a degree or higher and in social economic groups A,B or C1.

1. Has to think of new ideas and deliver them to a market at a profit.
2. Has to lead their team against established competition with minimal resources.
3. Has to raise finance without a track record, collateral of internal experts.
4. Has to constantly stake their personal reputation and give guarantees.
5. Has to pay their staff and only pay themselves when it is prudent to do so.
6. Has to be prepared to lose everything if things go wrong.
7. Is personally threatened when the bank of creditor puts on pressure.
8. Has to be harder, more flexible and more streetwise than in their previous corporate life.
9. Has to be good at multi-tasking, as initially they will have to do everything.
10. Has to take full responsibility for whatever happens.

• More than a third (35%) of UK entrepreneurs raise money from their own resources, 16% of these raise capital by re mortgaging their own homes. Other popular sources of cash are venture capital firms (28%), bank loans (20%) or personal contacts (18%).
• The overwhelming majority (88%) of entrepreneurs started their enterprise before the age of 44, and 20% before reaching the age of 24. Nearly a third of UK entrepreneurs (30%) are involved in their second, or more, enterprise.
• A little more than half (55%) of entrepreneurs have a university degree, but say that attending university made no significant financial difference to the success of their firm.
• Microsoft founder Bill Gates is the most likely person to be named as an inspiration or role model by UK entrepreneurs.

1. Lifestyle Entrepreneur - Their motive is to work at their personal passion.
2. Profit Entrepreneur - Their focus is on money making. It's their prime, often only, objective.
3. Formula Entrepreneur - They tend to go for an established small business format that can be bought or setup quite easily, such as a franchise or network marketing agency.
4. Enterprise Entrepreneur - These are people planning to create a very large company, in the manner of Bill Gates of Richard Branson. Their motivation is usually a mix of creativity coupled with commercial practicality, strong independence, power and influence.
5. Creative Entrepreneur - The people who originate new products, services, artistic work or inventions.

• Dealing with the lack of cash flow - 79%
• Increasing sales turnover - 68%
• Funding the purchase of new equipment - 59%
• Proportion of new firms failing within the first three years of trading 1/3

1. Buy a notebook - keep it in your pocket, beside the bed and even take it to the loo. Ideas can strike at any time. Write them down.
2. Ask a close friend - what they would buy from you, what you are good at and what you should avoid.
3. Avoid the hobby habit - many people feel that their hobby holds the key, but are there enough people who share your passion with money to spend?
4. Watch the weather - will your idea appeal to your customers all year round? Selling christmas decorations or hiring bikes might not keep you in groceries for a full year. Consider two businesses.
5. Read books - see how businesses started, often in a small way. Record what impresses you in that note book.
6. Open your eyes - all around you are people running businesses. What do you think you could do better? You may not want to be a newsagent but thinking about how the one you frequent operates will be a useful exercise.
7. Stroll in the park - and other places you rarely visit. Watch what people do, what's missing? Your business must appeal to people.
8. Travel - you don't need to go far. Visit local trade fairs and see what businesses are there. Pose as a buyer and ask questions. Constantly consider why, how, where and when could you make a difference.
9. Check your CV - most people actually start a business in an area in which they have worked before. Don't take this for granted, but accept it as a possibility all the same.
10. Shake the pig - emptying your money box on the bed is the ultimate reality check for the budding entrepreneur. If Aunty Violet has just died and left you a million, your choice is wide. For most of us though, ready cash will constrain our start-up plans.

1. Vision - without a clear picture of what you want your world to look like, it will be difficult to create. Thank about the finest details, bring it back to life.
2. Determination - you want to do this don't you? Deal with your doubts before you start; usually, once committed it is difficult to turn back.
3. Fitness - you cannot afford time off sick when you work for yourself.
4. Mental Health - although many will say you are mad, you mustn't be! Starting a business is stressful and you need to be resilient.
5. Love - you are going to need a shoulder to cry on. If you have someone to share the thrills and the spills, you'll enjoy if far more.
6. Cash - inevitably your business will take longer than you think to pay you a wage. The bigger your cash reserve, the longer you can wait before drawing income from your business.
7. Flexibility - usually when you start a business it is just you. That means you make the coffee, clean the loo and pick up litter.
8. Humour - you are going to make some mistakes; we all do. The ability to laugh them off, learn quickly and move on is crucial.
9. Caution - sometimes it is easy to recognise the opportunities but hard to spot the threats. You need to be cautious, without being risk averse.
10. Generosity - when you enjoy success, invest in those who made it possible. Parties, thank-you gifts and treats for you, your friends and family will it make it seem worthwhile.

1. I'm not bright enough - well, sometimes you can be too bright to succeed. Innocence and naivety can actually protect you from fear.
2. I'm not pushy enough - do you like doing business with pushy people or do you prefer to deal with nice reasonable people like yourself?
3. I'm not rich enough - one of the best ways to watch your costs is to have no money to waste. Many wealthy people start businesses that lose money.
4. I'm not good at sums - relax, spreadsheets and accounting software make the numbers easy to work out. Always take time to work it out before you jump into an opportunity.
5. I can't spell - literacy is great if you want to write a book, but less important if your business communicates with customers verbally.
6. I'll fail - maybe you will, but equally you won't make your first million if you don't try. Remember too that building a business is great training.
7. The big rival will eat me alive - in fact the opposite is usually the case. Young, small and ambitious businesses can duck and weave beneath the fists of those nasty big competitors.
8. I'm naturally pessimistic - so, you won't make false assumptions and step into the dark without a torch will you! A glance at the downside puts the upside into perspective; just be sure to see both.
9. I don't take risks - running a business is like crossing the road. You can jaywalk, wear dark clothing and get squashed, or push the button and follow the Green man when the traffic stops.
10. I know my failings - incredible though it may seem, we all know we're not so good at and we all underestimate the value of our strengths. No one is perfect - and nor is any business. That's why there's room for you too. Self-confidence is built from relevant knowledge and positive experience. Rather like riding a bike or playing an instrument, the more you learn and practice the better you get.