Friday, 18 June 2010

Entrepreneurial Skills Identified - not another blueprint...?

I was excited to discover that LearnDirect were able to announce that Entrepreneurial Skills Identified but then discovered that it quoted me!!!

Business author Robert Craven identified four key skills potential entrepreneurs need in order to be able to succeed.

They are vision, passion, determination plus good communication and management skills.

He defined vision as being "the ability to … imagine how things could be", while passion is a "sheer belief and conviction in one's ideas and actions", he added.

Determination is the "willingness to persevere, often against the odds, to create something new where there was nothing" he went on to say.

Communication and delegation skills were also cited as being "vital" and "the ability to muster the skills and efforts of other people to help to create and deliver a dream".

Mr Craven suggested to possess these skills is to be "already halfway there".

Small businesses would never be able to undercut the bigger corporations on price so any entrepreneur had to identify their own unique selling point - could they compete on speed, cleverness, innovation, or locality?

Thursday, 10 June 2010

The Elusive Magic Million - reprinted

The publication of the The 'Magic Million' Boardroom Briefing has caused more than a few ripples.

The survey set out to find out what the 'successful' do differently from the rest.

People are now asking: "Surely its not that simple?", "Why aren't more people doing this?", "What's stopping me from doing it?", "Won't the recession bring it all to an end?".

The article in Growing Business, The Elusive Million is a pretty good summary, or you could could email Trish for a copy of the actual briefing at


The Magic Million - webpage
The Elusive Million
- how to break through the £1m barrier and why you need a sound exit strategy (Growing Business, April 2008)
Getting a million out of the business - excerpt from The Magic Million Boardroom Briefing (SMEweb, April 2008).

Monday, 7 June 2010

A Blueprint for Success?

Vague, motherhood and apple pie in a so-called blueprint for success... from Warwick Business School.. How do you follow such a blueprint?

The following six factors were identified:

A flexible and responsive management approach: Flexibility and effective delegation of decisions enables firms to surpass customer expectations and achieve above average growth

Business process efficiency: Making active attempts to evaluate and optimise internal processes allows businesses to reduce costs and improve efficiency

Marketing: Using a variety of marketing methods, such as mailshots and the internet, enables firms to make potential customers aware of products and services more effectively

Human resources planning: Having a plan for staff development and future employment increases a business’ flexibility and responsiveness and aids its growth aspirations

Growth ambition: Having a growth objective or ambition shapes a business’ strategy and its willingness to invest in development

Research and development: A thorough understanding of the markets in which it works, and the best ways of delivering services, enables a business to compete more effectively

Increased uptake of the blueprint among small businesses could generate a further £15bn for the UK economy, the study claimed.

I need to see the report before I can really comment!!!