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    How to Bake Your Business Idea and Eat It Too
    How to Bake Your Business Idea and Eat It Too
    How to Bake Your Business Idea and Eat It Too
    Ebook217 pages4 hours

    How to Bake Your Business Idea and Eat It Too

    By Dr Jim Porter

    ()

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    About this ebook

    How to Bake Your Business Idea and Eat It Too - Your Step-by-Step Guide for Start-up Business

    Learn How to: (a) Kick start your new business, (b) Plan how to initiate the different processes, (c) Learn how to deal with stumbling blocks and (d) Manage your business tension-free

    Over the years, I have studied many books on entrepreneurship, innovations, business management, leadership, and most importantly on success. Books on success have had the most impact on my career and personal life; they made it rather easy to identify the attributes and personal qualities that helped me achieve success, and acknowledge what needed to change in my attitude and behaviour to achieve greater success and happiness.

    Throughout my career, I have been intrigued by the science of success and how simple and easily accessible it is. Yet many of us, particularly those who need success the most, are unaware of its existence or unwilling to take the first step to discover what could be a life-changing experience. In business, the majority of success comes from an entrepreneurial spirit and the strong desire to succeed. However, judging by the relatively high failure rate of start-up businesses, it is evident that many are ill-prepared, and some are ignorant of the fundamental basics required for success.
    Through in-depth understanding of the material produced by leading institutions such as Harvard and INSEAD, and books written by great authors such as Napoleon Hill on success, Tom Peters and Stephen R. Covey on leadership, and Jim Collins on corporate issues, I have developed unique understanding of the prerequisites required for success. They often go beyond the skills and knowledge we acquire at university or whilst working. We are taught to graduate from college, seek a job and build a career, but are seldom taught how to create job opportunities for ourselves. Whilst many governments provide support to start-up businesses, many fail to equip them with success education they desperately need.

    LanguageEnglish
    PublisherDr Jim Porter
    Release dateJan 20, 2012
    ISBN9781465851802
    How to Bake Your Business Idea and Eat It Too
    Author

    Dr Jim Porter

    Dr Jim Porter is a chartered engineer, qualified to a PhD level from London University, with more the 25 years business experience. He has worked for several multinational companies in Europe and the USA. His experience stretches from new products development, project management, new business building, profit and loss responsibility, to the creation of several successful joint ventures and acquisitions.Currently, he is a senior executive, responsible for strategy development and growth initiatives, including partnerships and new businesses building. Dr Porter is particularly interested in business incubation, helping entrepreneurs and start up business owners to achieve their personal and business objectives.Dr Porter is the author of several publications, including a book titled “How to bake your business idea and eat it”, and the creator of “Entrepreneurs Brief Guides” series.Dr Porter is a Fellow Member of several professional organizations and institutions in Europe and the USA. He can be contacted on his email TheJimPorter@gmail.com .

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      Book preview

      How to Bake Your Business Idea and Eat It Too - Dr Jim Porter

      INTRODUCTION

      LEARN ABOUT:

      A recipe for success

      The importance of small business

      Entrepreneurship

      How to use this guide

      Over the years, I have studied many books on entrepreneurship, innovations, business management, leadership, and most importantly on success. Books on success have had the most impact on my career and personal life; they made it rather easy to identify the attributes and personal qualities that helped me achieve success, and acknowledge what needed to change in my attitude and behaviour to achieve greater success and happiness.

      Throughout my career, I have been intrigued by the science of success and how simple and easily accessible it is. Yet many of us, particularly those who need success the most, are unaware of its existence or unwilling to take the first step to discover what could be a life-changing experience. In business, the majority of success comes from an entrepreneurial spirit and the strong desire to succeed. However, judging by the relatively high failure rate of start-up businesses, it is evident that many are ill-prepared, and some are ignorant of the fundamental basics required for success.

      Through in-depth understanding of the material produced by leading institutions such as Harvard and INSEAD, and books written by great authors such as Napoleon Hill on success, Tom Peters and Stephen R. Covey on leadership, and Jim Collins on corporate issues, I have developed unique understanding of the prerequisites required for success. They often go beyond the skills and knowledge we acquire at university or whilst working. We are taught to graduate from college, seek a job and build a career, but are seldom taught how to create job opportunities for ourselves. Whilst many governments provide support to start-up businesses, many fail to equip them with success education they desperately need.

      A RECIPE FOR SUCCESS: THE $25,000 DOLLAR STORY

      Throughout my career, I have come across many interesting tips and practical advice for getting the job done, or achieving one’s own goal. This brief story is amongst the best and I thought of sharing it with you, as it illustrates clearly how you can succeed in your mission to build your start-up business. The $25,000 dollar story is available on Tom Peters’ website (www.tompeters.com). The story reads as follows:

      "A man approached John Pierpont Morgan (1837–1913) known as JP Morgan, an American financier, banker and art collector, held up an envelope, and said, Sir, in my hand I hold a guaranteed formula for success, which I will gladly sell you for $25,000.

      "Sir, JP Morgan replied, I do not know what is in the envelope, however if you show me, and I like it, I give you my word as a gentleman that I will pay you what you ask."

      The man agreed to the terms, and handed over the envelope. JP Morgan opened it, and extracted a single sheet of paper. He gave it one look, a mere glance, and then handed the piece of paper back to the gent, and paid him the agreed-upon $25,000.

      So what was on this single sheet of paper that was worth $25,000? Oonly two sentences:

      1. Every morning, write a list of the things that need to be done that day

      2. Do them."

      At the beginning of the twentieth century, this same success recipe was attributed to the success of the second largest steel maker in the United States, and one of the most important heavy manufacturers in the world, Bethlehem Steel, under the leadership of the American Steel Magnet Mr Charles Michael Schwab.

      If you wish to apply this success recipe to your business, you may wish to use The Success Diary which can be obtained from www.thesuccessdiary.com.

      WHY WRITE THIS BOOK?

      There are many books written on this subject matter, yet the search for a book that motivates and inspires whilst at the same time offering a simple, step-by-step guide does not exist. This book aims to emphasize the qualities of success, whilst taking entrepreneurs through a journey of discovery into the world of business, step-by-step. It is my desire to have this publication, configured as a guidebook, to help anyone who wishes to start their own business to be inspired and motivated, whilst following a clear process that would certainly increase their chances of success.

      This book has been written for two reasons;

      To provide a comprehensive step-by-step guide to new business owners

      To integrate business development (inspiration and motivation) into what appears to some a very challenging and testing time.

      By and large, this guide is unique in its nature, as it combines personal development with entrepreneurship. It offers the reader an easy-to-follow guide to starting a business. It helps navigate through complex jargon. It offers a practical advice as well as insight into the best course of action needed to be taken during the development of the business.

      Businesses, small or large, contribute to the development of industrial economies around the world and form the backbone of developed economies. They generate immense job opportunities to millions of people and significantly help the growth of national Gross Domestic Product (GDP).

      The Importance of Small Businesses

      Business is hard to define for the very reason that there is so much of it around us, in all sorts of different shapes and sizes. It is important to question what a business is, because people tend to think in terms of large, well-known, successful businesses whereas business is, in fact, everywhere.

      Any typical high street will have banks, newsagents, supermarkets, salons, cafes, restaurants, and so on. Business is such an integral part of our lives that we do not normally stop to think about it. But where does a business come from? How is it run? What makes it succeed? Why are people attracted to this field? These questions take us to the importance of business in today’s world.

      To start with, the reality may appear to be somewhat grim. According to the Small Business Administration in the USA, more than 572,900 new businesses started in 2003. However, 554,800 businesses closed within the same year, and 35,037 additional businesses declared bankruptcy. It is estimated that 66% of start up businesses survive for more than two years, and nearly 50 survive for four years.

      Business successes are attributed to a number of factors, including the availability of capital, the owner’s education level and commitment, and the owner’s drivers for starting up the business in the first place; to be one’s own boss or to spend more time with the family, to realize a life’s dream ambition.

      The data, or the facts and figures, relating to start-up businesses give inspiration for newcomers in this field. In the Middle East, approximately 250,000 people create their own business each year, which equates to nearly five thousand new entrepreneurs every week. Nearly eighty per cent of these start-up companies stay in business for at least one year after opening. Most of these firms are established within six months and around seventy five per cent of all new businesses are set up from nothing.

      In the US, small businesses (<500 employees) provide 50% per cent of employment opportunities, and businesses with less than 100 employees employed 41 million people. To further emphasize the importance of small businesses to the national economy, let’s look at their contribution to the US economy. According to the U.S. Bureau of the Census, small independent firms (< 500 employees):

      Represent 99.7% of all employers.

      Employ half of all private sector employees.

      Pay 44.3% of total US private payroll.

      Over the last decade, generated 60 to 80% of net new jobs annually.

      Create more than 50% of non-farm private GDP.

      Generate 13 to 14 times more patents per employee than large patenting firms.

      Entrepreneurship

      Business may mean different things to different people. However, businesses enable objectives to be achieved that could not be achieved by the efforts of individuals on their own. Businesses come in all shapes and sizes, but have three factors in common: people, objectives and structure. It is the interaction of people to achieve objectives that forms the basis of a business. Some form of structure is needed within which people’s interactions and efforts are focused.

      Reasons are diverse for opening up a new business and they vary significantly from one case to another; some people start their own business as a means to earn more capital, while others strive for the feeling of freedom, flexibility and independence from working on their own initiative. Some entrepreneurs consider it a challenge to prove their mettle, and consequently they identify a gap in the market and use it for their advantage. There are also a few who want to use their leisure time to start a profit making venture.

      It is an undeniable fact that many people nowadays feel bored of working for others, and seek the satisfaction in taking initiatives and new challenges in life, with a dream of commanding their own destiny. Of course, there are some people who are tied up with family commitments and they search for a family-friendly lifestyle. Some of them are inspired to pursue their own business by family, friends or colleagues, while others start their own business with a view of job security. This sounds straightforward, but we have already identified that those who come together to form businesses, those who work in them and those who manage them may have different

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