For would-be entrepreneurs, it is important to invest your time in planning and fine tuning your business idea before taking a life changing leap like resigning, relocating or reinvesting your savings in the pursuit of startup success. A common belief among leading business minds and successful entrepreneurs alike is that information gathering is the most important component in the planning stage. Their advice is to seek feedback from a wide circle of people including professionals (Accountant, Lawyer, Business Coach), business owners and potential customers (including family and friends) to find out if your business idea is actually viable.
An opinion extolled by CREATIVE ZONE corporate partner Hoshedar Cooper, Accountant and Business Advisor with PKF UAE. Hoshedar has derived vast knowledge from his many years of experience within the SME sector globally. Hoshedar is passionate about SMEs and Startups and has several logical suggestions for those eager to start their entrepreneurial journey.
The pivotal point – It’s important to be patient
- You have identified a product or service which you believe is a good business proposition,
- You are either already familiar with the product/service or believe that you have identified an unfulfilled niche.
- You are excited & ready to launch.
What next – Plan, plan, plan
1. Spend time on Market Research;
– What are the demand generators?
– What is the competition doing?
– What is the target segment?
– What are the operating margins?
– What are the barriers to entry?
– What are key success factors?
2. Talk to;
– Family members and friends,
– Business people,
– Potential customers,
3. Form an unbiased opinion
– Be brutally honest,
– Be realistic,
– Don‘t ignore that gut feel,
– Take critical advise on the chin,
– Recognise that it may be the darkest before dawn,
– Appoint a professional firm if you can afford it.
4. Prepare a business plan
– Because if you fail to plan…you will plan to fail!
– If you don’t know where you want to be, how will you know when you have arrived?
In our next installment, Hoshedar will share the basic principles for building a strong Business Plan.
Associate Partner PKF UAE
Hoshedar Cooper, Associate Partner with PKF Dubai has overall responsibility for the Consulting and Back Office Support Service divisions of the firm and has been with PKF since 1992. He is a qualified cost accountant from India and has obtained additional qualifications of CISA and CIA from the USA. Before joining PKF, he was employed with Sharp and Tannan Associates (internationally affiliated with Spicer & Oppenheim, USA) in their internal audit and management consultancy division.
Hoshedar specialises in management consultancy assignments besides having substantial experience in System Studies and organization structuring. He also has extensive experience in conducting financial and marketing feasibility studies for new projects and their viability.