Do you have the right personality to be an entrepreneur?

by: Rebecca

June 17th, 2010

I was fascinated by the recent BBC program “child of our time” which conducted the largest ever personality test in Britain.

It was reported that we all have five core traits in our personalities but to different degrees:

  • Openness indicates how willing we are to explore new ideas and ways of doing things.

Scoring high in openness means you should be suited to creative jobs such as journalism, art, research

  • Conscientiousness indicates how well we plan and exhibit self-control.

It was shown that those scoring high in conscientiousness tend to be happy in whatever role they choose as in the work place you have the ability to create structure and rules and understand that the more you put into your work the great the rewards will be.

  • Extroversion indicates our desire for stimulation.

It is thought that if you score highly in extroversion you are suited to careers with lots of simulation and social contact such as sales, finance, law and teaching.

  • Agreeableness indicates how easily we get along with others.

A high score here indicates you would be most content in caring industries such as health care and education.

  • Neuroticism indicates how we deal with negative emotions such as stress and anxiety.

Displaying high levels of neuroticism is perfect for administration roles because these negative emotions drive the need to be perfect thus minimising errors.

After watching the program and listening to the traits I found it exceptionally difficult to judge what my profile might look like. I was keen to understand how I came out so I could relate this back to how I perform at work. After taking the test I found I was a fairly even mix but conscientiousness was highest and neuroticism was lowest.

To find out the balance in your personality you can take the BBC online test https://www.bbc.co.uk/labuk/results/personality/index_safe.html

I thought I have a look at the traits considered important to succeed as an entrepreneur and associate these to the personality traits:

Inner Drive to Succeed (conscientiousness)

Strong Belief in themselves (extroversion)

Search for New Ideas and Innovation (openness)

Openness to Change (openness)

Competitive by Nature (extroversion)

Accepting of Constructive Criticism and Rejection (agreeableness)

The thing to appreciate here is that we are all a mix of all the recognised personality traits and after looking at the research it is my belief that anyone can start a business. The initial desire must first be present, which already indicates you have a higher leaning to the tendencies required.

The moral of this story is that to run a successful business it’s vitally important to be self aware and appreciating what you can do well and understanding what someone else could do better for you. Which opportunities are more suited to your personality profile? Perhaps you’ll need to employ managers or take on an accountant in your chosen venture.

Entrepreneurs out there, I would be very interested to learn what your results came out like.

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What would you teach your potential customers?

by: Thomas

June 16th, 2010

what would you teach your potential customersWhen you seek out a specialist to provide a service, there is a reasonable chances that you do not know much about that product or service in the first place (other than that you need it). So the job of choosing a specialist to provide that service can be a total minefield.

This is true of building work, car repair, accountancy, hairdressing, singing tuition…of course I could go on for several pages.

Wearing my Edge of the Web hat today (Duport’s web design business) here are 5 things I wish all potential customers (of any web design business) considered before they picked a company to work with:

  1. DON’T SCRIMP (part 1)
    Save money on coffee, biscuits, watches and fountain pens. These are things to please you. Do not scrimp on your website; nearly all of your customers (and potential customers) will check you out online. If your website looks rubbish, so does your company.
  2. DON’T SCRIMP (part 2)
    A break down in the relationship between client and web designer is not uncommon. If you seek out the cheapest website design option available, you don’t get to be fussy about finish and functionality. Building websites takes time and skill, and if your web designer is working on unfeasibly low margins, you will often find the phone stops getting answered and emails get ignored. Saving a hundred pounds always seems like a good idea, until it isn’t. Seriously, we hear about this ALL THE TIME.
  3. DON’T BELIEVE EVERYTHING YOU READ
    It’s easy for web design companies to make salacious claims about their service and commitment on their website (in fact it’s as easy as tapping a few keys on a keyboard), but it’s a very different kettle of fish when it comes to delivery. Ask questions like:

    • How many people are involved in the business,
    • What happens if somebody gets sick,
    • What happens if a more profitable web design opportunity than yours comes along,
    • When will the website be finished (what guarantees apply?),
    • What if you can’t agree on a final design?
  4. WILL YOUR WEBSITE BE COMMERCIAL?
    There is a very (very) big difference between a website that looks nice and one that is designed to be ruthlessly commercial. The difference being that one of them looks nice AND helps you stay in business, dare I say even make a profit.
  5. WHAT AM I BUYING?
    A brilliant website is a equal combination of:

    • Brilliant design
    • Brilliant wording
    • Brilliant coding
    • Brilliant marketing

    Which of these are you paying for? You can be sure that at least one of your competitors has all of these.

So there you have my 5, what do you wish you could teach people about your industry?

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Disappointing. Could do better

by: Peter

June 15th, 2010

No this isn’t about the world cup but it’s not entirely unconnected.

Are we all solely responsible for managing our expectations or are we just victims of our own innate desire to be optimistic. It is quite clear that journalism gets a lot of its daily bread from pointing out where delivery of results fails to live up to expectations but it usually leaves me with a very unpleasant after taste.

So if it’s not about football what is disappointing me in particular? It’s the way BP and President Obama have handled the Gulf oil disaster. As usual I had expected better of both of these participants and find myself feeling yet again a little foolish at my well practiced naivety. BP could so easily have handled this situation so much better to the benefit of everybody involved. All that was necessary was for the chairman to go and meet Obama at the end of the first week, apologise and try and work together on the clean up. They would both have gained credibility and created a fine example of good leadership in adversity and instead of that now it’s all about testosterone! BP has shot itself in the foot by understating the extent of the leakage and as a result will be heavily punished for arse covering.

It was also a poor call from the White House not to get involved sooner but for their part they didn’t want to be seen as part of the problem because of the dubious oil regulation arrangements and they are also now hiding behind macho posturing to cover their own arses. I think I could cope with the posturing from President Obama given the extraordinary scale of the disaster if it wasn’t for the timely comparison with the Indian Bhopal gas leak in 1984 that makes this incident look modest by comparison. An American company called Union Carbide virtually walked away free of almost all responsibility from a gas leak that devastated a whole region in India killing tens of thousands of people and blighting the lives of many more survivors for generations. A little more perspective and humility in the circumstances wouldn’t go amiss.

So why does this leave me with an unpleasant aftertaste? Well it’s my own fault because I really did expect more from the players in this game and there they are again our old adversaries avoidable own goals.

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Mistakes to avoid when forming a limited company

by: Rebecca

June 14th, 2010

Not taking professional advice first

There are lots of very good reasons to form a limited company but it’s important to take advice first on the right company structure for you. Financially, you may better off with a partnership or to trade as a sole trader for example. If you are unsure call the office and we can put you through to an accountant who will offer free advice.

Cheap/free company formation offers

Once you’ve established you need to form a limited company make sure that you use the right company formation agent. There are plenty of cheap or free company formation offers but there is often a reason for this. 

The low end prices advertised tend to only form the company and email you a copy of the incorporation certificate. (This is a good service if you are a professional or have a good understanding of company law.) You will quickly find that you are legally required to have other documents that they will charge, often over the rate, for that will enable them to make their money. These will be added on as you go through the formation process so what appears to be £35 ends up £89.

We often get disgruntled customers calling us for advice as they cannot get through to their formation agent and are unclear about what the next steps are to take. 

Free offers mostly tend to obligate you to form a bank account with the formation agent’s partner as the banks pay a commission for this. Always read the small print as you will find there are significant fines from the formation agency for not opening a bank account or other service you have inadvertently signed up for.

Paying too much

Similarly paying in excess of £100 for your company formation is considered a bit steep. Unless the company administering this for you is offering other services such as VAT registration, company office and secretarial services. In many cases clients will ask or assume that only their accountants can complete the company formation. I have been shocked by some of the excessive fees that accountants are charging for a service that they simply ask their formation agent to do. To be fair, I have also been very impressed with those accountants who have added very little or no commission.

DIY

You can form a company with Companies House directly, yourself, for a fee, however you should know that around 90% of formations are formed electronically. There is a reason that even the professional accountants and lawyers opt to incorporate this way and that’s time. If you know how to accurately complete the paperwork, set up the structure and get the documents officially signed it can still take many days to get your company formed and receive the documents back from Companies House. Formation agents can do everything for you in a few hours and the good ones will provide you with all the help and additional documentation you need to get things going.

Not registering a domain

If you don’t intend to use professional looking emails or put up a website straight away you should register your domain name as soon as possible. 

Rebeccadawe@yahoo.co.uk (not a professional email)

rebecca@duport.co.uk (a professional email that matches our company name. Personal email addresses, above, do not inspire confidence)

www.duport.co.uk(by registering the domain duport.co.uk we’ve been able to put our website at this Internet address)

 There are professional companies registering domain names in the hope to sell them back to you at a later time for excessive fees. Check you can find a domain to match your company name and register them both at the same time.

Call us anytime for advice on any of the issues above. As always we promise there’s no obligation to use us!

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Meet the Customers: Display Media Solutions Ltd

by: Hannah

June 11th, 2010

www.dmsol.co.uk

Today’s profiled client is Liam Butchers from Display Media Solutions Ltd.

Display Media Solutions are a print and display company which specialises in products for retail, trade and exhibitions.

We asked Liam some questions about his company and experiences of being a business owner, and here’s what he had to say.

You can find Display Media Solutions at www.dmsol.co.uk, or call them on 0845 116 2700.

What does your company do?

Large format print, exhibition materials, display equipment, conference set up, trade shows, supplier of pop-ups and banners.

What makes your business different?

Display Media Solutions was formed because the market has become saturated with foreign ‘knock-offs’. I realised that quality at a good price is what the market doesn’t currently have. In layman’s terms, we offer the very best quality products and prints at the most competitive price in market.

What inspired you to start this business?

It may sound a little cheesy but I genuinely love the industry. When I randomly come across my prints being used it’s a great feeling. I get an amazing buzz out of that.

"My most important bit of advice: know your market"

Have you previously run any other businesses?

I have worked in the industry a long while now, but this is my first ever business venture.

Do you have any staff or partners in your business?

I currently work with a couple of graphic designers and I also work closely with some of the world’s leading manufacturers in display and exhibition products. All my prints are produced using the very best materials available.

What characteristics do you have that will help you make your business a success?

I am a very focused and hardworking individual and have a lot of contacts and experience in my industry. I am under no illusions, I know that it will be tough, but I honestly believe that in life you get out what you put into it.

What are you most keen to learn that will help you grow your business?

I now need a couple of key accounts that I will look after very carefully and nurture and then really build upon that.

Are there any brands, companies or personalities that you most admire or aspire to?

If I am honest I really like Richard Branson and his Virgin brand. I also admire Apple – they have it all, really. Also Alan Sugar is an absolutely fantastic business role model, what he has achieved in his working life is simply incredible.

What do you think is the biggest challenge facing your company?

Securing that elusive big contract, that’s it really. I feel that I have everything else in place now, and am ready to win that important client.

Display Media Solutions

Is being a business owner how you expected it to be, or have you had any surprises along the way?

If I am honest it is a lot tougher than I could have ever imagined, the accounting side of things is just mind boggling. I am learning quickly though, it’s interesting how running your own business makes you discover skills you never knew you had.

What is your main goal for your company?

To achieve a million pound turnover within 5 years.

Do you have any advice for people thinking of starting their own business?

Lots of advice and I am more than willing to discuss it with anyone who wants to listen. My most important bit of advice: know your market. That really is the key.

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Funny business mistranslations

by: Rebecca

June 10th, 2010

Have you been thinking about trading abroad and translating your marketing material? Be warned, these well known companies have lost millions following the discovery that their product or slogan was lost in translation!

Company

Slogan / Product

Chinese translation

Pepsi come alive with the Pepsi generation Pepsi will bring your ancestors back from the grave
Coca Cola coca cola bite the wax tadpole
KFC finger lickin eat your fingers off
     

Company

Slogan / Product

Spanish translation

Parker Pen it won’t leak in your pocket and embarrass you it won’t leak in your pocket and make you pregnant
Frank Perdue it takes a tough man to make a tender chicken it takes a hard man to make a chicken aroused
Coors turn it loose sufferer of diarrhoea
Chevrolet chevi nova doesn’t go
Ford pinto tiny male genitals
     

Company

Slogan / Product

German translation

Carol mist stick manure stick
     

Company

Slogan / Product

Italian translation

Schweppes tonic water Schweppes toilet water

Examples taken from innocent English.com

Anyone heard of any other good ones?

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How to be happier: start your own business

by: Rebecca

June 7th, 2010

A recent comprehensive study has proven that occupation is the primary ingredient of happiness. Even in times of recession the business owner has been shown to be the happiest of all occupations.

A top Harvard study claims that happiness comes from having the following elements in your life, reading through them it’s clear to see how running your own business helps fulfill many of these particulars:

 

·       Understanding you deserve happiness

·       Having control

·       Surrounding yourself with positive people

·       Problem solving instead of wallowing in self pity

·       Spending time each day doing something for yourself 

Humor and health also appeared as important factors. 

In a study of how occupation affects happiness, business owners came out on top.

Occupation Overall well-being
Business Owner 72.5
Professional 71.5
Manager/Executive 70.9
Farming/Forestry 67.8
Sales 67.6
Clerical 66.1
Construction 65.0
Installation 64.4
Service 64.0
Transportation 62.6
Manufacturing 62.1

Source: Gallup-Healthways Well-Being Index

It’s great to know that we are in a business that actually serves in making people happier. We are here not only to form companies but to support starting your business.

What more incentive do you need to get things started today?

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Lies, damned lies and lies from marketers

by: Hannah

June 4th, 2010

Has a marketing company ever told you they can guarantee you ‘top rank in Google’?

It’s one of the most common phrases in marketing, and it’s very popular with salespeople, mostly because it’s one of those terms that isn’t technically a lie, but certainly doesn’t mean what you think it does.

What you mean by ‘top rank’ is being the first entry for a popular term that describes what you do, but what the salesperson means is being the first entry for a search term that won’t cost them very much money – regardless of whether people are actually searching for it or not.

For example, being ranked first for “inexpensive apparel” doesn’t have the impact of being ranked first for “cheap clothing”, because no-one’s going to be searching the first term anyway.

Everyone wants top ranking in search engines, but top rank for a random term that no-one ever searches isn’t going to get you more business – and that’s the whole point of paying out for marketing in the first place.

An honest online marketer won’t promise you ‘top ranking’, because it’s a meaningless phrase. What you really need from a marketer is a guarantee that they will work to find the most useful terms for your business, terms that balance the cost of the click against the business it brings you.

So beware of marketers promising you top ranking. They might not be lying, but they’re coming damned close.

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Have you ever imagined your boss naked?

by: Rebecca

June 3rd, 2010

Bare management

Bare management

According to a study for Sky TV nearly 50% of us have imagined our boss naked. I can honestly say that I do not fall into that category, justifiably, because my dad is my boss!

We are often advised to imagine our interviewers naked or a naked audience during a nerve wrecking presentation to ease the stress .  I am suggesting that a truly empathetic management will incorporate some of the following  bare essentials of naked management:

Are you decent?

Keeping cool

Naked management involves keeping cool under stressful situations. Your staff  need to know that they can rely on you to sort any challenges. If you are stressed your team will become  stressed.

Looking good in the mirror

Make sure you are upbeat and positive. Staff will mirror their boss’s behaviour. 

Courage

To be a naked manager you need real courage to delegate and allow your staff to make important decisions. Allowing them to make mistakes is also vital for learning. It’s important that they have their own responsibilities and can clearly see how they contribute and fit into the picture. 

Expose yourself

Your team needs to know that you will really listen to them and take all concerns very seriously. Allow them to feel they can approach you by taking an interest in their lives and sharing things about your own personal life. 

Weight issues

Does my bum look big? Praise, recognition and even more praise. Your team shouldn’t have to wonder what you think of them or if you recognise their effort. Show your praise openly and do nice things for them.

Bare all

Don’t pretend to be someone you’re not, your staff will see through the bravado and distrust you. Openly admit to your mistakes and don’t be afraid of looking weak. Asking your staff for help/opinions will empower them and show you value their input. 

No hiding

Deal with issues immediately, you can delegate but you shouldn’t hide from confrontation. You will need to remind your guys that you are the ultimate decision maker from time to time. It really helps to have clear rules from the start so everybody knows what the boundaries are and you ensure that everybody is treated fairly. Our staff handbook is invaluable for setting out procedures and policy (we are constantly adding to it when a new situation presents itself).   

Not everyone is cut out to be the boss and as a business owner it’s important to recognise your strengths as well as weaknesses. You may need to consider employing a manager and conducting some naked interviews! 

Does anyone have any more naked management tips?

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What’s the next big thing?

by: Thomas

June 2nd, 2010

what's the next big thing“When we do X the business will be amazing”

I find myself saying this quite a lot.

Partially that’s because we get through a lot of X’s.

Partially it’s the instinctive desire to develop and progress as quickly as possible.

X’s include:

  • New offices
  • New staff
  • New marketing campaigns
  • New hardware / software
  • New products / prices

In a recent moment of clarity (ironically involving a modest quantity of alcohol) I realised that the next big thing is today.

I realised that I needed to stop thinking about what the businesses will be, and think about what they are.

That doesn’t mean abandoning the concept of working on the business and start working in the business (extra cheese please).

I think it just means that sometimes it’s important to view something as it is, not as it will be. This is called reality.

When you accept reality, you can share it confidently with the world (and to your staff, and to yourself).

When is it time to start marketing, discussing, delivering, promising and embracing?

It’s today. And it doesn’t matter if the business cards haven’t arrived yet.

If I were to use an analogy (I am famous for rubbish analogies) I’d say this:

Building a business is a bit like designing a racing car. There is always a way to make it faster, or more aerodynamic, but one day you just need to get in it and drive. That day is today.

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