| Are you starting a business for the first time? If this | | | | 70%. |
| is your first foray into business you are much better | | | | Have a look at the successful businesses operating in |
| of finding a concept that already works and | | | | your local area that are already making money and |
| improving on it then trying to launch your latest idea. | | | | see how you could do it better. Perhaps by choosing |
| Look at how the Japanese identified the opportunity | | | | a better location, you might attract many of their |
| in the automotive industry. They imitated and | | | | existing customers to your business. |
| innovated on an existing proven demand and are | | | | Maybe you can offer a higher level of service and |
| now the market leaders. | | | | charge higher prices thereby attracting the high value |
| They did not try and create a new market for an | | | | customers. |
| unproven idea. They came, copied and improved on | | | | It is much more difficult to launch a brand new |
| an existing concept. | | | | concept and create a new market than to create a |
| Many of the most successful business men in the | | | | novel way of supplying existing demand and just |
| world have used already established formula for | | | | improve on the basic delivery. |
| making money and just done it slightly better or | | | | Once you have experience in running and managing a |
| added a new twist. Adding your own "flavour" and | | | | successful business then perhaps the time might be |
| thereby creating your own unique business will still be | | | | ripe to test your own ideas. |
| fun. | | | | Does higher reward come with higher risk? Perhaps it |
| Banks are much more likely to look favourably at a | | | | is better to set your sights slightly lower and build a |
| proven business model than to back a new and | | | | foundation that can serve as a platform for more |
| unproven idea. This is probably the reason why when | | | | risky ventures? |
| you buy a franchise you can get funding of up to | | | | |