Why Launch Your Business

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People launch their own business for a variety of reasons, whether it’s spotting a gap in the market, moving on after redundancy or pursuing a hobby. Some motivations are better than others and it has been said by many “successful” business owners that one of the worst reasons to start a new business is just to make money – there are far less painful ways to do that! Don’t get me wrong, a business obviously has to make money but setting one up for that reason alone could be setting yourself up to fail.

Don’t Chase Money, Chase Your Dreams

Surely you have a greater goal? A goal that having the money generated by the business will enable you to achieve: retiring early so you can go travelling, spending more time with your family or making a real difference to the world in some way. Money can certainly enable you to do these things but shouldn’t be the main focus and as Colin Wright says, “Chase your passions and money will come. Chase money and you may never find your passions”

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People trying to make a “quick buck” or looking for an overnight formula to get rich are missing the point. Unless you are chasing something more than just money, you will give up easily. Running your own business is one of the hardest things you can do and the road is challenging so you need to have a “mission” to guide you and get you through the tough days.

Business is a Game

Plus, you miss out on the fun of running your own business: the challenge. I see my involvement in our business like a game, a game where I am both creator and player; there are some loose rules and paths to victory but ultimately it’s fluid and up to me. This is the essence of why I love running our business: I dictate the terms. I decide who plays this game with me, how we play and how we win. And taking this concept a step further, if you lose the game (your business fails), you can start again and try another business.
Some business owners can forget why they started playing the game because they get ground down by the pressure of running their own business. It’s not difficult to lose your way and forget why you started your business, after you wade through bureaucracy, accounts, marketing and everything else in between – plus, you still need to deliver your goods and services to customers. And then there’s competitors, the economy and technological changes!

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Ironically, you may have set up your own business to give you freedom and control in your life, however, the very opposite is now the case – the entity you set up to help you achieve your goals now consumes you and prevents you from doing so! Instead of spending more time with your friends and family, you see them less. Instead of travelling the world, you are unable to take even one day’s holiday. Instead of doing what you want to do, you are at the mercy of your business, which dictates your actions. But it doesn’t have to be this way!

Remember why you set up your business. It may not have been obvious or explicit at the time but there will be a reason. Check in with yourself, is this still your desire? If so, figure out how to change the rules of your game to make it more fun and so you can win; if not, maybe it’s time to find a new game.

What’s Your Purpose? What’s your “WHY”?

I like hearing peoples’ stories and, more importantly, why they do what they do. Yes, I can read their website and marketing literature, but that doesn’t give me the full story – where have you been and where are you going?

You don’t need to have a “mission” per se and global domination isn’t for everyone, regardless of what the current rhetoric is on “businesses of scale” however, it is important to consider why you’re running your own business. What’s your purpose?

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One of the thought-leaders in this area is Simon Sinek, author of the Book, “Start with Why”, and he argues that people buy “why” you do what you do and not necessarily “what you do”.  One of the many examples Sinek cites is the Wright brothers, who successfully pioneered the first manned-flight. He argues that the odds were stacked against them: their rivals were better funded, received much more press attention and had a “better” qualified team, however, despite all of that, it was the Wright brothers who achieved their goal first. Why? Because they had a burning passion.

Sinek suggested that they’re better funded competitors were only doing it “for the money” and proof of this is that they gave up the day after the Wright brothers achieved the goal, as opposed to finding out how they did it or wanting to improve on their method. He condenses a lot of these ideas into this excellent 20 minute TED talk, “How Great Leaders Inspire Action” and we highly recommend it: https://www.ted.com/talks/simon_sinek_how_great_leaders_inspire_action?language=en  

We launched Acorn Enterprise because we felt there was a gap in Fife with respect to startups, a real need for a focused, intensive approach to help new businesses to grow and thrive. Almost three years on we know there is a wider need to grow Scotland’s startup business culture, both in the mainstream and in Further and Higher Education, and that’s exactly what we’re working towards every single day.

image from acornenterprise

“The two most important days in your life are the day your are born…and the day you find out why." – mark Twain.

So what about you, what game are you playing? And more importantly, why? Why did you launch your business?

About Kallum

Kallum “with a K” Russell is a young Dunfermline-based entrepreneur. In 2013, just two years out of university, Kallum founded Acorn Enterprise – a free business acceleration programme for business founders across Fife. Acorn aims to help over 500 entrepreneurs in the next three years. Kallum is also Fife area board member of Young Enterprise, helping deliver the company formation scheme in schools across Fife. Kallum is one of StartUp Britain’s Local Champions and in 2016 was recognised as on the 2016 List of the Maserati 100 Index, a definitive list of 100 of Britain’s most successful philanthropists, investors, mentors and advisors, and, ascending entrepreneurs who are supporting the next generation of up and coming business talent

 Article By Kallum on StarUpBritian

Chuku’s the world’s first Nigerian tapas lounge

London-born sibling duo, Ifeyinwa and Emeka Frederick, the co-founders of Chuku’s the world’s first Nigerian tapas lounge describe their takeaways from visiting the Start Up Britain Bus

IF: We launched Chuku’s, the world’s first Nigerian tapas lounge, in August 2015, seizing the summer that Emeka and I were both back in London for the first time in a long time. I had been living in the French Caribbean and was just popping back to London for a couple of months before I went off to live in France, and prior to that I was at Cambridge University. Emeka had been working in London for a few years, but previously he’d been living abroad too in Spain – where he had fallen in love with tapas and it’s sharing, sociable culture. Having sold out our first pop-up, at the time we didn’t have a business plan or a plan for a series of future events. But seeing a full house of happy customers enjoying the special atmosphere that we had created, we were immediately hooked and booked the same venue for pop-up number 2.

EF: As it approaches our first birthday and we reflect on the year, there have been some massive achievements: features in the Evening Standard and the Metro; becoming Guinness World Record holders, having been shortlisted and participated in Richard Branson’s VOOM startup pitchathon; meeting Arsenal football legend Thierry Henry and a surprise visit to our lounge from Team GB’s 400m Olympic Champion, Christine Ohuruogu. But the reality is, we could have done even more. Building a business together for the first time in an industry that we have limited experience of, we’ve suffered many moments of self-doubt. At times we’ve been driving with the handbrake on, as we try to negotiate the initial corners, speed bumps and cross-roads. And we have probably missed opportunities to really accelerate the business.

Visiting the Start Up Britain bus was a fantastic experience, as we were thrust into roles of mentoring entrepreneurs. As we started to recount our story and how we’ve got as far as we have done, we started to realise that we’re actually much better than we think are. We’re very capable individually and we gel really well together, thanks to growing up in the same house. We are strategic, business-minded people and we’re demonstrating that we’re quick learners in our field. We know we have to continue embodying the “just do it” message that we shared with other budding entrepreneurs, as it’s that mentality that has allowed us to kick-start our business. Yes, we need to plan. Yes, we need a strategy. But we also need to keep going for it. Keep feeding the passion and focusing on the promise – not the fear.

IF: If you’re starting a start-up or just thinking of one, we would recommend booking a trip to the Start Up Britain bus. You don’t know who you could meet. You don’t know how sharing your story could help someone else with their big idea. And who knows, you might actually re-find some of yourself, so you can move forward with achieving your dream.


Article by StartUp Britian

*****
Chuku’s is popping back up in London this month to celebrate its first birthday. Fancy celebrating it with them? Here’s where and when:

Date: Sunday 21st August 2016
Time: 1-8pm
Location: Palm 2, 152-156 Lower Clapton Road, E5 0QJ
Price: Tapas dishes start from £4.75
Bookings: To book a table e-mail: info@chukuslondon.co.uk. Walk-ins also available.
Event Page: bit.ly/chukusturnsone
Website: http://www.chukuslondon.co.uk/

My property deals taught me a lot about business too. Understanding and apply the core principles of property investing is a real skill and asset I’d recommend anyone learn as it's one of the most effective to ways to build wealth and unlock true freedom.

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I got chatting about this the other day to my good friend Gill Fielding.

Gill’s the queen of property and has turned her passion for it into a multi-million pound business.

She built her property empire from the ground up.  At the age 19, she started with a small semi in Sussex and has since grown it into a multi-million pound property investment portfolio.

Now, Gill’s company (Fielding Financial) teaches others how to replicate her success - showing others how to do what she’s done.

Gill's hosting some FREE property investing seminars near you over the next few weeks and I’d highly recommend you check them out.

Whether you’re just starting out or already have a couple of properties, you can’t fail to pick up some tricks to up your property game.

Fielding Financials free seminars take the guesswork out of property investing - showing you how to reduce risk and avoid the common pitfalls.

Gill has had over 7,000 students attend her seminars and training programmes to learn how property investing can create a better lifestyle.

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Book your free place NOW  

                                   
I’ve been to Gill’s seminars and trust me they’re jam-packed with value.

Her expert property investors have helped everyone from complete beginners to part-time landlords tap into the huge potential of property investment.

The 2 ½ hour FREE seminars cover:
How to select the right property in the right area
How to create an income now as well as safety for the future
How to make money through property with very little time and money
The 7 top property investment criteria and the 7 things to avoid at all costs
You’ll also get access to Gill’s “hold nothing back” mastermind group of professional property investors.

If you’re looking for a way to create additional income, grow your pension pot or build a full time business, then please do join the next one near you:

Book your free place NOW  

Why not go along and find out if property investing is right for you.

It helped shape how I do business and gave me the freedom to grow the business I now run - and it could definitely do the same for you.

Shaa Waswund

Start Your Business in 7 Days

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