Liffey trust centre
How to Evaluate Your Business
Starting a business
It may be said at the outset that there are tens of thousands of successful businesses in the world today that were set up without reading this or any other Guide to Starting a Business.
Thousands of successful businesses have been set up without State aid or assistance of any type from the Government and or Government Help Agencies. Many businesses are in existence today and while they are being established the person responsible did not have any great knowledge of the complexities of setting up a business such as the legal requirements or tax implications. It is often stated that surveys conducted of persons who have started their own business indicate that the most common factor among entrepreneurs is that almost all of them break every management rule in the book.
If a new business is not making a profit then it is obvious that the business is not liable for a profit tax of any type.
Profit is the life blood of a new business in a free democratic society and a business that consistently fails to make a profit will eventually go out of business.
The one factor that will contribute ore than any other to the success of a business is hard work.
There are bureaucrats and knockers in all societies and Ireland has more than its fair share, so do not be influenced by either. Do not read or listen to anything they say. If they were able to do and implement what you are going to achieve they would gladly exchange places with you.
If you set up a business and fail and if you try again you are seven time more likely to succeed the second time round. The guidelines you find in this book are based on practical experience not theory.
Remember : It is a mistake to suppose that a person only succeeds through success, they very often succeed through failure. If you are think of setting up a business now is the right time to do it. There is little, if any, evidence to suggest that the level of higher education that you have attained has any direct relationship with the likely success of your business. Practical experience is very important. As you develop management training is essential.
If you ever come across a person with all of the personal qualities, abilities etc, that an entrepreneur is supposed to have, please contact me as I have never met such a person nor have I ever met a person that has met anyone that has met such a person.
Setting up a new successful business is extremely exciting, healthy, courageous, rewarding and a most wonderful achievement – not only for the person involved but also for all concerned. Its success will benefit all sectors of our society.
It you want to succeed badly enough you will be successful.
Why prepare a Business Plan?
Everyone at some stage in their lives makes a plan for the future. We do it so often that we don’t realise we are doing it. The housewife plans her meals for the coming week and arranges her shopping accordingly. We plan our holidays, our work schedule, and even our leisure, so a business plan should really be no different except that this time you have to write it down and subject it to the criticism of yourself, your friends and family, and finally strangers.
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The Liffey Trust, 117-126 Upper Sheriff St. Dublin 1, Ireland
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