Business Start-Up Guide v2p2

Introduction to Entrepreneurship Page | 41
complement you own skills if you are to be successful. Gerber (1986) notes that a start‐up
business needs a visionary (the entrepreneur), managers and technicians. He states that no
one person can perform all of these roles in a start‐up business. Early on in your business
formulation you will need to think of the type of people you need to recruit.
Achievement
There's very little you can do that's worthy of more kudos than building a company.
Business helps the world go round, and many businesses do even more than. Imagine
what the world would be like today without certain websites or Internet based products.
Some ideas are much more than just a way to make money. Once you have achieved what
you aim to do, there's no better feeling. The rush you get when one of your ideas works is
unbelievable!
Change
People who have entrepreneurialism within their blood will always think of ways to
improve upon their ideas. For example, have you ever been in a situation where you have
considered how your current employer could be more efficient? Ways that they could drive
more sales, decrease costs, and improve customer service? When you own your own
business, you will be able to make those changes. And, not only that, you will also be able
to profit from these changes if you make the right decisions.
Experience
When you start your own business, it's possible that you will fail. But that is part and parcel
of being an entrepreneur. However, if you fail, get up again. If persistent you may succeed
the second or third time around. In some cases failure is good. From failure you will have
gain knowledge and experience the next time around.
This experience will work well for you if you ever decide to start another venture, or
even go back into the workplace. Investors like working with entrepreneurs who have
started other companies in the past. They do that for one reason: they know that
experience counts and that have learned from their mistakes!
DEVELOPING YOUR IDEA
More often than not, new business opportunities occur from changes in industry, social,
or economic environments. New business ventures can arise due to a variety of factors,
including:
 External causes.
 Voluntary self‐employment.
 Hobbies.
Page | 42 Introduction to Entrepreneurship
External Causes
1. Changes in industry stimulated by advancing technology and new knowledge
spur new products and services: A good example of this is the rapid change we
have witnessed in Information and Communications Technologies (ICT.) Over the
last decade, these rapid changes have spun off many business opportunities, for
example:
Increased internet speed and bandwidth have created opportunities for the
provision of online courses for conventional education, life‐long learning and
training.
Increased access to more affordable computer equipment and software has
created opportunities for provision of technical, support services at varying
levels, not only to corporations but also to individuals that use computers
in their homes, etc.
2. Accidental discovery: Sometimes a person stumbles upon an idea instead of

deliberately trying to invent a new product. This was the case of the Post‐It product
of the 3M Company.
The Post‐It‐Notes Story
In 1968, Dr. Spencer Silver, a chemist at 3M in the United States, developed a

"low‐tack", reusable, pressure sensitive adhesive. For five years, Silver promoted
his invention within 3M, both informally and through seminars, but without much
success. In 1974, a colleague of his, Art Fry, who had attended one of Silver's
seminars, came up with the idea of using the adhesive to anchor his bookmark in
his hymnbook. Fry then developed the idea by taking advantage of 3M's officially
[3]
sanctioned "permitted bootlegging" policy. 3M launched the product in stores
in 1977 in four cities under the name "Press 'n Peel", but its results were
disappointing. A year later, in 1978, 3M issued free samples to residents of Boise,
Idaho, and 95 percent of the people who tried them said that they would buy the
product. On April 6, 1980, the product debuted in US stores as "Post‐It Notes." In
1981, Post‐its were launched in Canada and Europe.
From Wikipedia – Post‐it note. http://en.wikipedia.org/wiki/Post‐It
3. Changing Perceptions: There are times when the social environment is an
element of new venture creation. For example, the emphasis on healthy living in
the 1990's created the opportunity for the creation of full‐service health clubs.

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Introduction to Entrepreneurship Page | 41

2. Accidental discovery: Sometimes a person stumbles upon an idea instead of

The Post‐It‐Notes Story

In 1968, Dr. Spencer Silver, a chemist at 3M in the United States, developed a

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