Start Ups
The idea of starting a business is extremely exciting. It is a challenging journey that requires dedication and perseverance.
When you start your own business, you are joining a unique group of people because they are the engine of any economy. They are the entrepreneurs, the inspiration for economic growth, driving industry and commerce forward.
Amongst them is a rare breed of entrepreneur that breaks the rules to create new rules. They are like the great explorers, confronting the unknown, the limits of what is possible and impossible.
At Syedain & Co we seek to nurture that entrepreneurial talent. It is a special and privileged relationship.
While we encourage people to start their own business, we will critically evaluate your ideas to ensure the success and viability of your business ideas because it’s not just about the mechanics of starting a business.
People can acquire the hard data to start their business from many different sources; however what people really need at the start of their entrepreneurial journey is that advice and counsel that will help them grow and develop the necessary knowledge and skills to start and run their business.
The Challenges
There are many challenges to starting a business. Rapidly changing industries and markets mean that start ups have to adjust quickly and initially be often content with incremental gains, especially as big companies become more adept at adjusting to rapid market changes, which makes life more difficult for start ups.
Strategic planning is therefore required to negotiate the short-term and long-term challenges. Short-term thinking devoid of taking a long-term view of the business will place the business at risk, and is a significant factor in why a high number of new businesses fail. It is critical for start ups to develop long-term thinking at the beginning of their journey.
The financial challenges of starting and running a business can be quite daunting. That is why implementing financial controls are essential to the day to day running of the business. Many businesses that don’t get to grips with their financial operations soon find their business floundering.
The Opportunity
In 2006 the Global Entrepreneurship Monitor found that 36.8 per cent of people in the UK identified new business opportunities while 49.6 per cent said they had the necessary skills to start their own company.
People in the UK are increasingly taking up the idea of entrepreneurship that is entrenched in US business culture. The government since 1997 has invested heavily in encouraging and developing US style entrepreneurship and has already seen over 300,000 new businesses established.
These are exciting times and with a drive to encourage entrepreneurship and innovation there has never been a better time to start a new business. We like you relish the challenge. Our chartered accountants and management consultants want to make a difference and help you realise your potential.