‘Do your research,’ says Peter Jones
Sep 30 2009
'Small businesses should do more research, says Peter Jones
Serial entrepreneur and Dragons’ Den investor Peter Jones says that many small business owners fall short when it comes to appreciating the importance of research.
‘The biggest cause of business failure at the moment isn’t that they’re struggling for cash and working capital, it’s a lack of research,’ says Jones.
‘You need to have the right research before you launch a business, and actually, if you have an incumbent company that’s been growing, a lot of people don’t focus on the key things that can improve a business.’
Jones, who was speaking to SmallBusiness.co.uk to promote Small Business Week 2009, adds: ‘The greatest thing you get out of attending an event like this is the real, intuitive advice about what you need for your business.
‘There are seminars and workshops and you can learn about how you can use technology to enhance your business, whether that’s for saving or generating you money, or taking you down new avenues.’
For Jones, the key to making a success of a business is not to stand still. ‘I get people who go to my website and ask: “Where do I go for this grant or that loan?” That tells me they are looking for cheap money. For me, that isn’t the right strategy. What you have to do is take a look at your business and find the right tools to do the job more effectively.’
As for the best thing about being a successful entrepreneur, Jones says it has to be ‘freedom of choice’, which is what inspired the Dragons’ Den star to start a business in the first place. ‘There are two things about being an entrepreneur. It’s a lonely road as not many people will pat you on the back, so you’re doing it on your own.
‘But it also gives you the freedom of choice to enable you to make your own decisions. Having a successful business gives you a much wider reach with the choices you have about what to do with your life.’
Small Business Week 2009, in association with BT Business, is taking place on 19-23 October, where a range of government, business and independent organisations will come together to celebrate and support the country's 4.7 million small businesses. The agenda for the week will be set by the 2009 Business Pulse – one of the UK’s largest ever surveys of smaller enterprises. Click here to find out more and get involved in Small Business Week
Comment by Eric Brandenburg
Wednesday 30th September 2009That is what we say to all our clients (business start-ups entrepreneurs) who don't do enough market research before starting their company or launching their new product/service. Moreover, primary research will give you some real figures and that can play a vital role in obtaining financial support for your company. Good luck to all Marketest
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Comment by Marc Barber
Thursday 1st October 2009Guess it's a mix of knowing what tools to use to do the right research and also relying on gut instinct too.
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