Idea for a business

Bob Z

Would be practical to open a business if you had idea but no practical experience in that field?

Gambler

Short answer is no but I guess it depends..

For example you wouldn't want to go into Tech support if you had no idea how to use a computer for anything more than the basics..

You could however open a tech support business if you were able to find the right employees to do the actual repair work for you and you were able to focus purely on the business aspect of it (again assuming you actually know anything about running a business).

Bandara

NO.

Its extremely hard to keep any new business open let alone one where you have no idea how it should operate.

Micky Dolenz

It's hard enough to run a business when you have a good understanding of the service you provide. If you don't have experience at that service I would say forget it for now and maybe try and pick up the necessary skills first.

I started my first telecoms company straight out of college without a bean of knowledge about anything other then how to sell it. Everyone told me I couldnt do it so I went out to prove them wrong. I can remember sitting in meetings hearing all these 3 letter abbreviations and not having a clue what they meant, but nodding along! After a few weeks I was up to speed because I had the desire to be up to speed. I made plenty of mistakes but also made plenty of cash. I would say go for it but theres probably as much chance of it failing as being a success. If your ok with that then fire away!
For me its all about your frame of mind and how jumping out of your skin you are to make it work not always about your experience. Look at Richard Branson. I dont think he had experience in a single business his company started. He will be the first to point out the drawbacks of that strategy and the failures hes had, but hes had a lot more success then failure.

maninasia

It definitely helps to have knowledge beforehand. For instance you may not understand the regulatory environment or the way the sales channels are setup or even the market size..it helps to know the mistakes you can avoid, of course you will mistakes anyway but at least you reduced them. The best way is to work for an existing operator and learn on the job.

Bob Z

I dont really want to give away the idea but i seen a gap in my my home town for a business thats not being catered to. I have also seen the same type of business in smaller towns

However having said all that i someone might have just beat me to to it! i think someone else is opening a place withthe sam idea! so i might be too late

Colm_purchase

Bob Z wrote: »

Would be practical to open a business if you had idea but no practical experience in that field?

In my opinon it will all boil down to the effort you are willing to put in, your passion to succeed and your willingness to learn. Experience is learned and when you are doing something for yourself you will learn faster.

lyndak082

ok im gonna dissagree with some of ye....

i think you CAN do it (depending of course on what it is) just dont try open open a doctors surgery or thre like!!

i myself have never worked in a clothes shop, or in any area of selling what so ever, and im in the process of starting a clothing business. i believe i can do it, and so do all my friends and family! its business lke that you can get away with if you have the personality and know a lot about the product your selling.

Micky Dolenz

Colm_purchase wrote: »

In my opinon it will all boil down to the effort you are willing to put in, your passion to succeed and your willingness to learn. Experience is learned and when you are doing something for yourself you will learn faster.

With every failed business you will most certainly have people who put their heart and souls into it. Experience is key, you can't afford to make mistakes in your own business because it equals loss of revenue.

ElaineSandra

I suggest that you go for it. You need to work hard and you will make it.

lyndak082

what is it you plan on doing by the way???

Micky Dolenz

Micky Dolenz wrote: »

With every failed business you will most certainly have people who put their heart and souls into it. Experience is key, you can't afford to make mistakes in your own business because it equals loss of revenue.

Micky youd be right in the context of if the person taking the risk has responsibilities, a family to look after for example. Then you really cant afford the risk. But on the other hand if you are starting out as a young entrepreneur, you need to make some mistakes. Its the best way to learn. You tend not to make the same one again when it costs you money. The amount you learn running your own company compared to being an employee is vastly greater because you see everything in a different way.

PhatPiggins

lyndak082 wrote: »

ok im gonna dissagree with some of ye....

i think you CAN do it (depending of course on what it is) just dont try open open a doctors surgery or thre like!!

i myself have never worked in a clothes shop, or in any area of selling what so ever, and im in the process of starting a clothing business. i believe i can do it, and so do all my friends and family! its business lke that you can get away with if you have the personality and know a lot about the product your selling.

No offence but your friends and family are not the people to be basing your expectations of success on. Best of luck regardless though.

Micky Dolenz

Deleted User wrote: »

Micky youd be right in the context of if the person taking the risk has responsibilities, a family to look after for example. Then you really cant afford the risk. But on the other hand if you are starting out as a young entrepreneur, you need to make some mistakes. Its the best way to learn. You tend not to make the same one again when it costs you money. The amount you learn running your own company compared to being an employee is vastly greater because you see everything in a different way.

I agree. I started a business that will enter it's 9th year this year.I had trained at the service we provide so know the subject matter extremely well. I still wasn't prepared for all the other crap that came with it, collecting money, dealing with staff issues, VAT, PRSI, income tax, Rates etc.

If you don't know the service you intend to offer fully it may be a lot too handle along with all the other stress's of running a small business in Ireland today.

LauraOrlagh

Bob go talk to a business mentor or someone in your local Enterprise Board and get a professional opinion - it could work - or it could be a total disaster, none of us will know unless we know what your idea is and your business plan. You can talk to someone in your Enterprise Board for free and they'll point you in the right direction either way

Bob Z

It wAs an idea for a shop for fixing shoes. I thought with the reccession people wouldn't be so quick to buy new ones. But I'm too late someone else has beat me to it recently