Upstart Start-Ups

Case studies always help to bring a subject alive but when a complete book is based on real life people and their experiences, then it makes an interesting read. Upstart Start-Ups is one such book.

Ron Lieber interviewed 34 young people who took the plunge to start their own business. They have faced the expected challenges of youth, inexperience and the usual lack of money and Ron shows how each of them have tackled the accomplishment of their dreams, sometimes with amusing results!

Each chapter considers the key points when you are starting a business. So, what can you learn and what pitfalls can you avoid by reading this book?

Why do people want to run their own business and risk losing the ‘security’ of paid employment? One guy, who runs a drinks business, sums it up nicely when he says, “To me this is an alternative way of making a paycheck so I don’t have to work for someone else.”

All the owners featured have a healthy dose of self-confidence and it’s clear that without this, you are never going far. Having goals and a vision is usually cited as a must, but some of the entrepreneurs stumbled across their new business ventures, going to show that you don’t have to follow the conventional track.

If you are a budding entrepreneur but have yet to trip over a stunning business idea, the chapter on how to come up with a brainwave, will be of help.

First of all, take a good look at your skills and expertise. You may possess something which people are willing to pay for. There’s the story of one guy who started out doing the odd bit of project research on the side, and quickly realised that he was in demand.

What about stealing someone else’s idea! Replicating a Mexican fast food restaurant concept was what one person did and brought it to his home town and cleaned up. These stories make you realise that you don’t have to be totally innovative to be a successful entrepreneur.

Something I have not seen in too many start-up books is a section on how to choose and work with a partner. What makes a perfect partnership? Trust and someone with a different set of skills than you, that’s what creates a great partnership.

The importance of finding the right partner is summed up by one of the entrepreneurs who says, “Partnering up with someone is at least as serious as getting married.” That’s pretty serious!

For any start-up, finding the cash to get the business off the ground is always a challenge. Our young entrepreneurs suggest a number of sources of ready cash. The best is to let the business fund itself by using cash generated on a daily basis. OK if you can start your business for nothing, but there are not many businesses like that.

The next way is to use your own savings, a second job, or even drawing the maximum off your credit card. Banks will sometimes fund start ups but you have to have a compelling Business Plan (see our advert on page 6!).

Lastly, family and friends are quoted as a potential source of cash, but this is fraught with problems and could quickly lead to strained relationships.

With other chapters on finding customers, marketing, hiring and firing employees, this is a useful and entertaining read. The real life examples provide useful tips for businesses at all stages of development.