How I Made It

"Read this book to inspire you when the going gets tough, to reassure you
when you've run out of ideas and to give you a kick up the backside when you are
feeling sorry for yourself. But whatever you do - read it"

Reading Chronicle

"How I Made It" is basically a collection of very short cases of 40 successful entrepreneurs and how they managed to make "something out of nothing". Rachel Bridges simply compiled the articles she wrote during her work @ The Sunday Times in the period between 2003 - 2004.

The first chapter of the book discusses the characteristics she found common "or read" about an entrepreneur...those who studied "entrepreneurship" would feel like they are rereading a chapter of their course.

Characteristics:

Age: You DON'T have to be young to be a successful entrepreneur.
"John Mudd was in his mid-fifties by the time he felt brave enough to take the plunge and start up his own snack company. Stephanie Manuel spent decades secretly dreaming of setting up a theatre school for children while she raised a family of her won. She finally got the opportunity to turn her dream into reality at the age of 44"

Inspiration: The concept of starting with a "new idea" arise. How do those entrepreneurs get their ideas:

• Resulted from a need that had to be satisfied: Heather Glichrist decided to open a children's nursery in Edinburgh because all the nurseries where full by the time she decided to take her son to nursery. الحاجه أم الإختراع
• Turn their hobbies into a business: Rory Byrne started a company that offered skiing holidays at the resort he used to ski at since he was four in Switzerland.
• Adopted the concept of the idea from somewhere else: Harry Cragoe decided to start selling smoothies in his country after he found out that it was "popular in California".

"You don't have to reinvent the wheel to be a successful entrepreneur.
People often find their inspiration from utterly mundane things. The
secret is to be able to spot a gap in the market and then be able to fill that
gap" Ros Taylor, Chartered Business Psychologist

Finance: One of the things that could be considered a challenge to entrepreneur's is debt financing from the banks for banks would require a guarantee and previous record. However, there where other types of financing some of which i would consider "equity financing" .

• Daniel Mitchell funded his first company selling office equipment entirely on credit provided by suppliers after he realised he could pay them 30 days later than his customer's paid him.

An example of a grant as well as a "rent-free in return to service" where other examples.

"The Best way of controlling the financial risk is to get others to share the
risk with you" Professor Gray

A Last Dot:
Qualifications, risk, motivation & attitude are other characteristics. I shall post them later during the week. (if interested)