Starting a Business

Almost every business start-up checklist that aspiring entrepreneurs will read, refers to “must know” information about legal issues, money management, sales, marketing and operations. In fact, success as an entrepreneur not only relies on your knowledge and effective execution of these fundamentals, but also requires a constant commitment to keep growing and gaining knowledge in these areas. Fortunately, there are many resources available for small businesses in the form of professional services or public agencies available to help us augment our own skills in these areas at affordable rates. As we busy ourselves getting on top of these business-technical skills to manage day-to-day operations, it doesn’t take long for us to realize that these skills, although essential, might not be enough to make your business start-up succeed.

What could be missing? Maybe it is that other, less talked about, business start-up check list – the one that speaks to the actual success behaviors necessary to run and grow your new business. Skills or traits such as judgment, confidence, agility, and creativity are some of the critical intangibles that are hard to measure, next to impossible to farm out but critical for start-up business success. For most of us it’s relatively easy to look at the numbers and know if cash flow is good or bad or to look at a marketing plan and say if it worked or not. On the other hand, however, it might be hard for many of us to own up to having limited knowledge or weakness especially if we are fearful that admission might force us to shelve our dreams of business ownership. The fact is, we can significantly enhance our chances of new business success if we take the time to inventory our skill set and put strategies in place to enhance those skills we can and seek help and support where we struggle.

For most of us, much of this self discovery will take place once your start-up is in motion. In other words, we will learn on the job. Our hope, of course, is that it will happen early enough to avoid serious consequences. However, with a little bit of introspection and honest evaluation of our preferences or behaviors, we can actually examine our own tendencies and put corrective actions in place early.

Business is driven by a single ethical law and it’s simply this: Will the world be a better place as a result of this activity or not? If the business activity does not pass this test, we have an ethical problem. However, before you can answer the above question, you need to define the words “better” and “world.” In other words, whose world are we making better? This is where the debates begin.

Let us look at an example of this law in action. A pharmaceutical company wants to stop people using generic penicillin in Africa. One night the company’s chairman is confronted by his son who recently came back from Africa. The son asks, “Dad, how does stopping people from using generic penicillin make the world a better place? How can you even sleep at night knowing that these people in Africa need the generic penicillin at thirty-four cents and you want to increase the price to five-dollars? How does it even help your shareholders? How much extra money could you possibly get from these African nations anyway?”

Now the only way the chairman can argue against this ethic questions is to say, “Ah yes! Let me tell you why the world would be a worst place. If we continue to allow generic penicillin drugs to be sold at thirty-four cents, I promise you that those cheap drugs will be all over America and Europe. If that happens, we will lose money causing our shareholders to run away. Do you know that seventy-five percent of all our shares are owned by pensioners? We are owned by pensioners and the reason why pension funds are in a mess is because companies do not respect their trust. We need to preserve their capital and grow their wealth. Furthermore, for us to grow their wealth, we need to earn one billion dollars on every drug to begin making a profit and we only have ten years to do it before our patent expires. If generic penicillin is allowed to stay at thirty-four cents, it will close down the whole private pharmaceutical industry. As a result, I believe hundreds of millions of more people will die from perfectly preventable diseases because you would have destroyed research and innovation in this sector.”

That is the debate. Which is better? Which decision will produce a better world for human kind? Taken into account shareholders, those in Africa, the chairman ability to sleep at night, what the staff actually thinks, what the media will say, etc. This is how ethical debates are thought through, and how you get global ethics which affects the marketplace every single day.

Leading us back to the most important theme of all which is: The ethical purpose of every business is to make the world a better place. Every product made, every service delivered, every contract signed is done on a promise. For examples, companies promise that: when you eat their chocolate it will give you a nice feeling inside and you will not die; when you drink their milk it will not be poisonous and that it will be the substance of life itself; and when you come to work for us, we will give you a great career, we will stretch you, and we will also respect the fact that you have a family. Therefore, when it comes to your business, your purpose is to deliver on your promises every single time. As you do this, you will be profitable. The profits will come from: delivering on your promise every time, making promises you can keep at a reasonable price, and providing tremendous quality. The most successful companies and most sustainable understand this-that we are in business to make the world a better place.

A lot of people are attempting to start a small company. One of the ways that most people are doing so is by going online. The reason is that the internet is the simplest way to operate a small business. You do not have to pay for the buildings and the construction work that would be done for most business that have a brick and mortar location. Instead you just have to pay for a hosting service. This is a lot cheaper than the old traditional way o running a small business. However, you might not want just any web host; you want organization web hosting service.

The reason that this is the best type of hosting service for a small business is that it is designed for a business. One of the good things about this is that there are professionals that offer to do the site for you as opposed to leaving you with only the choice of making your own site. They will also help you with the logo designs and templates that will drive traffic and customers, which is another feature that is attractive about this type of service.

Business web hosts do not just let you have your website and then leave you on your own. They will give you the tools and the services that will help you build your brand and gain awareness so that you can easily achieve your goals of success. They will also provide you with the tools like e-commerce tools which will make it a lot easier for you to do business. After all, if you are not able to accept payment, then your business is going to fail and you will lose money. The beauty of this is that they will give you all of the help that you need.

If you are a small business owner, a large business owner or are thinking about getting a business going, then you should look into a hosting service especially for businesses. They are designed so that you can run a successful business. Even though success is not guaranteed even with these services, it will be much easier than with the other types of hosts.

You get all of the same features that you get with the other hosts like videos and firewall protection as well. Business web hosts are the hosting services that you should get so that you can maximize your chances.

Qatar is one of the most progressive countries in the Middle East, with a strong economy and plenty of opportunities for expats. The Qatari government realise that with such a low indigenous population, workers and businesses from overseas are essential to maintain the country’s growth – and with the 2022 World Cup being held there, there has probably never been a better time for starting a business in Qatar.

If you’re thinking of taking the plunge and starting a business in Qatar, there are several things that you need to know in order to make sure that you meet company formation regulations. When you set up any business, you need to start as you mean to go on, by following protocol and doing things right in the first instance.

Setting Up A WLL Company In Qatar

The most common type of business formed in Qatar is a ‘With Limited Liability’ company, or a WLL. By setting up a WLL in Qatar, your personal assets are protected, so if the business doesn’t work and you end up having to declare the company bankrupt, you won’t suffer on a personal financial level. This kind of protection can be invaluable, helping you to proceed in confidence without worrying from the outset about personal liability.

Another essential element that you’ll need to get in place for your new business is a local sponsor. Unlike most countries, the process of company formation in Qatar requires you to have a Qatari partner who will sponsor your company and provide important local information to help you along the way. This Qatari sponsor must own over half of the business, making them the majority shareholder – although they are not necessarily required to invest any capital in the company. The need for a sponsor in Qatar doesn’t apply to every type of business and there are consultancies around who can help you to secure that vital sponsor if needed.

Other Important Elements Of Starting A Business In Qatar

In addition to a local sponsor, you will need to open a bank account with at least QAR 200,000 as part of your company formation in Qatar. You will also need to make sure that you have the right visa for yourself and your family before you start your business in Qatar and you must register your business with the appropriate ministry and the Qatar Chamber of Commerce. Other requirements include obtaining a business and signage license, organising a company seal and registering with the tax office.

The transition from typical employee to business owner / entrepreneur can have its challenges. The upside is outstanding but there are also risks that should be considered. The path to entrepreneurship and starting a business will have you facing many challenges with one of the biggest being the financial strain when you first begin. No longer relying on a steady pay check or the benefits you’ve come to rely on as an employee can turn many potential new business owners off. Depending on your resources you will most likely be starting off with you being the only employee. This means you will be faced with tasks you may not enjoy or up to this point have no idea how to do. The basic nature of an entrepreneur however is to have the desire to overcome these challenges and stair adversity in the face with the confidence it takes to succeed.

I’ve written this not to scare or deter you from chasing your dreams but rather in an attempt to make this leap as successful as possible by sharing what I’ve learned over the years and having gone through it personally.

1. Begin by considering what it is in life that you’ve always wanted to do.

Now if your forty years old and always wanted to be an astronaut that’s not what I’m talking about. I’m asking you to consider what you truly enjoy doing such as helping people or providing a unique service, physically building something just what you believe would make you happy and that you are passionate about. Don’t think about the money yet brainstorming ideas about starting a business begins with passion first we will be determining the commerciality of your choice later.

Preliminary Checklist of Your Readiness to Start a Business

I am willing to accept the risks and initial instability that comes with starting a business
I am able to rely on myself 100% I can make decisions that make or break my new business.
I work effectively on my own motivating myself without supervision. I do not rely on others.
I am goal oriented and will work at completing my goals everyday without exception.
I can visualise opportunities and have the confidence to go after them.
I can handle the stress and pressures that are inherently apart of starting a new business. Even when things do not go as planned I believe I can overcome any problem.
I posses the drive, determination and willingness to work long hours to make my business a success.

2. Determine The Business Ownership That’s Right For You

The Three Main Ownership Options when Starting a Business are:

Buy a Business that already exists.

Traditionally buying a business will be more expensive but does have its advantages. Start up can be the most gruelling part and establishing a customer base is no easy task. This may interest those who want to hit the ground running and have the budget to do so. Do your due diligence with any business you consider buying. Why does the current owner want to sell? What is the market conditions like for the business? Will there be new competition just around the corner that the current owner failed to disclose. Make it you priority to research everything before jumping in.

Franchise

Purchasing a franchise is a great way to lower the risk of business ownership but it has its pros & cons. A franchise is established providing a track record and the ability to review other stores profitability. You are buying a brand that already has customer awareness so there are fees for this. Start up fees and ongoing royalties are part of the deal when it comes to owning a franchise.

Start Your Own Business

This is for the true entrepreneur. Where you are the boss and your vision comes into reality. You will decide what’s right for the business how fast to grow it and what direction it will take. This is not always the cheapest option as is sometimes suggested. Sure there are thousands of cases where someone started with $500 and turned it into a thriving business but this is all dependent on the type business you decide to start what skills and resources you already have etc.

3. Zero in on the Business you want to start

Consider these three different options

Start a business in a high growth market or new up and coming trend,

This business plan takes a bit more guts but in many cases that’s where you get the glory. If you consider yourself good at spotting new trends this can be your ace in business. Setting up shop in front of an up and coming trend will help to position you as a leader and an authority within the space. This allows you to grow at an explosive rate if things really catch on. Choose it wrong though and you go down with the ship so do your research there may be a reason why other businesses are not in the space. Some say to focus on where the completion is already the reasoning behind it being that if others are making money there chances are you can to. Just be cautious and as always do you research thoroughly.

Turn your current employment into your own business-

The path of least resistance sometimes is sticking with what you already know. Especially true if you already have a passion for the business you’re currently involved in. You may see opportunities on how things could be done better and most likely already have industry contacts that will make your transition into entrepreneurship that much easier. I would suggest reviewing any employment contracts you signed before taking this approach. There can be no compete clauses or conflict of interest arguments if you plan on starting your business before actually resigning.

Start a business based on a hobby or interest

This can be one of the most exciting aspects of starting a business. The age old saying that really sums up this one is if you love what you do you’ll never work a day in your life. It’s not all roses here either though. A close friend of mine had a loved for the outdoors and decided to give up his sales job to pursue his passions as an eco adventure guide. He quickly found that as a complete start up the accounting and proper bookkeeping was something he absolutely hated. He was fortunate that he was able to pull from many of his corporate sales contacts to build his new business quickly positioned as a corporate team building activity. This quick growth allowed him to hire the accounting help he needed to stay clear of any tax troubles down the road and allowed him to stay focused on growing his business. Always be looking for synergies even if the business your started seems unrelated to what you old profession was there may be opportunities to be discovered.

4. Begin to research the Commerciality of your business idea

I would always recommend drafting a proper business plan, some may skip this step and if so it’s important to at least answer the following.

Determine what skills are needed to operate the business. Do you currently posses any of these skills or are you willing to learn them. Without the skills how will you learn them and what costs are involved.
Determine the actual business operation, how it works, who are the customers, what are the products or services being offered.
Does your business have commercial legs meaning what is the supply and demand within your market?
What equipment, supplies or facility is necessary to operate this type of business?
Forecast any possible overheads your business will be incurring when operating.
How much capital is needed to start the business? Would banks entertain the idea of financing or is venture capital required. Do you currently have personal funds set aside or are friends and family willing to help. (Essentially where will the start up money come from?)

When everything has lined up just right how will you proceed?

Resign or quit your job right way to begin working on the business?
Stay employed while you begin the leg work (evenings & weekends)
Reduce your current jobs weekly hours to dedicate more time to your new business
Recruit an employee to begin laying the foundation while you’re still employed with steady income

5. Include your family in your decisions

Having the support of your family will be a huge consideration when you decide to start a business. When your single without commitments there is far less to consider outside your own mental an physical well being. Remember it’s your dream but they too will experience the hardships that starting a business can create. Make sure you already have or have planned for the needs of your household during this transition in to entrepreneurship. The recommended financial security is between 6 and 12 months living expenses ensuring you will have the ability to survive any bumps in the road during those first few months after starting your business.