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Legal Risks

Any capable entrepreneur starts out knowing the laws controlling his business. Trouble is, laws can change. New health and safety regulations. New labeling requirements. New rules and guidelines for how you treat your staff.

Human Factor Risks

Unless you're a one-person show, you'll have to gamble that you can hire reliable employees. Doing so involves several smaller gambles:

Can you hire qualified staff without busting your salary budget?

Are they as competent as their resume makes them look?

Are your employees trustworthy, or will pieces of equipment disappear when you're not looking?

Will your best employee take a higher-paying job elsewhere?

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There are many benefits of starting your own small business as you can have as many breaks as you want. You can start your own business

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(Antonia)

~ is there demand in the market for the product(s) or service(s) you want to provide? or are you going to lose everything?
~ how and where is the best place for selling your product? Is there availability in this area for you to put yourself in?
~ are you going to make it through the loss stage of the business opening?
~ are you going to be stuck with loans you can't repay?
~ do you have someone you can trust to share the stress and offer advice?
~ have you completely thought through your business plan?
~ do you have staff ready to start?
~ can you pay the staff? are the staff reliant, competent, and trustworthy? are they going to cause damage your reputation and customer income/loyalty/sales?
~ are you using up all of your savings?
~ do you have other businesses in your name? are you going to damage your reputation?
~ are you up to date on the laws related to your business? are your health and safety regulations up to date? can you be shut down because of these things?

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Introduction to small business start up 

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Introduction to small business start up 

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Staring a small business can be very rewarding and lucrative, however, it is not withour problems and risks.

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What are the most likely reasons for small business failure? 

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What are the most likely reasons for small business failure? 

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"Small businesses fail because they run out of cash." A statement such as this is 100% accurate but completely unhelpful. It's like saying: "The patient died because he or she stopped breathing." When people set up their own business for the first time, three issues come up time and time again, often resulting in early-stage failure.

The first is not fully understanding what they are letting themselves in for. It's important that you go into any new venture with your eyes wide open. In all honesty you cannot do enough research and homework before you start. The more unfamiliar the territory is to you, the higher the implementation risk.

The second is getting paid - bad debts often become a major issue. Lack of capital will destroy your business over time, lack of liquidity will destroy it in a heartbeat, and accounts receivable is your biggest contributor to liquidity. It is imperative therefore that you devise a strategy that will facilitate your being paid promptly, whether your clients are small businesses, multinationals, or public sector entities.

The third reason for failure is choosing the wrong business partner(s) to help grow the business. It is very difficult to steer two or more people onto the same page from the outset; it's even harder to keep them there. People drift for a variety of reasons, or they may not subscribe to the same code of conduct as the founder. Do not take any chances - try to find a way that you can collaborate before formalising matters, so that you have an opportunity to see how you interact in practice. If this goes well, then you can proceed. If you have the slightest doubt, then take that as a sign not to proceed, at least not immediately.

Once you prove to yourself and the market that your model works, life becomes a great deal more complex as you look to take your business to the next level. As part of my research for the third book in my Crew to Captain series, I assembled the following pieces of advice:

1. Making decisions based on insufficient management information (MI) is not going to help. Make sure your MI is timely, meaningful and relevant. Furthermore, make sure you understand the financial drivers in your business, in particular your gross and net margins and your breakeven point.

2. Businesses without a plan B often fail. Make sure you have a risk register, with countermeasures to eliminate the main risk in your business.

3. Cash is, and will remain, king. Make sure your expansion can be supported by either long-term capital, working capital, or both. Without cash, your days are numbered. An expansive order book is no use if you cannot pay your bills.

4. Avoid concentration risk - it's great if you have a significant predictable revenue stream each month from one client, but what if your key sponsor leaves?

5. Don't lose sight of your core values - they should be enduring and if you lose them you are building your house on sand, in biblical terms.
David Mellor is a business mentor and author. His latest book, From Crew To Captain: A Privateer's Tale, is out now. This content has been sponsored by Xero, whose brand it displays. All content is editorially independent. Sign up to become a member of the Guardian Small Business Network here for more advice, insight and best practice direct to your inbox.

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David Mellor, business mentor and author

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The top reasons why small businesses fail, and what you can do about it

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"Small businesses fail because they run out of cash." A statement such as this is 100% accurate but completely unhelpful. It's like saying: "The patient died because he or she stopped breathing." When people set up their own business for the first time, three issues come up time and time again, often resulting in early-stage failure.

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What are the risks involved of starting a small business ?

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Starting a business has never been more exciting. The startup economy is rich with opportunity, innovation and potential. But at the same time, it is also fraught with high-stakes risks. And while it may be scary to take that leap of faith, jumping into the deep end of the startup pool is significantly less intimidating once you understand and assess these risks.

In my experience as a serial entrepreneur (having sold one company and taking another public), I have found there are five key risks in starting any business. Fortunately, if you are able to identify these risks early on and determine how to approach them, you will up your chance for success.

1. Product risk. Decide what you are selling. It seems like an easy thing to determine -- especially for an entrepreneur. But the ability to explain what your product is, the problem(s) it solves, and why it's worth investing in is much harder than it seems -- and it must be your top priority when starting a business. If you can't do that, you can't expect people to pay attention, let alone part with their investment dollars.
Related: The 4 Pitfalls Small Businesses Face
This is a controllable risk: You need to ensure the product addresses a big enough market, and the right opportunity within that market, at the right time. It is imperative to do the research, know the landscape, and be able to clearly articulate how your business fits within the context of this landscape.

2. Market risk. Knowing your customer and why, how and where they buy related products is arguably the most important risk factor to assess before launching your product. Research this thoroughly. Identifying these routes to market, and whether you can build them effectively, in a timely fashion and within your budget, could easily determine the success of your business. If the market risk falls in your favor and you get into your market early enough, there's no reason why your business can't succeed.

3. Financial risk. First-time entrepreneurs are fortunate to have tools such as Kickstarter and Indiegogo that enable crowdfunding to get money in the bank. In addition, friends and family, angel investors and traditional VCs are all fertile sources of this necessary life blood.

Make sure to identify key business milestones and schedules that clearly identify the points in time when equity or debt investments are necessary to reach the next major milestone. If you can articulate your business plan, growth path and reach each milestone successfully, this builds the confidence in your potential investors to write the next check.
Related: Don't Make These 10 Startup Mistakes
4. Team risk. There is no way that one person can vanquish every risk. That's why it's important to have a great team and a personal sounding board -- a mentor, confidante or even a startup incubator to help prepare for each challenge. Your team is also great for bouncing around ideas to build a product, bring it to market and maintain successful growth.

Think through your role as an entrepreneur and allow the team to do what it does best. Invest in people who believe in your product and instill a sense of confidence that they can help get your company across the finish line.

5. Execution risk. Many entrepreneurs can become so mired in the details that they completely lose sight of the overall company trajectory and strategy. Alternatively, some company founders remain at a high level and overlook crucial details that result in major problems. What I discovered early on is that a dichotomous approach of assessing the details, at least in the early stages, while maintaining a keen focus on overall business execution, will ensure the highest likelihood of long-term success in building a great company It is essential to strike a balance between being the micro-manager and the 30,000-foot-view strategist.

Some risks you can control, and others you can't. To be a successful entrepreneur, you need to take counsel from others on how to mitigate risks. But never allow one person to have 100 percent influence in the decision-making process. Participate, evaluate the risks and don't be afraid to pivot.
Related: Don't Just Embrace Failure -- Learn How to Manage It

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When Launching Your Startup, Consider These 5 Risks

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Starting a business has never been more exciting. The startup economy is rich with opportunity, innovation and potential. But at the same time, it is also fraught with high-stakes risks. And while it may be scary to take that leap of faith, jumping into the deep end of the startup pool is significantly less intimidating once you understand and assess these risks.

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What are the benefits of starting a small business?

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What are the benefits of starting a small business?

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List as many as you can here

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Startups.co.uk: Starting a business advice and business ideas

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With the right planning, effort and a little bit of luck, 2017 could be a great year to start a business. But why would you want to go it alone in the first place? What are the advantages of starting up a business?

Here, Startups gives 10 great reasons for starting a business...

1. You are your own boss

Sick of your manager giving you a hard time in a job you loathe? If you start up your own business, the only person you have to answer to is yourself. Being your own boss gives you the freedom to do things your way and implement your own plans. Of course, you live or die by your decisions, but that's what's good about it isn't it?

2. You get to do what you're interested in

If you are stuck behind a desk selling insurance over the phone to uninterested pensioners, the chances are that you would rather be doing something else. The good thing about being an entrepreneur is that you choose what kind of firm you start up, and where. So, providing that you've done your research properly and there is a gap in the market, you can turn a hobby or interest into a profitable enterprise.

3. Your business = your deadlines

Clocking on and off in a drab job that generates profits for your cigar-chomping boss can become slightly soul-destroying after a while. Start your own firm and you get to set and meet your own deadlines. Of course, you won't be able to just lie in bed until 2pm thinking that you might do a few hours of work after your favourite television show has finished - you will need self-discipline. But meeting your own targets can be a huge motivation to work hard and drive the business forward.

4. Get creative

If you have considered going it alone, you will have thought out how you would do things your way. Being an entrepreneur gives you the freedom to express yourself and develop your concept in any way you choose. Of course, there are always financial constraints, but the ability to be as creative as you like is far more appealing than a one-dimensional job.

5. It's not that hard to do

The news is full of stories about the amount of red tape and taxes that small businesses have to face on a daily basis. However, over the past few years, several measures have been introduced that should make it easier to go it alone. From the Enterprise Finance Guarantee to various inner-city projects, the government certainly can't be accused of doing absolutely nothing for budding entrepreneurs. With the Prince's Trust, Shell LiveWIRE and other support organisations also up and running, you should be able to secure the help and funding needed to get you started.

6. It can be very profitable

If you think that it's just large corporations that make big profits, you would be wrong. There are countless stories of entrepreneurs hitting on a great idea, exploiting it well and being well on their way to their first million by the end of the year. Although the start-up process can be tough, with long hours and little money not uncommon, if you run your business well, the rewards can be huge. And, from a purely selfish point of view, you will get most of the profits yourself.

7. It's varied

Dealing with spreadsheets one minute, suppliers the next and then having a look around your new office - an entrepreneur's work is not just busy, it is also extremely varied. If you are uninspired by your monotonous job, starting your own firm will keep you on your toes and stretch your abilities to the maximum. If you want a career where every day is different, going it alone could be for you.

8. You can have a second career
See also: Ten reasons to start a business while working
Of course, if you don't fancy giving up a regular income, you can always get the best of both worlds and stay as an employee while running your own firm. Although juggling the two can be tricky, having a successful sideline should be a very profitable option. Do something that you are interested in and go for it.

9. Cut the commute

Although most small firms operate from offices, many entrepreneurs find that operating from home reduces costs dramatically in the early stages. As well as providing familiar, comfortable surroundings to work in, if you are based at home you do not have to endure the daily tangle with public transport or clogged up roads.

10. The big dream really can become reality

You may feel that starting up a small business won't lead to anything more than having your own desk and taking on a few extra staff so you can open that branch in Bracknell that you always planned. However, it is possible to make it really big - just look at the late Anita Roddick, who became a Dame thanks to her entrepreneurial achievements. She started a small shop in Brighton on a shoestring in the 1970s. Before long, she had a chain of Body Shop stores across the UK and was launching her concept in the USA. So, if you dream of being the next Richard Branson, don't dismiss it at a mere fantasy - it really could happen.

So, what are you waiting for? Follow our 10 steps guides here to make your business idea a reality.

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10 reasons to start a business | Startups.co.uk

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With the right planning, effort and a little bit of luck, 2017 could be a great year to start a business. But why would you want to go it alone in the first place? What are the advantages of starting up a business? Here, Startups gives 10 great reasons for starting a business...