I recently heard from Jonathan Kay of Grasshopper who wanted to share a video with you all. The clip is an inspirational message to all potential entrepreneurs to encourage them to start their own business and work together to get the economy back on track.

The positive message of the video is accompanied by some uplifting music and visuals which I am sure you will enjoy.

 A small business quote a day keeps you thinking, inspired and entertained 

 “The entrepreneur is… the most important player in the building of the global economy. So much so that big companies are decentralizing and reconstituting themselves as networks of entrepreneurs.”

 John Naisbitt (b. 1929) US business executive & author, Global Paradox (1994) 

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A small business quote a day keeps you thinking, inspired and entertained 

“The real challenge is creating an entrepreneurial atmosphere in what can easily amount to a big bureaucratic company.”

Percy Barnevik (1941) Swedish former CEO of ABB, quoted in In Search of European Excellence (Robert Heller; 1997) 

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A small business quote a day keeps you thinking, inspired and entertained 

“Just starting a company was a badge of courage, and the entrepreneur became an instant hero.”

Regis McKenna (b. 1939) US marketing entrepreneur & chairman of The McKenna Group, referring to high-technology industry entrepreneurs in 1990s, Relationship Marketing (1991) 

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A small business quote a day keeps you thinking, inspired and entertained 

“Being an entrepreneur is about having the will and determination and not being frightened of getting it wrong.”

Jason Drummond (b. 1969) British Internet entrepreneur, Sunday Times (October 2000) 

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A small business quote a day keeps you thinking, inspired and entertained 

“Masters of entrepreneurial judo.”

Richard D’ Aveni (b. 1950) US strategist, ‘The Mavericks’, Fortune (June 1995) 

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A small business quote a day keeps you thinking, inspired and entertained 

“Money isn’t what motivates entrepreneurs; it is acknowledgement – a craving for your ideas to be acknowledged.”

Reuben Singh (b. 1977) British entrepreneur & author, Management Today (September 1999) 

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Although many people decide to try and realise their dream of starting their own business, unfortunately it often turns into a nightmare for them. It is estimated that around a third of new small businesses fail within two years and that figure rises to more than 50% over five years. The problem that many face is making simple mistakes due to their inexperience and unfortunately these turn out to be extremely costly, resulting in the business failing before it ever really had a chance to grow. This article examines five of the worst rookie errors that a business owner can make. 

The most common mistake is to underestimate the level of capital that will be needed in order to safeguard against miscalculations or economic slowdown. It takes time for a business to build and for the first few months you may only achieve a small number of sales. In order to keep the business afloat during this difficult period it is advisable to have around three times the amount of capital that you expect will be needed. 

Another problem that small businesses have is mainly due to the attitude of the business owner. If he or she is stuck in the mindset that the business is too small to aggressively compete with and win customers from larger competitors then it will always suffer from a lack of drive and self-belief. 

It is also generally a big mistake to think that you can save money by under-investing in technology. This applies to all aspects of your business - for example you could save around a thousand dollars by purchasing a very cheap computer for the office. However, this hardware would be far more likely to break down often and cost you money in terms of hours wasted. One of the greatest advantages of being a small business is the ease in which you can quickly implement new technology into the way you work, whereas any change for a large company is a lengthy and expensive process. 

Also, it is important not to lose focus of your main priority as a small business: making money. Being creative is wonderful but you must be able to monetise your ideas or sadly they are useless to you. Every business needs someone dedicated to sales (even if it is just you) to make sure that customers keep coming through the door. 

Finally, do not lose focus of the direction in which you are headed. It is easy to become distracted or head off on an unprofitable tangent. Make sure that you have a clear vision of where your business is ultimately going and make specific plans with achievable goals to steer you in the right direction. 

A small business quote a day keeps you thinking, inspired and entertained 

“I found that everywhere articles, especially drugs, were being sold at ridiculously high prices… My idea was simply to buy tons where others bought hundredweights or less, thus buying more cheaply.”

Jesse Boot (1850-1931) British entrepreneur & founder of Boots pharmacy chain, 1930, reflecting on his early success in mass-marketing Epsom salts, quoted in Enlightened Entrepreneurs (Ian Campbell Bradley; 1987) 

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A small business quote a day keeps you thinking, inspired and entertained 

“Too much creative involvement can blind an entrepreneur to the hard reality of the bottom line.”

Heather Robertson (b. 1942) Canadian author, Taking Care of Business (1997) 

To find previous Quotes of the Day look here