Building a career About business The education business

Case study Angels or demons

1

In fact, you need to be able to answer ‘Yes’ to all the questions, with the possible of exception of 10, where you could (and probably should) bring in outside help.

1. 
   Are you ready for a complete change?
   

The shift from worker to boss can be seismic. You lose whatever security you had as an employee, and gain all the responsibility, at least initially, of everything starting and stopping with you.

2. 
   Are you up for learning hard and fast?
   

The learning curve never really stops. It keeps going. You are always developing new skills and you have to stay open to doing that.

3. 
   Are you willing to take advice from others?
   

You can’t afford to ignore good guidance, but at the same time you do have to be

confident of your own vision.

4. 
   Can you stay self-motivated, even when faced with disappointment and
   

difficulty?

When you think about running your own business you may initially be filled with excitement at what is to be, but what will happen to that enthusiasm when something goes wrong?

5. 
   Can you be emotionally resilient?
   

Running a business for yourself, often by yourself, can be lonely. You will need to develop ways of coping with this and ensuring it doesn’t become too much of an issue.

6. 
   Are you able to think laterally?
   

A creative approach to seeing situations can be a real asset in business.

7. 
   Are you able to build up good working relationships?
   

You have to be capable of creating good working relationships with everyone, from staff and suppliers to clients and potential clients.

8. 
   Can you manage your time?
   

Most of us know we should work to Smart (Specific, Measurable, Realistic and to a Timescale) objectives. But there is appreciating the theory – and there is applying it. Will you be able to stay focused?

9. 
   Can you work under stress?
   

Are you the sort of person who panics under pressure or do you perform best when pushed?

10. 
    Are you good at financial management?
    

Are you willing to get to grips with the basics, possibly even the details, of business finance? Are you also prepared to be organised and systematic with all the subsequent paperwork?

1. 
   Because the bank wouldn’t lend Kate and Luis $50,000.
   
2. 
   Nothing in terms of money, but possible contacts with business angels or venture capitalists who may be interested in investing in good ideas.
   
3. 
   So that they can think about their own ideas in a real restaurant environment.
   

Business name: Kaluma Business name: Kaluma

Outline: medium-sized restaurant, organic food, emphasis on fair trade

Target customers: not defined specifically because customers will come if the product

is good

Core products and services: healthy, organic cuisine, cool atmosphere, concept Management team: Luis Hernandez – General manager, Kate Shapiro – Financial manager, Mario – Head chef

Keys to success: location, training and good service

Financial summary: Turnover: $380,000 in Year 1, $550,000 in Year 2

Mission: to be a great place to eat with an engaging atmosphere and to provide great, healthy food

7.