Successful enterprise involves more than a good idea

Today marks the end of the current series of Business 2000, and somewhat unfortunately, the start of summer exams for many of you.

Before The Irish Times office is inundated with calls from dejected students, anxious to know where they can get their next Business 2000 fix, it is worth taking the opportunity to assess what exactly it is we have learned in the past eight months.

The aim of the Business 2000 initiative - and this column in particular - has been to act as a starting point for the discussion of themes to do with business studies in classrooms all over Ireland. One of the main ways of doing this has been through real-life examples of individual businesses, and the situations they find themselves in on a day-to-day level.

This is something that is, in turn, reinforced by the in-depth case studies provided by the Business 2000 resource pack and website.

There are a number of key points that have emerged from this approach. Perhaps one of the most obvious is the need for any young entrepreneur to plan ahead in order to succeed.

Pro-active measures such as sound market research, a well-developed business plan, and the ability to persuade investors, however reluctant, to part with their money, all contribute to a business successfully getting off the ground.

It is also always a good idea to start small, where possible.

Clearly, the personal qualities of the promoters of any idea also play a central role in this process.

Through interviews with several successful entrepreneurs, in a wide variety of industries, it soon became clear that while a good idea is fundamental to a good business, it is not enough in itself.

Individual drive, a belief in the task at hand, and the ability to see the bigger picture whilst in the midst of the inevitable chaos associated with any start-up, are all hugely important.

Moreover, a willingness to deal with the more prosaic realities of business life is also essential.

While tax, PRSI and pension provision are not always the first things which come to a young entrepreneur's mind, each plays a part in ensuring a well-run company, which can in turn attract the best staff.

Much depends also on the type of business you are considering entering.

Even established businesses have to strive to stay ahead of their competition, through diversification, competitor intelligence, or the ability to adapt to changes in the market by repositioning their brand.

The latter can involve a root-and-branch re-examination of a company's brand proposition, perhaps even necessitating the development of a new brand logo or symbol.

At other times, it can simply mean an analysis of what it is that differentiates your product from what your competitors offer, using this as a starting-point to begin a fresh assault on the market.

It is also vital that established businesses work hard to retain their existing customers.

It costs five to 10 times more to attract new customers than it does to retain an existing one, we have been told.

As one of our contributors put it: "It is what you do after you have done what you're expected to do that counts."

Finally, companies can gain much from being seen to be socially aware and socially responsible.

While this can be achieved in a variety of ways - including sponsorship of worthwhile events, the development of eco-friendly products and policies, and the application of corporate social responsibility plans - it ultimately has, as its end goal, an increase in the turnover of the enterprise concerned.

The aspects above by no means represent everything we have examined this year.

But in some small way, it is hoped that this column has provided you with some of the tools you need to further your study of business.

As you face into your summer exams, it is perhaps worth remembering that the summer holidays are also around the corner.

Interesting to note that, just as with any good business idea, the blood, sweat and tears will, eventually, give way to the opportunity to relax and enjoy the fruits of your endeavours.

Until next year, at least, that is.