BUSINESS | editorial
Late last year Maureen Tukaroa-Betham and Vaoa Muaulu from the Pacific Business Trust Porirua Office invited me to speak to the Porirua Business Association. I didn’t have a speech at hand but I jotted down a few key points which fitted nicely on an A4 paper aimed at people considering getting into business. I took the plunge a decade ago as a freelance journalist and publisher and after five years gained the confidence to plan our own publication (our means my wife Anne and I). And here SPASIFIK is in its fifth year with our ever growing website www.SPASIFIKmag.com in its second. So, I’m naturally keen for more Maori and Pacific people to seriously consider business, a field in which we are under-represented. But I’ve become wary of the high attrition rate, wary of those who venture into their own business ill-equipped and end up worse-off financially. So my key points were for those thinking of entering self-employment to take into consideration. Business is not just about making money, although you need to make a profit to survive.
• I have a brilliant business idea.
• No one else in the market I’m aiming at has adequately captured it.
• Even if they have, I possess the skills, experience and understanding of the market to match and surpass them.
• My product is beneficial and not exploitive of the market I’m targeting.
• My product is not harmful to the environment.
• I have a thorough business plan which contains realistic financial projections.
• I have the financial backing to not only get it off the ground, but to weather potential pitfalls if those financial projections are not met.
• The security behind my financial backing does not include the house I and/or my family live in.
• I or my team have the necessary skills for the business which includes administration.
• If demand for my business exceeds expectations, I have the skills or know of others who can help meet those expectations.
• I am fit, healthy, mentally strong and positive enough to cope with the financial pressures and the ups and downs of owning a business.
• I am constantly aware of changing trends within my market, either through the media, my own product and those of my competitors.
• I am flexible enough to change to those trends if need be.
• I have the financial discipline to stick to my budget and can resist unplanned financial demands from family.
• If I cannot resist family then I can regularly put money aside for such moments
• If the business is clearly not going as planned and the future looks bleak I am honest and realistic enough to pull the pin soon enough to minimize the damage to myself and others.
• If the business is going well enough and exceeding projections I’m prepared to invest the profits back into the business for further growth or invest it to build a more secure future.
If yes is the answer to all or nearly all of the points, then go for it and all the best.
Innes Logan
Business editor




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