GEM Pty: Important Signs To Look For Before Embarking On A Start-up Venture - WALB.com, Albany News, Weather, Sports

GEM Pty: Important Signs To Look For Before Embarking On A Start-up Venture

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With 25% of new businesses failing in their first year, Sydney based GEM Pty look at ways budding entrepreneurs can assess whether or not they are ready to make the move.

This article was originally distributed via 24-7 Press Release Newswire. 24-7 Press Release Newswire, WorldNow and this Site make no warranties or representations in connection therewith.

SYDNEY, AUSTRALIA, August 22, 2014 /24-7PressRelease/ -- There is such a wide range of skills required to be a successful entrepreneur, and everyone has their own opinions on what specific qualities lead to success. However the skills most universally acknowledged as the foundations of a great entrepreneur are the ability to foresee and adapt to changes, a high tolerance to stress and the ability to motivate and influence others through an unquenchable passion for their industry. Sales and marketing Firm, Global Event Marketing Pty (GEM Pty) fully support the nation's growing entrepreneurial community, however with many start-ups failing to make it past their first year, the firm have offered budding businesses owners some advice on how to know when its times to take the leap and go it alone.

About: http://www.gemsydney.com.au/about-us/

Salary
New business owners often need to rely on savings to support themselves until their venture is up and running, therefore GEM Pty think it's vital for entrepreneurs to consider how much of an impact their change in career will have on their yearly income. In the early days when a business is not making profit entrepreneurs must seriously consider how they plan on supporting themselves before even considering involving anyone else in their venture. When other people are involved the pressure for a business to succeed doubles as their livelihood depends on it. GEM Pty urges entrepreneurs to honestly assess whether they can afford to pay themselves and others before embarking on their business venture.

Investment
An idea may seem like a winner on paper, however in practice it may struggle to get off the ground. A business idea needs a wide range of resources to support its development and resources cost money. Through the development stages a business isn't making a profit so GEM Pty believes it's important for entrepreneurs to be aware of how and where they can find funding for their project.

Not 'Free'
A number of entrepreneurs are tempted to branch out on their own in order to be their own boss and work more flexible hours. Although the hours can be flexible, business owners tend to struggle to maintain a work/life balance. Whilst they have no boss to answer to so to speak, investors and customers are likely to demand a lot of time and GEM Pty believe that entrepreneurs should consider this before making the move from employee to business owner.

It's not a 'Get Rich Quick' Scheme.
Working for a larger company, whilst it may seem uninspiring can provide a great bank of experience which can quickly propel an individual up the career ladder. Entrepreneurs looking to start their own business should consider that creating a successful business takes time, and may mean waiting a bit longer to buy their first house or a better car than their past colleagues.

GEM Pty believes that although entrepreneurship can be testing, it can also be incredibly rewarding to see an idea develop into a viable business. The sales and marketing firm pride themselves in supporting young entrepreneurs by sharing their own experiences and skills to give entrepreneurs a greatest chance of success.

GEM Pty are Australia's direct marketing specialists who are experts in getting your product straight to your consumer. By building connections with consumers GEM Pty can gain a deeper understanding of your customers needs, which will help you increase your customer loyalty rates and spread positive brand awareness.

Follow @PtyGEM on Twitter and Facebook

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For the original version on 24-7 Press Release Newswire visit: http://www.24-7pressrelease.com/press-release/gem-pty-important-signs-to-look-for-before-embarking-on-a-startup-venture-392008.php