Business editor Sion Barry offers tips for budding entrepreneurs in 2016

Sion Barry has provided several tips for those planning to take the “entrepreneurial plunge” in 2016. Funding, investors and a good business plan were just a few of things that he highlighted in an article for Wales Online.

Barry, a business editor for Media Wales and presenter of the Business Show on Wales Online, advised entrepreneurs on how to set up their own business “in style” in 2016.

Business plan

One of the first factors that Barry focused on was funding. He advised entrepreneurs to broaden their horizons when it comes to funding their business and to remember that “the world is awash with cash with investors looking for good investment opportunities.”

He also issued a warning to budding entrepreneurs, stating that their first business is likely to have a high probability of failure and that they may need to “perform major surgery” on their business plan. However, he added that those who fail can learn more from their mistakes than from their successes.

Rewarding

Barry highlighted several other things to consider for setting up a business in 2016. These included being honest with loved ones about the business, selecting an investor that can bring expertise to the business rather than just cash, and having some “well patented disruptive technology with global commercial potential.”

He added that entrepreneurs need to make sure their products will sell. Entrepreneurship, he said, is “hard work”, but taking a start-up business through to a successful established business is “hugely rewarding.”

Barry went on to discuss succession planning, stating that there will come a time when entrepreneurs may exit their business and make a later return, adding that some may wish to “start a new venture.”