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Accountants and business advisors
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Cracked it! The formula for success
The formula is:
S = (cvP + L/150 +2.3F) divided by [1 + (Y-1)2]
where:
C = the fraction of the business under a person's control
P = the percentage of people whose lives can potentially be improved by the product
F = gender, where a female is 1, and a male 0
L = distance from London in hundreds of miles
Y = the number of years from the time the idea was conceived to its launch.
The formula is particularly applicable to entrepreneurial ventures, and is based on research which found that freedom or flexibility is more important than making money for 87% of people setting up their own businesses.
The research also found:
• growth nurturers: women are more likely than men to experience year-on-year growth
• non-financial drive: women are more likely to be motivated into setting up a new business by making a difference to others, rather than in making money, and were 60% more likely to have surpassed their own expectations
• regional hot/cool spots: Scotland and Yorkshire were found to be the most successful for small businesses, while Brighton and Plymouth were the least successful
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