Sean MacEntee provides advice for starting a new business, emphasizing the importance of repeat customers, low sales values, and an easy purchasing process. He stresses having cash in advance, selling via the internet to reach a global market, and developing products with export potential or franchise opportunities. Key recommendations include having a unique selling proposition, enjoying what you do so it feels less like work, building wealth rather than just a wage, protecting your idea from being easily copied, and following successful models elsewhere with minimal capital expenditures. The document encourages entrepreneurs to clearly explain their business, focus on must-have rather than nice-to-have products, limit technology needs, promote via the internet, develop secret ingredients, target recession-proof industries

1. So You Want to
Start a New
Business..
Sean MacEntee

2. Think about what you’ll need:
Repeat Customers

3. Low Sales Value
Easy for Buyer to decide
Simpler purchasing process

4. Cash In Advance
Tescos, Subway.

5. Sell via Internet
The World becomes your
marketplace.

6. Export Potential
Ireland is in recession – unless
you sell to exporters.

7. Franchisable
In time, can someone else follow
your model – for a fee?
…Subway, McDonalds etc.

8. Unique Selling Proposition
Stand out from the Crowd

9. Enjoy Doing it
Make money from a hobby.

10. Built Wealth for You
Don’t do it just for the wage.

11. Not Easily Copied

12. Has Been Successful
Elsewhere
Imitation is ok provided that…

13. Minimum Capital Expenditure
Limit the capital expenditure.
Have buyback agreements.

14. Easy To Explain
Can a 5 year old understand
what your selling?

15. A Must Have/To Die For…
Like to have v Must have.
Un-identified need.

16. Not (excessively) Hi-Tech
More technology = more service
back-up.

17. Internet Promoted
Everyone is doing it.
People believe others quicker
e.g. hotel reviews.

18. Has a secret ingredient
Or so the customer thinks.

19. Recession Proof
People must eat, sleep…die.

20. Capable of Outsourcing
Somewhere someone is (or can) make
it cheaper, better, faster than you.

21. Allow for collaboration
Open Innovation.

22. Realistic but Optimistic

23. Be Curious
Ask Why, Why Not, How,
How Much.

24. Be Clear in your Thinking
Can you make a 60 second pitch?

25. The Number One Rule
Businesses close not for lack of
profit... but lack of cash.

26. Celebrate Successes
It makes everyone feel good.

27. How will your Epitaph read?

28. Thank You.
Sean MacEntee
Incubation Centre Manager
Regional Development Centre,
Dundalk Institute of
Technology
Email: sean.macentee@dkit.ie
Tel: 042 93 70453
www.rdc.ie