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Is the market big enough?

Primarily, scaling a business depends on two factors converging: the availability of additional funds to sustain a positive cash flow, and the existence of a market for your product.

Products and services fall into two categories: those that are needed to sustain a specific quality of life, and those that are not. There is usually a market for those that are needed and so people will buy, but for those products and services, no matter how desirable they may appear to be, that are best described as wants, the market is both smaller and much less certain, and people are more reluctant to buy. The wise entrepreneur will, of course, have conducted extensive market research to determine into which category their product or service fits and will have extended that research into the saleability of the product in the geographical market in which they want to operate. After all, strategic planning, especially marketing strategy, is about deciding what product to sell, at what price and in which market.

Product service life cycle

Europe is, essentially, a consumer market with strong overtones of ‘materialism.’ In marketing terms, a ‘consumer’ is a person who buys a good (product or service) that they may not need, uses it, and disposes of it often before the end of its useful life, and then buys again. A classic example of such a product is the smartphone. Most people have one and the majority of them are on their fifth or sixth model, even though the early models still work. ‘Materialism’ exists where the individuals value themselves and others based on the goods (products, services and, particularly, brands) that they own. Think about that smartphone again: Apple iPhones are one of the world’s most sought-after goods because they are Apple, not because they are measurably ‘better’ than other smartphones.

Okay, you have a wonderful new product, you’ve done the marketing research and the data points to there being a market for it. Now the question is whether that market is big enough and sufficiently sustainable for you to sell enough units to make a return on investment.

All goods have a ‘product life-cycle’ which tracks the unit sales from introduction through the growth phase where increasing unit sales are experienced, into a mature market and finally to declining sales. And here’s the bad news: no good (product, or service) has ever managed to avoid this cycle. Even the great Apple has experienced this and at the end of April 2016 they reported a 16 % decline in unit sales of the iPhone, with most major news media reporting that the outlook was for further falls throughout the year. Even their chief executive, Tim Cook, said that the smartphone market “is not currently growing.” For the iPhone, in particular, and smartphones, in general, the market is now saturated and it ceases to be sustainable.

Unit sales, not the value of sales, is what has to be tracked in a product life-cycle, and a wise entrepreneur will also track sales revenue per product and ‘profit’ per product.

sales revenues and profits

Understanding the life-cycle provides clear guidance that the next product needs to be ‘introduced’ when the sales trend is slowing in terms of units sold, i.e. just before the ‘maturity’ part of the life-cycle. If there isn’t a new product ready to launch at that point, then both cash flow and profits will decline and the business will no longer be sustainable. The market for your wonderful new product may be enormous, but unless you build sustainability into your plan in the form of new products, then scaling up a business is likely to be the wrong strategy.

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European SME Week Youth Essay Competition 2016

Tell us what the EU can do to encourage more young entrepreneurs and you could be on your way to Bratislava!

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Do you have a bright idea about what the EU could do to help more young people become entrepreneurs? Would you like the opportunity to share your thoughts with policymakers and entrepreneurs on a European stage?

European SME Week, under the patronage of the European Commissioner for Single Market, Industry, Entrepreneurship and SMEs, has launched a youth essay contest aimed at 16-25 year olds across Europe.

Write an essay of no more than 2,500 words under the heading: “What can the EU do to encourage more young people to become entrepreneurs?” and you could be in with a chance of getting your voice heard on one of Europe’s most pressing economic questions.

The essay competition is part of European SME Week, an annual pan-European campaign to promote entrepreneurship in Europe. The flagship events of the Week are the SME Assembly and the European Enterprise Promotion Awards Ceremony.

The winner of the essay competition will receive an all expenses paid trip* to the SME Assembly in Bratislava, Slovakia, in November, where they will present their prize-winning entry before an audience of over 600 delegates from the world of enterprise and entrepreneurship. 

Submissions are due by 2 September, 2016 and winners will be announced in Brussels in November. The rules and conditions can be found below.

And spread the news! Download the flyer and share details of the competition with your friends and on social media.

ENTER HERE

Rules

  • The competition is open to all 16 to 25 year olds from European Member States or COSME partners countries (see the list)
  • Essays must not exceed 2,500 words in length.
  • All essays must be in English.
  • Only one entry per applicant.
  • The deadline for submissions is 2 September, 2016.
  • The winners will be announced in November ahead of SME Week.

Prize

1st prize

  • An all expenses paid trip* to the SME Assembly in Bratislava, Slovakia, to present your essay to 600+ Assembly delegates
  • Presentation training before delivering your work live on stage at the SME Assembly.

2nd and 3rd prize:

  • A video of you presenting your essay will be streamed on the event wall at the SME Assembly.

All winners will receive promotion of their essays across SME Week social media channels.

YouthessaycompFLYER

Need more info?

Email smeweek.secretariat@lowassociates.eu.


* All travel and accommodation costs to and from Bratislava, Slovakia will be covered under the 1st prize.

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Where are they now? Catching up with past EEPA winners

2016 marks the 10th anniversary of the European Enterprise Promotion Awards (EEPA). In this new feature, we catch up with former EEPA honourees who’ve gone on to do great things since winning the award.

Tomi Alakoski, Me & MyCity

This week, Tomi Alakoski from the award-winning Me & MyCity project at the Economic Information Office in Finland reflects on the impact of winning an EEPA three years on….

Name Tomi Alakoski
Organisation Me & MyCity, Economic Information Office
Country Finland
Website www.yrityskyla.fi/en
Award won Promoting the Entrepreneurial Spirit
Year 2013

Tomi AlakosiWhat was it like to win the award?

It was a great honour to receive the award. It showed us that we’re doing important work in the field of entrepreneurship. We didn’t expect to win because Me & MyCity was a very new concept; it only started in 2010. On the other hand, we’d received very good feedback from our target groups and we also assumed that our concept was quite unique in Europe. It was the first time that a Finnish learning concept had got this far. Winning the award gave us the confidence that we can succeed in Finland as well as internationally.

How did winning the award immediately impact your work?

The impact of winning the award was very positive and very broad. We started to get more attention and enquiries from abroad, internationally. It also increased our visibility in Europe.

What response did you receive from your colleagues and peers?

At first, people didn’t really believe in our concept and they thought that it was the craziest idea ever! We felt that winning the award was a great reward for the people who had believed in us from the beginning. It gave us the feeling that if we just believe in ourselves, our work might just bear fruit. It gave us a massive boost and helped to make Me & MyCity what it is today. Our utopian idea began to seem possible.

What has been the long-term impact?

The trust in our work has strengthened even more. Two months after winning the EEPA, we attended the “World Innovation Summit for Education” competition in Qatar. We ended up winning the competition in 2014 for “the Best Learning Innovation in the World.” As a result, our cooperation network began expanding. Companies started to be interested in us even more. We also got to participate in official governmental events where Finnish innovations were celebrated. It also made a great difference to our growth. Currently, 70% of Finland’s 6th graders are benefitting from the Me & MyCity learning concept.

Why did you decide to enter the national competition?

We felt that entrepreneurial education in Finland wasn’t where it should be. We hoped that the value of entrepreneurial education might increase nationally if we entered the competition.

The King and Queen of Finland visiting Me & MyCityThe King and Queen of Sweden visiting Me & MyCity

How did you go about preparing your application and making it award winning?

We wanted to be very honest and open in the preparation phase. We wanted to share our story and tell how influential our operations are. All in all, it was the operation itself that we wanted to highlight. When we started writing the application, it was the first time that we’d analysed how influential our operations are in so many ways. We felt it would be beneficial for our concept to be recognised internationally, that it could help the whole of Europe, which was in danger of increasing youth social exclusion and unemployment. From our perspective, it’s important to develop new enterprises and an entrepreneurial spirit in Europe.

What advice would you give to others thinking of entering?

Don’t apply for the competition only for the competition. Try to genuinely reflect what you’ve achieved and how it benefits your target group.

To find out more about the Me & MyCity project, visit the website  or watch the video.

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Dutch national EEPA winners open Amsterdam Stock Exchange at performing bell ceremony

eepa_picture_1

The two 2016 Dutch national EEPA finalists, De Rotterdamse Zaak and Agrico, were invited to perform the prestigious bell ceremony to open the Amsterdam Stock Exchange on 13 May. The two finalists, who will now go through to the European EEPA competition to be held in Slovakia in November, said it was a great honour to be part of the opening ceremony.

Competitive Dutch national final

eepa_picture_2

After winning an EEPA last year for Zomerondernemer, the 2016 Dutch EEPA Final saw 14 initiatives battle it out for a place in the European finals. Following a preliminary round, five projects where shortlisted and invited to pitch their projects at a conference on 11 May. A number of great initiatives were in contention, such as Krachtbedrijf, which supports refugees in finding jobs or starting a company, and the Center for Enterpreneurship at Saxion Hogeschool. The quality of pitches didn’t make things easy for the jury, but Agrico and de Rotterdamse Zaak were judged the ultimate winners.

eepa_picture_3

Agrico, a Public-Private Partnership, has created a sustainable food chain in Kenya, replacing the growth of corn with the more sustainable and environmentally-friendly growth of potatoes. Agrico also empowers farmers, often female, to set up their own small businesses, and has created an aid and trade collaboration between the Netherlands and Kenya.

De Rotterdamse Zaak is a learn-work project in which bachelor degree students and experienced entrepreneurs coach and assist new entrepreneurs in running their businesses. Their motto, “Young and Old = Gold,” is based on their winning combination of experience and youth teaming up to help entrepreneurs who are operating below the poverty line.

Awarding the winners, chairman of the Dutch jury,  Paul Thewissen from the Ministry of Economic Affairs, said:  “We have chosen these projects because, not only are they creative and inspiring, but they also have a great impact on society. We are delighted to give these two projects the chance to present themselves at a European level and believe they have a great chance to become European winners.”

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“The battle between work and life is nonsense”

In this week’s column from May’s Entrepreneur in Residence (EiR), Nathan Farrugia of Ultimate Performance explains how he achieves work-life balance, and tells us what it’s like to work with his wife.

Nathan team heros

It’s always an interesting dynamic to mix family and business. With your partner being one of your associates, it’s even more complex from an emotional perspective. We’re very different characters, with Deirdre being direct and extroverted while I’m an introvert and very pragmatic in my approach to problems. Mostly we do our own thing in our own way, and sometimes argue if our paths collide but, at the end of the day, we have the advantage of being able to settle it over a bottle of wine and a cuddle. Not many colleagues have that advantage, I guess…

The main stress on us both is managing our time with our kids. They’re so busy and their extracurricular activities are very energy consuming. They dance, do sport, and are always on sleep-overs or at parties, while we taxi them around to make sure they don’t miss out. Sometimes our quiet weekends suffer because we are so busy. By the end of Sunday, we’re all tired, and the next day it’s back to work.

But our kids are great. Watching them grow and develop has been an enlightening experience. I’ve learnt a great deal about leadership from being a father. I’ve also learnt a lot about managing emotions with three ladies in the house!

I wake up early and go for a run, swim or cycle if I’m racing triathlon. This is my time to think, to mentally plan my day and perhaps listen to a podcast or chapter in an interesting textbook. Doubling up the time to take care of my body and my mind is a great life-hack.

I usually have a quick breakfast and coffee then get to my desk at home to catch up on admin or emails. I do most of my social media marketing on the fly so, as soon as I can, I get out of the house and spend my day with clients, or at the foundations. I rarely get the time to stop during the day. I love the fact I have no set office, and change scenery many times a day. I love the diversity my work brings, from coaching and teaching to keynote speaking, politicking and strategising. My mind stays sharp with constant change. I also get to ride my Triumph Bonneville all day across town, which is great fun!

I usually work 10 hour days, with evening events happening a few times a week. Sometimes these are charity fundraisers, VIP events, a date with my wife or simply catching up with friends. In between, it’s at home with a good movie, a glass of wine and healthy home cooked food. I try and spend as much time with my kids over the weekend, and I help with homework and activity trips during weekday evenings. I make it a point to put them to bed and kiss them goodnight every night.

Achieving work-life balance

I developed a thought process that I call The FIRE Model, which I use in my coaching as well as to keep stock of my own life. The model helps me cope with the multitude of pressures on our lives, and shows us that the battle between ‘Work’ and ‘Life’ is nonsense. We have one life and we need to maximise it in every area.

nathan scheme

Using the model, I’m careful to create opportunities to fill each area of my life in a balanced way. Like a Balance Scorecard, I want to make sure that every aspect of my life is given due attention. I seek out things that scare me and excite me at the same time. I like to be out of my comfort zone. This leads to more flow, which helps me focus at work and get things done with less pressure.

Because of time constraints, our need to continuously learn and develop often falls by the wayside. I practice mindfulness, learn new things all the time and always accept an opportunity to try and hone my skills, whether it’s public speaking or my coaching skills. We must continue to sharpen the knife of excellence if we want to be fulfilled, and be useful to others.

Ultimately, we need to find meaning in what we do and this is best described by the various layers of F.I.R.E. we can create. The more we can find Flow, make an Impact, act Responsibly and continuously seek to be better tomorrow than we are today, i.e. Excel, the more meaningful our lives will be.

About Nathan

NF-Bust-BWNathan Farrugia is an entrepreneur. He attributes much of his success to a mindset that challenges the impossible and takes every obstacle as an opportunity to find new solutions to old problems. He has used this mindset to break world record endurance challenges, as well as to grow successful enterprises. He now spends most of his time coaching CEOs and business leaders on how to unlock their own performance potential as part of the UP Academy. Visit his website and follow him on Twitter.

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Cash flow is king

Without a positive cashflow, the business is dead

cashflow_cartoon

What is the singular most important thing a business needs if it is to survive and then go on to scale up its activities? This question has challenged business thinkers and entrepreneurs for a very long time. Some say marketing, some say a great product. Others still say the right timing, but the reality is that, even more important than all those, is positive cashflow.

Cash flow is a simple concept: money in and money out, and it can be tracked from your bank account. Positive cash flow means that more money has already arrived than is needed to pay the bills that are immediately due. The key thing here is that the ‘money has already arrived’ – not promised, not owing, but is already in the bank account. In general, when a business starts, there is period of negative cash flow during which it has to pay its bills before generating income, and it has to do this from the initial start-up funds. The scale of the funding required is determined by the maximum outflow of funds before the inflow of income exceeds the outflow of expenses. This means that an ultra-realistic view has to be taken on the generation of income in terms of amount and timing.

Vanherck_CashflowAnd here’s the most important point: scaling up a business means that more money is required to fund the cash flow and so, if the decision is made to scale up, then the entrepreneur needs to ensure that a new tranche of funding is available. And that means calculating a new cash flow.

“A business does not have to make profit,” says Jan Vanherck, a well-known Belgian businessman and Dean of United International Business Schools, a private business school network with campuses in Belgium, Spain and Switzerland. “But it has to have a positive cash flow if it is to survive. If you can’t pay your bills, then you’re bankrupt.” Vanherck is of the opinion that entrepreneurs need to firmly differentiate between profit and loss, an accountancy concept, and cash flow, which is the lifeblood of the business.

Vanherck, who acts as a consultant and mentor to a wide range of entrepreneurs, observes that those startups that are not going to survive share a common fault: they focus solely on the product and the excitement of the business, and ignore the cash flow until it is too late. “Entrepreneurs often do not understand the concept of cashflow and they have nobody around to tell them about it. Cash flow is so simple to monitor and is not difficult to calculate, providing a realistic income model is used. And cash flow needs to be calculated on a rolling three-to-five-year basis.”

Although calculating and monitoring cash flow is one of the least exciting things about running a business, it is critical for success.

For more information on cash flow, see:

Entrepreneur Encyclopaedia

Understanding Cash Flow Analysis

Additionally, a discussion with your accountancy or financial advisor would be a good idea.

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Where are they now? Catching up with past EEPA winners

2016 marks the 10th anniversary of the European Enterprise Promotion Awards (EEPA). In this new feature, we catch up with former EEPA honourees who’ve gone on to do great things since winning the award.

JKU Self-Employment

This week, Prof. Dr. Norbert Kailer from the Johannes Kepler University (JKU) Linz, Institute for Entrepreneurship and Organizational Development reflects on the impact of winning an EEPA six years on:

Name Prof. Dr. Norbert Kailer
Organisation JKU – Johannes Kepler University Linz, Institute for Entrepreneurship and Organizational Development
Country Austria
Website www.jku.at//iug
Award won Promoting the Entrepreneurial Spirit
(for the project, “Entrepreneurship in Creative Industries”)
Year 2010

Prof.NorbertKailerFotoWhat was it like to win the award?

It was a surprise for our team and we were very happy that our project, which was started and run without any subsidies, was awarded.

How did winning the award immediately impact your work?

The first impact was increased interest from the media. Following on from that, we got a lot of cooperation requests from other European institutions who came to know of us through EU publications. This resulted in several international research projects.

What response did you receive from your colleagues and peers?

There was an immediate and very positive response from politicians, colleagues and the media.

What has been the long-term impact?

The project is still ongoing with a stable and increasing number of participants each year. We also offer courses and network events where students from business, technical and arts courses develop their ideas together. As a follow-up, in 2012 our home university (JKU Linz), together with the University of Arts Linz and the University of Applied Science Upper Austria, founded the first academic pre-incubator “akostart Upper Austria” supporting interdisciplinary academic founder teams from these universities. Our regional network, as well as our practical courses, have been improved and enlarged so that we’ve been selected as one of 25 good practice case studies in the EU report “Supporting entrepreneurship in higher education institutions.  

Why did you decide to enter the national competition?

In 2009, our project was presented as “Premium Case Recommended for Implementation in Other Member States” at the SBA European charter for Small Business Conference in Stockholm. Thereafter, the Ministry for Economy encouraged us to apply for the European Entrepreneurship Award.

How did you go about preparing your application and making it award winning?

We tried to gather detailed data on the impact of the project and looked for testimonials from our alumni, and for letters of recommendation from the local Ministry of Economy.

What advice would you give to others thinking of entering?

Prepare a detailed account of your activities including data on the short and long term impact of your activities. This takes more time than you think! Ask your stakeholders to work with you in the preparation of the application.

To find out more about JKU and their award-winning Entrepreneurship in Creative Industries project, visit the website.

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Enter now! Deadline for Hungarian national EEPA competition is this Sunday!

hu2Are you a Hungary-based organisation that works with entrepreneurs to encourage the growth of enterprise? Do you want to receive national and European recognition for your work? If yes, then be sure to enter the Hungarian national competition for the European Enterprise Promotion Awards (EEPA) by Sunday, 15 May.

Hungary’s biggest EEPA success to date was winning the Grand Jury Prize in 2014 for Gazdagmami Kft. Gazdagmami encourages mothers with young children to start businesses by helping them to acquire entrepreneurial skills and a mindset to start a business and make it profitable.

If you’d like to join Gazdagmami, along with last year’s national competition winners, the Entrepreneurship Foundation Hungary and NESsT EUROPE, Fanni Rigó from the Department for Enterprise Development at the Ministry for National Economy has this advice:

Tell us about your national competition. Are there any changes this year e.g. new categories, new approaches?

In 2016, as last year, we have six categories in the national competition. Our aim is to increase the number of applicants and introduce the award to as many enterprises and organisations as we can. The six categories are:

  • Promoting the entrepreneurial spirit
  • Investing in entrepreneurial skills
  • Improving the business environment
  • Supporting the internationalisation of business
  • Supporting the development of green markets and resource efficiency
  • Responsible and inclusive entrepreneurship

hazai forduló díjátadó

What are you looking for in standout entries?

We have a lot of entries in the first two categories: Promoting the entrepreneurial spirit and Investing in entrepreneurial skills. This year, we would love to have good entries in the other categories, in particular, Supporting the development of green markets and resource efficiency and Supporting the internationalisation of business. Of course, we welcome applicants in all categories, but Development of green markets and resource efficiency is a new area that we would like to see more of.

How have you promoted the competition so far?

The Hungarian national competition has a Facebook page and we use the government press. We’ve called our partners’ attention to the award. We’re working in permanent cooperation with chambers of commerce and with all entrepreneur representative bodies. Every year we send information about the national competition to universities and school workshops.

What kind of response have you received so far?

A lot of organisations don’t know about the awards and don’t have information about the competition. In recent years, we’ve worked hard to familiarise and introduce the award to the people and organisations that could be potential applicants.

The nominees from the last couple of years are continuing to develop the projects and concepts that they were nominated for. And those that did not qualify for the next round are developing their projects to apply in future years.

What advice would you give to those thinking of entering the competition?

Don’t wait until the last minute to call the national coordinator and ask questions and don’t wait until the deadline to send in the application.

Finally, where can prospective entrants find out more and enter?

The official website of the Hungarian Government and on Facebook.

“Everything I do has purpose”

In this week’s column from this month’s Entrepreneur in Residence (EiR), Nathan Farrugia of Ultimate Performance explains what drives him, and how he relishes the opportunity to train others to make an impact

nathan 7

All that I do has to have a purpose. It has to add value to the business, society and make a difference to people in general. The minute I find that my impact is not useful, then I stop. Whilst I have business goals, personal goals, family and charity objectives, they all have to fit into my ‘meaning of life.’

Whilst I try and balance my energy across all my responsibilities, at the moment, my business plans are taking precedence because the Academy is still a startup. I have a number of associates but just one employee, so we are agile and lean. Each associate was chosen because of their mindset and independence as well as their skill. They have their own business success but contribute to UP (my business) in ways that add value to our clients. Daphne, my business admin is the coordinator of all our efforts, as well as the events organiser. She makes sure that we deliver on our promises to our clients. All the associates are accountable for their own deliverables, so I don’t have to do any management; I just lead the way.

With the Foundation, there’s a management structure which I lead, but I trust fully to deliver operationally. I spend very little time on the day-to-day work involved in running a business and focus my time on vision and strategy. In this way I can ensure that the objectives of the organisation are met by empowering management through leadership.

We have an international market opening up that will take more of my time, but it’s exciting, so worth the sacrifice of time and effort. I’m also a keynote speaker at a couple of international corporate events and this always leads to new opportunities to explore. People around the world seem keen to learn how we unlock leadership and performance potential at the UP Executive Academy and we love to share our ideas. Running the Academy for Chief Executives franchise has also opened up new possibilities as this too can be globalised.

Ultimately my goal is to train more UP coaches and equip them with a toolkit that allows them to unlock the potential of more people, widening our positive impact and helping organisations to grow or increase their own performance, be it financial or social.

Facing challenges

Staying focussed on the journey is the toughest challenge. Many times opportunities take you sideways and off-track because they may be lucrative in the short term, or make sense at the time. But you need to stay focussed on the long view and sit back at the rudder of your ship, not constantly be up in the crow’s nest looking for opportunity.

nathan 6

Another difficulty is finding talent that has both the skills and the mental fortitude. We have excellent university graduates that have very little experience or problem-solving skills. Knowledge is lost in business if not applied effectively. It’s my job to create the opportunities for talent to be useful, but it’s not always easy to fit in the dedicated time. I see this time as an investment in a future asset – the mind of the employee or associate, helping them grow in parallel with the business. With so many things on my plate I must learn to trust my associates and employees so they can learn from experience. I can’t afford to micromanage. I don’t want to either.

Other challenges relate to the failures of others that impact my life. Lack of respect, poor planning, bad management and lack of vision by collaborators, suppliers or even customers can drive you crazy. I’m a firm believer in resilience and positive action. If clients don’t keep time, I shorten their session. If partners or suppliers fail to deliver, I move on without them. Whilst it may seem easier said than done, I run my life based on mutual respect. Problems are often created in our head by emotions that are out of control. Staying practical and realistic makes my life easier to manage.

I’m a firm believer in altruism. I give the benefit of the doubt and the chance to redeem. I also point the finger at myself first as I can often be part of the problem. By being open and having regular sensible conversations with the people I deal with, we build mutual trust and, mostly, things get done without hassle. If that trust is dented despite the second chances, then I decide to end the relationship, but this is rare.

To keep up with Nathan, and find out what’s next for him on his entrepreneurial journey, don’t miss the third instalment of his blog here next Wednesday.

About Nathan

NF-Bust-BWNathan Farrugia is an entrepreneur. He attributes much of his success to a mindset that challenges the impossible and takes every obstacle as an opportunity to find new solutions to old problems. He has used this mindset to break world record endurance challenges, as well as to grow successful enterprises. He now spends most of his time coaching CEOs and business leaders on how to unlock their own performance potential as part of the UP Academy. Visit his website and follow him on Twitter.

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Inspire and Be Inspired! Send Us a Photo of You and/or Your Team @ Work!

E@W

Enterprise @ Work

  • Are you the star of your own enterprise and love what you do?
  • Do you work by yourself, or employ others in a team?
  • Do you want to inspire others to follow in your footsteps and chart their own entrepreneurial course?

Then we’d love to see you at work!

Whether you run your business from an office, a shop or some other location, we’d like to see pictures of you at work.

Submit your photos with a short paragraph for our new feature, Enterprise @ Work and be in with a chance to promote your business by being featured across all SME Week / Promoting Enterprise media channels, including our blog, on Twitter and on our new Instagram page.

Email promotingenterprise@gopacom.eu with the subject line “Enterprise @ Work” and send your image as an attachment. Don’t forget to include a couple of sentences about who you are, what you do and who’s featured in the image.

Follow the campaign by using the hashtag #SMEWeek on Twitter and follow our new Instagram account at Promoting Enterprise.

N.B. By submitting your photo to us, you are agreeing that we can use it on our social media channels for the promotion of SME Week, the SME Assembly and the European Enterprise Promotion Awards under the Promoting Enterprise umbrella.
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    • Is the market big enough? May 23, 2016
      Primarily, scaling a business depends on two factors converging: the availability of additional funds to sustain a positive cash flow, and the existence of a market for your product. Products and services fall into two categories: those that are needed to sustain a specific quality of life, and those that are not. There is usually […]
      promotingenterprise
    • European SME Week Youth Essay Competition 2016 May 20, 2016
      Tell us what the EU can do to encourage more young entrepreneurs and you could be on your way to Bratislava! Do you have a bright idea about what the EU could do to help more young people become entrepreneurs? Would you like the opportunity to share your thoughts with policymakers and entrepreneurs on a […]
      promotingenterprise
    • Where are they now? Catching up with past EEPA winners May 20, 2016
      2016 marks the 10th anniversary of the European Enterprise Promotion Awards (EEPA). In this new feature, we catch up with former EEPA honourees who’ve gone on to do great things since winning the award. Tomi Alakoski, Me & MyCity This week, Tomi Alakoski from the award-winning Me & MyCity project at the Economic Information Office in […]
      promotingenterprise
    • Dutch national EEPA winners open Amsterdam Stock Exchange at performing bell ceremony May 19, 2016
      The two 2016 Dutch national EEPA finalists, De Rotterdamse Zaak and Agrico, were invited to perform the prestigious bell ceremony to open the Amsterdam Stock Exchange on 13 May. The two finalists, who will now go through to the European EEPA competition to be held in Slovakia in November, said it was a great honour […]
      promotingenterprise
    • “The battle between work and life is nonsense” May 18, 2016
      In this week’s column from May’s Entrepreneur in Residence (EiR), Nathan Farrugia of Ultimate Performance explains how he achieves work-life balance, and tells us what it’s like to work with his wife. It’s always an interesting dynamic to mix family and business. With your partner being one of your associates, it’s even more complex from […]
      promotingenterprise
    • Cash flow is king May 16, 2016
      Without a positive cashflow, the business is dead What is the singular most important thing a business needs if it is to survive and then go on to scale up its activities? This question has challenged business thinkers and entrepreneurs for a very long time. Some say marketing, some say a great product. Others still […]
      promotingenterprise
    • Where are they now? Catching up with past EEPA winners May 13, 2016
      2016 marks the 10th anniversary of the European Enterprise Promotion Awards (EEPA). In this new feature, we catch up with former EEPA honourees who’ve gone on to do great things since winning the award. JKU Self-Employment This week, Prof. Dr. Norbert Kailer from the Johannes Kepler University (JKU) Linz, Institute for Entrepreneurship and Organizational Development […]
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    • Enter now! Deadline for Hungarian national EEPA competition is this Sunday! May 12, 2016
      Are you a Hungary-based organisation that works with entrepreneurs to encourage the growth of enterprise? Do you want to receive national and European recognition for your work? If yes, then be sure to enter the Hungarian national competition for the European Enterprise Promotion Awards (EEPA) by Sunday, 15 May. Hungary’s biggest EEPA success to date […]
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    • “Everything I do has purpose” May 11, 2016
      In this week’s column from this month’s Entrepreneur in Residence (EiR), Nathan Farrugia of Ultimate Performance explains what drives him, and how he relishes the opportunity to train others to make an impact All that I do has to have a purpose. It has to add value to the business, society and make a difference […]
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    • Inspire and Be Inspired! Send Us a Photo of You and/or Your Team @ Work! May 10, 2016
      Enterprise @ Work Are you the star of your own enterprise and love what you do? Do you work by yourself, or employ others in a team? Do you want to inspire others to follow in your footsteps and chart their own entrepreneurial course? Then we’d love to see you at work! Whether you run […]
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