subject: The 10 principles of a bookmaking business [print this page] Most bookie stories have something in common: ordinary people who take risks and invest their knowledge, effort and money on their enterprise. If you are ready to start a bookmaking business, there are some basics you must know first. Here are the ten basic principles created by Sankaran Venkataraman, director of research at the Batten Institute in London, you must follow in order to start a business, regardless of your resources.
1. Opportunities rarely fall into an entrepreneur's lap; they must be discovered or created. Once you have an idea, you must take appropriate action. Such is the difference between an idea and an opportunity. When you seek something, that's an idea, but when you take action, then it becomes an opportunity.
2. New ventures are necessarily a gamble. When faced with uncertainty, people may develop a bias toward analysis. Analysis increases a new business's chance of success but decreases the probability of creating a business in the first place.
3. The fear of missing out on a good opportunity may create in some people a bias toward action. Actionof the urgent varietyincreases the probability of creating a business but decreases the
likelihood of success.
4. The notion of affordable loss helps enterprising individuals resolve the tension between analysis and action.
5. All entrepreneurial endeavors involve a vicious cycle. No product implies no customers; no customers implies no revenue; no revenue implies no cash for investment; no investment implies no legitimacy or credibility; no legitimacy implies no resources; no resources implies no product.
6. Entrepreneurs can break the vicious cycle by using the resources they already have. Resources that include money, knowledge, and social resources.
7. Bootstrapping is an ideal way to break the vicious cycle at start-up.
8. Cash is king, and it is most expensive when you need it most. When entrepreneurs need it mostat
start-up or during a crisisit is most expensive because the uncertainty surrounding the
new business is high and the entrepreneur's credibility is low.
9. If cash does not kill you, logistics will. Experienced entrepreneurs often claim that there is no such thing as a bad idea, only poor execution.
10. Every new business has three to five fundamental drivers. Find them and focus on them. At the early stages, every business has three to five variables that have the most impact on costs and revenues.
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The 10 principles of a bookmaking business
By: Eva Wilson
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