ABSTRACT
Precision Engineering Industries (PEI) was registered as a business name in July 1979. The brainchild of Colin Goss, a trained engineer with management experience, PEI was to be engaged in the manufacture and sale of precision tools, mainly in the plastics industry. Colin planned to develop the business in two stages: PEI Sales would be established to get the idea off the ground and to build up sufficient custom for the second stage. This was to be PEI Manufacturing which in the long term would manufacture moulds for the plastics industry, but would probably begin by undertaking sub-contract milling for smaller mould manufacturers.
Colin approached several government lending agencies, but had mixed fortunes. CoSIRA (Council for Small Industries in Rural Areas), however, were interested in his project and had promised assistance. Determined to set up his own venture, Colin was now faced with some critical decision making:
I enjoy the challenge of creating organisations and achieving results, although I need to acquire more knowledge about finance and marketing. Most businesses fail by underfinanced, inexperienced people trying to break into crowded markets. To succeed it is necessary to pick an area of operation with a high potential for success and to have the funds and expertise to cope with the start-up period. But I am fairly realistic about this, I think, and am prepared to start slowly and learn as I go, before taking any necessary risks.
