What does it take to be an entrepreneur?
In my previous blog article, I outlined the fact that at the turn of this Century ‘becoming self-employed and starting your own business’ came 6th as a viable option for University students. Now, against the background of the explosion in new tech, fuelled by readily available Government assistance and Venture Capital investment the option comes in at 1st or 2nd, as a new generation of entrepreneurs no longer trust fate to provide a long career. And as such would rather take charge of their own future’.
Now despite the current background of COVID-19 and, prior to that, Brexit, the banking crisis and the dot com collapse, becoming self-employed is still very much an option. But it is an option not for everyone.
Key considerations
Long before a business plan is devised, long before the completed cash flow, sales expectation chart, website template and business card are designed, the potential entrepreneur should take a good look at him/ herself and ask themselves three questions. ‘Will my family/ social group support me in this endeavour? Am I happy selling?’ If the answer is no to one of those questions, then my advice would be for the moment to rethink the business idea and work out ways that solve these potential problems. Family/ social groups may not support me? Then discuss your concept in detail with them. Cannot sell? Then bring to the team someone who can.
It is vital for any would-be enterprise to source clear, dispassionate and professional advice, based on experience. Somebody who acts as a sounding board for the concept may have previously advised other clients operating in a similar field and learned from their experiences.
Currently, new business ideas are very much based in the worlds of tech, social enterprise and the environment. These are very much the three main growth areas. Bearing in mind that the BoE expects a spend wave of pent-up expenditure in both B2C and B2B markets as high as £125 billion in the UK alone, the coming months will provide unique growth opportunities for the small and mid-sized businesses (SMBs).
Commitment and opportunity
However, as good as any concept is and however strong the potential market is, it is the people running the project that are paramount. If they want to be an entrepreneur but doubt themselves or their own commitment then that will reflect itself in the business pretty quickly. If the team or individual are surrounded by peer support and supported by impartial advice then the chances of concept/ SMB success are greatly enhanced.
We are living in a fast-changing business environment which will be both exciting and demanding to businesses of all sizes. To the larger companies by way of testing their ability to react quickly, and to the SMBs by meeting customer/ client demands. It could be argued that these economic times are providing a unique opportunity to both start-ups and SMBs in later stages, due to the fact that they will find it easier to meet expectations in this market, while the larger businesses may have got a bit stuck in their ways.
Final thoughts
So to sum up, there is a large spending wave heading towards the UK business sector over the next few months. The business marketplace has changed quickly. If you have a business idea and a positive outlook, as well as a saleable concept – product or service – with a positive-minded team around you, and good venture support at hand, then this could very well be a golden business period to be an entrepreneur. Both B2C and B2B. Enjoy it!
To learn how we can help your small or mid-sized business (from the idea stage onwards):
Expert Advice (small & mid-sized businesses)
