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Getting started: what should I consider

Everyday new businesses are conceptualised and created. Are you  motivated to seek new opportunities and create new ventures? Do you have an ability to innovate and desire to achieve new things? With 3% of new graduates choosing this route it is not as remote a direction as you might think.  However, the importance of planning and research cannot be overstated.

What profile should I have?

From 'strong' entrepreneurs to 'emerging' entrepreneurs there are many different approaches to starting a new business. Generally, businesses succeed or fail based on the demand for the product or service they deliver.   Have a look at:

Entrepreneurs: Fact and Fiction

Working for yourself does not mean you need to be aiming to become the next Stelios or Richard Branson, although you don't have to rule that out. You may simply be planning to become a self-employed copy writer, journalist, researcher or a consultant. It does not mean you have to have invented a new technology, product or service, but you may well be interested in developing one or planning to work in partnership with someone who has. It does not have to mean that you are working towards making a profit through generating economic value. Instead you may be looking to deliver something that will contribute to the public good by generating social value.

Regardless of the type and scope of your ambitions you would be well advised to begin by understanding:

  • What you are getting into in terms of how much work, stamina and sacrifice will be required as well as the possible paybacks
  • The basic things you will need to do to operate legally and protect your ideas
  • How to identify and obtain financing
  • How to manage your finances
  • Where to access free advice and expertise (and when to opt for paying for this)
  • The skills and expertise you may need to develop or get training on
  • The market you intend to operate in and how to identify and reach your target customers
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