The UK entrepreneurs and startups are lifeblood of a modern economy. It is entrepreneurialism’s spirit which spurs the young bright minds into establishing their businesses. However this happens to be perilous business having one in 3 start-ups just failing in first 3 years.
Learning to become successful entrepreneur often requires a trial & error process and irrespective of economic development level of a country, there’s always still room for much improvement when assisting and encouraging entrepreneurs is concerned. In one independent recent report on Dell’s behalf, Dell Gender-Global Entrepreneurship and Development Index (GEDI), UK came sixth out of the 17 countries that identified weaknesses and strengths for the entrepreneurs within country.3 entrepreneurs were asked for tips regarding commencement of small business; giving more emphasis on the topics like planning, funding, testing and networking.
Come Up With Some Robust Plan:
According to AdvancetoGO’s Sam Zawadzki, prior to venturing into new business it is important to create comprehensive plan which would will in case of any problems. Establishing one’s own business couldn’t be possible overnight. He says that one needs to analyse his driving forces in reality for having it done. He insists that one needs to fully commit and be clear about the business idea.
Test Business Idea You Have In Mind:
Once the plan is fully known, one could move towards transforming his idea to real business. Federation of Small Businesses’ Peter Scargill stresses on importance of having the product just right for the intended customer, that is, understanding one’s market, otherwise a lot of time would be just wasted and because all that matters is the potential customer. He said that feedback is important and technology trends like social media could really help with that.
Raise Awareness Via Networking:
It’s important for the small businesses that they should be capable of connecting with their customers, other entrepreneurs and clients. Having such occasions where the entrepreneurs could network will benefit one really as he could share advice that’s vital, as according to Enternships’ CEO, Rajeeb Dey. He said, “It’s really important you work on developing a strong network early on in setting up your business. When we first started, most of our business was generated through word-of-mouth and referrals.”
Secure Funding That’s Necessary:
Getting the funding for your businesses is really important and presently, it’s a restricting factor when it comes to several small businesses. John Longworth, the director of British Chambers of Commerce told, “Money is failing to reach the right destination, despite the fact that the small-to-medium sized businesses are the real drivers of economic growth.”
In these recent months, however, there is one real push about having this changed and the lending to medium and small-sized businesses tends to be on rise. The new funding through companies like StartUp Loans, Royal Bank of Scotland as well as Whitehall initiative would bring around some new opportunities intended for small businesses. Also, it would urge the companies to make investment, too.
Starting one’s own business is not the decision that should be taken lightly, it’s immense hard work along with being much time consuming though the rewards could be amazing. To develop a plan happens to be best way for starting to make smooth transition from one idea to full-fledged business. If one works with right partners, has clear objectives, has future of his business in the mind, then the business has quite better opportunity of growing and surviving.