Running your own business can give you great satisfaction, and yes headaches, worries also but a great sense of pride, as you work successfully on your own.
Many students have asked me over the years about running their own business, as they have a great idea, or just don’t want to work for somebody else, or for a public sector institution or a large company, where you are just a extension on the phone list.
The book the Tipping Point by author Malcolm Gladwell, talks about businesses and ideas tipping over the point, from very niche to businesses that make it in the general market, he talks about word of mouth, how businesses expand through hear say of others, in other words recommendations, it is a book originally an airport shelf book, became probably the best selling paperback of its kind ever, I always say to my students read it, it will give you great ideas no matter what you are studying. He also wrote the following books Blink and Outliners two other great reads.
When you start your own business there will be months when you struggle, unless you are extremely well-funded, if you are planning to go to the bank always ask for extra say if you want to borrow £20,000 ask for £25,000, because you won’t be able to go back for the extra. For example, you will need collateral to put-up, at the present time it is very hard to borrow money without a proven track record, most banks are just not lending enough to small businesses, even with a good business and marketing plan.
Universities should really look into supporting start-ups: let’s say they back five new businesses each year, with money and expert guidance, if things workout well two of the companies make it, the university will probably make money and excellent public relations.
The most well-known of these is CISCO Systems that Stanford University in the States, they have made millions of Dollars on their small outlay.
Small businesses and family businesses are the backbone of Britain, R. J. Balston and Sons based in Bridport, Dorset, was founded in1 535, when Henry VIII was on the throne, he just married Anne Boleyn, over 500 years ago, is the oldest small business in Britain, makers of 20 varieties of sausages they are still going today, with many generations of the family and staff employed.
Newer start-ups include Jo Malone was started-up by Jo and her husband Gary in their kitchen, they made a 100 bottles of a fragrance for friends, word got around the look at the company now, a international company worth millions most certainly a Tipping Point example.
Jimmy Choo is another fine example of small business growth.
I have found that there are many businesses in all areas of the market, a successful florist is Wildabout in Clerkenwell and Twickenham, now has a international team working in Clerkenwell, producing stunning fresh designs for customers and corporate clients.
If it’s restaurant that interest you try the French Table in Surbiton, run by Eric and Sara Guignard team opened in June 2001. The cuisine is French/Mediterranean in style, it is highly popular restaurant locally and received rave reviews including the Best London Restaurant in the Good Food Guide 2010.
When I worked delivering courses in the states for the Small Business Administration I coined the phrase Nice to be Niche, a business which is very unique you can have very successful large companies none other than Harley Davidson, still very niche in its own way.
It is hard for entrepreneurs in Britain unlike the States, there are more risks built-in the lending for small business, many IT companies would not of made it in Britain, but now we have Silicon Valley Old Street, a great deal of money is going into small start-ups in this field.
Fashion and related industries is another great opportunity for small business, former students who attended my Retail Management course have start-up small companies. Location is so vital you really need to check-out at different times of the day trade available.
If you look at the coffee bar cappuccino market people like Pret and Cafe Nero start-up small, even back in the 17th century Samuel Pepys the diarist of the day was writing about areas of gossip from a coffee. Remember we are living in a global market one of my past students open-up Cut-Above-The-Rest, bespoke tailoring business in New York on Wall Street, where he would his lap-top to financial institutions and introduce his business to potential clients.
The web is a great way to start your own business with just a little outlay, remember world wide.
Just keep in mind you really don’t have to be a corporate person.
