Blog, Data Analytics, Enterprise Education

What skills do you need to be a successful Entrepreneur?

When starting a business, we all come at from different directions, at different ages, different backgrounds. There are so many skills required to run your own startup. Successful Entrepreneur skills, are the ones you’ll need to run everything from serving customers to preparing your accounts. Below are listed 13  core skills required in running a startup business and how you might develop your core skill set further. The successful Entrepreneur skills are:

  1. Opportunity Recognition – The recognition of new markets and opportunities, such as a new customers’ need is core to becoming a successful entrepreneur.
  2. Ideation – Ideation is the creative process of generating, developing, and communicating new ideas. Always write your ideas down in a book and come back to them when you can do something about it.
  3. Research & Analysis – This involves both qualitative and quantitative data collection and analysis. Understanding the customers, competitors and costs structure are important in making a startup work.
  4. Resources Identification – Working out the resource requirements then leads to determining what types of resources you will need to start-up and operate your startup.
  5. Risk Analysis – This process of defining and analysing the dangers to your startup business posed by potential natural and human-caused events.
  6. Tactical Planning – As a startup the horizon is low, so focus on this process of outlining business plans for the coming year. This differs from strategic planning as strategic planning encompasses longer-term goals that reflect the company’s direction and its purpose outlined in its mission statement.
  7. Operational Design – Operational design is the first level of strategy implementation and rests upon operational art. This cognitive approach uses your skill, knowledge, experience, creativity, and judgment to develop operations to organise and employ the resources available.
  8. Business Modelling – A business model is the map of how a startup generates revenue and makes a profit from its value proposition. From this a business plan and processes may be derived.
  9. Cash Flow – In the early days of a business maintaining a healthy cash level, liquidity ensure the business survives. Cash is king.
  10. Team Building – As a new business building a team is important, which requires various types of activities used to enhance social relations and define roles within team are developed and maintained.
  11. Branding – Branding is one of the most important aspects of any business, it develops you icon and a connection with your suppliers, customers and financial stakeholders.
  12. Marketing – The communications of you value proposition should generate leads which can be turned into sales.
  13. Negotiating & Selling – Getting the right prices from your suppliers and selling at the right price is fundamental for a startup to grow. These skills go hand in hand together.
Blog, Enterprise Education, Skills Development, Venture Capital and Funding

7 obstacles experienced by entrepreneurs

As an entrepreneur we have lots of do, but sometimes we just do it wrong, we let obstacles get in our way. So what are the typical obstacles we entrepreneurs have to deal with:

  1. Perfectionism – For entrepreneurs, practice doesn’t make perfect; action does. You simply cannot wait until you are 100 percent ready before you take action. Think MVP.
  2. Procrastination –  Sometimes its easier to delay the decision, the action or even dealing with the problem, so each day “Eat the Frog” and take action of the real issues within your business.
  3. Fear – Entrepreneurs’ resolve is tested from the very first step of starting a business. In fact, one entrepreneur compared starting a business to jumping off a cliff and assembling your parachute on the way down.
  4. Worry – As an entrepreneur, worry comes with the territory. In fact, over a third of entrepreneurs told Gallup they worried a lot about yesterday. While worry is a quotidian experience, it is not productive. You have to make peace with the things that concern you, and not let them stop you from taking action and pursuing your dreams.
  5. Financing – Experienced entrepreneurs don’t have it easy when it comes to funding a new business, but they do have a few advantages over newcomers. They might have a pool of capital from a business they previously sold or a steady stream of revenue they can use to fund a new business’s cash flow.
  6. Team building – This is especially hard if you’ve never run or managed a team before, but even if you have management experience, picking the right team for a startup is stressful and difficult. It’s not enough to find candidates who fill certain roles — you also need to consider their cost to the business, their culture fit and how they’ll work as part of your overall team. Such considerations are exceptionally hard when you’re under the pressure of filling those positions as soon as possible.
  7. Decision-making – Believe it or not, this is probably the most stressful challenge on this list. New entrepreneurs are forced to make hundreds of decisions a day, from big, company-impacting decisions, to tiny, hour-affecting ones. Decision fatigue is a real phenomenon, and most new entrepreneurs will experience it if they aren’t prepared for the new level of stress.
Blog, Resources, Venture Capital and Funding

5 Sources of funding to start a business

If you are looking to fund your startup and not sure where to start? Here is a quick guide to five potential sources of funding for your small business. I have tried to put them in order with the best way first:

    1. Bootstrapping: Many billionaire entrepreneurs find a way to grow without external financing so that financiers don’t control their destinies or grab a disproportionate slice of the business.
    2. Customers: Advance payments from customers can give you the cash you need, at a relatively low cost, to keep your business growing. Advances also demonstrate a level of commitment by the customer to your operation.
    3. Friends and family members:  If you’re lucky, friends and family members might be the most lenient investors of the bunch. They don’t tend to make you pledge your house, and they might even agree to sell their interest in your company back to you for a nominal return.
    4. Startup Loans: Start Up Loans is a government-funded scheme that fund your startup and mentors entrepreneurs. They have a series of delivery partners  who will help you develop a business plan.
    5. Bank loans:  Banks are like the supermarket of debt financing. They provide short-, mid- or long-term financing, and they finance all asset needs, including working capital, equipment and real estate. However, they typically are not the first place to look for funds for your startup.

When taking loans to fund your startup from friends and family, banks or another you must, have a written agreement covering every last detail regarding the loan. This includes the loan amount, the repayment period, the amount of each repayment instalment, the interest rate if any, consequences of non-repayment etc.  If in doubt get a lawyer to help you.

Blog

12 months of successful entrepreneurship in 2017

Each year I sit down and make a set of new years resolutions and this year I wanted to try something new. So this year I thought I would make a series of statements which I could live by, to make my life more successful. So the following 12 statements are aimed to make our lives more entrepreneurial this coming year.

1. Self believe in yourself.

As Henry Ford famously said, “Whether you think you can, or think you can’t, you’re right.” You HAVE to Believe that you can succeed, and this believe will help find ways through different obstacles.

2. Have and communicate the vision.

The difference between a manager and a entrepreneur is the vision they have for the business, an entrepreneur is someone who has a vision for something and a desire to create it. This vision needs to be clear at all times.

3 Take the risk.

We never know the outcome of our endeavours unless we actually try it. Jeff Bezos said it helped to know that he wouldn’t regret failure, but he would regret not trying.

4. Deliver more than expected.

Google’s Larry Page encourages entrepreneurs to deliver more than customers expect. It’s a the only way to get noticed in your industry and build a loyal customer following and turn them into advocates.

5. Make it happen.

The world is full of great ideas, but success only comes through action. Walt Disney once said that the easiest way to get started is to quit talking and start doing. That’s true for your success as well.

6. Manage energy, not time.

Your have limited amount of energy, so  limit what you can do with your time, so manage it wisely.

7. Hire character.

As you build your new venture team, hire based on their character and your common values. You can always train someone on skills, but you can’t make someone’s values fit your company after the fact.

8. Learn from YOUR mistakes.

Many entrepreneurs point to mistakes as being their best teacher. When you learn from your mistakes, you move closer to success — even though you initially failed.

9. Spend with discretion.

When you spend money on your business, be careful to spend it wisely. It’s easy to spend too much on things which provide little return and run out of finances too soon.

10. Find good people.

Who you’re with is who you become. Reid Hoffman, co-founder of LinkedIn, noted that the fastest way to change yourself is to hang out with people who are already the way you want to be.

11. Accept it takes time.

No one succeeds immediately, and everyone was once a beginner. As Steve Jobs wisely noted, “if you look closely, most overnight successes took a long time.” Don’t be afraid to invest time in your company.

12.  Make friends with successful entrepreneurs

There are so many trick of the trade, so the easiest way to learn is by talking to those who have done it and understanding the little things which is needed to make you successful.

 

Enterprise Education, Entrepreneurial Mindset, Resources, Skills Development, Training

Venture Creation – BA (Hons) Entrepreneurship Programme

In the last year I have had the amazing  opportunity to design a venture creation BA (Hons) Entrepreneurship Programme which is oriented towards students who wish to combine study towards an honours degree with the opportunity to start their own business in a supported environment with guidance from specialist lecturers, practising entrepreneurs and mentors. Over the years I have seen many programmes and wanted to create something for Entrepreneurs, the student and for practitioners.

This is a practice-oriented degree, which focuses on the development of the students’ entrepreneurial effectiveness. This is achieved by embracing the concept of ‘learning by doing’ which ensures students are acquiring real knowledge and practical expertise to support their business start-up and business growth aspirations. There is a focus on real business experiences including master classes, enterprise events and interactions with local and global entrepreneurs. This philosophy is extended within the assessment primarily for (rather than ‘of’) learning Entrepreneurship (QAA (2012) Enterprise and Entrepreneurship Education: Guidance for UK Higher Education Providers, pp9).

Similarly, although there is an inherent emphasis on learning within the learner’s own start-up venture, the Entrepreneurship skills acquired will be transferable to other business environments and learning opportunities.

This BA (Hons) Entrepreneurship Programme aligns with the nation and international government agenda (The Impact and Effectiveness of Entrepreneurship Policy, NESTA 2013) and seeks to increase the number of entrepreneurs in the economy.

A range of teaching pedagogies are adopted to ensure the curriculum enhances the learning of all students both in the startup and in group learning environments. In addition to lectures, seminars, videos, podcasts, presentations and visiting entrepreneurs, students will participate in action learning sets and interactive activities to apply learning from businesses experiences in their startup. These approaches are intended to take into account the principles of inclusivity: the types of learner, their startup business, their prior experience and expectations and how they learn and will be supported to learn effectively.

Given the focus on developing a continued learning environment in which students develop an entrepreneurial mindset, there is an emphasis within the BA (Hons) Entrepreneurship Programme on tutoring and mentoring to support individual requirements, and also to reflect (at a meta-cognitive level) on their learning process. The programme is supported by more than 10 Entrepreneurs in Residence, regional business support agencies and local businesses.

Talking About Entrepreneurship