Blog, Inclusive Entrepreneurship

The changing world provides us business opportunities

In the news recently Nokia and Mircosoft are teaming up. This is good news for both of these companies as they may now focus on what they both do best. One will make hardware which receives radio signals, which a person can use to communicate. The other will make an operating system which everyone can use. Surely a great day for the consumer, even though they have some development to do before we get our hands on the goods!

I can remember using my first mobile phone, it was a Motorola (1981) and you needed a motor vehicle to transport it. It was a carphone, you could even buy it in a special warehouse. Motorola really did dominate the first generation of mobile phones and no one, not even they expected ever to fail.

Then we moved to the second generation (GSM) and the Illinois based company just could not believe what was happening, even when their European executives told them. As with a lot of businesses they did not innovate fast enough, they did not see where the market was going and they just lost touch with their potential customers. They expected business as usual.

Nokia took over billion dollar market, they had better phones in terms of functionality and also in terms of diversity of style. The mobile phone became a consumer item, sold in supermarkets and everyone had a cupboard full of them at home.

Then we did the 3G thing, which cost a lot of money (in terms of licence bids and infrastructure). Whenever this happens companies become risk adverse and they try and control the business models, partners and also the consumer. The greedy operators were taxing everyone 50%, application, SMS and event the payment solution. The cosy manufacturer-operator-regulator friendship was working. Yes, the regulators all want to keep the status as it keeps them in a job too. So somthing had to change…

Then Apple and Google, who are always looking at markets in a fresh way, thought this has to stop. The internet has largely been free from regulations, so devised a plan to attack.  Providing us, the consumer with better handsets, services and business models.

As a business owner-entrepreneur you must understand that everything everyday changes. You have to both believe in the change and want the change. Be the master of change and feed from it. Just because you are doing well today, providing a great product, there is out there, somewhere in cyber space, someone looking at your business wanting part of the action.

Be faster at creating change than any other business!

Blog

What is your motive for starting a business?

I recently asked 256 entrepreneurs what their motive was for starting their businesses and found the greatest motive was independence with 31%. In second was money with 25%. These are very powerful drivers which can motivate someone to for many years, delivering results and further ambition. The motive for starting a business is so important in getting the business to launch and grow. So having a powerful motive can be as relevant today, tomorrow and for a long time into the future is important, as being an entrepreneur is all consuming, so much of the time.

Independence with 31% was the most popular choice. This motive is a fundamentally driver which we see in so many entrepreneurs. When it comes out in their personality, its arrogance, ego, self esteem and an amazing believe in their products. However, wanting to be independent of others, and make one owns way is so important to us as human being that it is not surprising it’s the main reason to starting a business.

Money came in second with 25% of the vote. Having a great number of celebrity entrepreneurs in the press we are seeing more young people see that this route is the one to both fame and riches. Yet very hard work is needed to achieve a successful business, even more work to keep it going and even more again to become amazing rich. So many of our glamorously famous entrepreneurs forget to mention years of hard and long hours which created their work ethos. Hard work will never be glamorous or fashionable but without it money will never be teaming up with you.

Create Opportunities with 17% of the vote came in third. These people are innovators and business minded individual who have seen opportunities in the market which they can fulfill. This is a growing trend as social enterprise and philanthropy grows especially in time of hard unemployment and low economic growth. I would expect this to be second within a few years, based on the young people I meet who are starting businesses.

Want to Make a Difference achieved 14% of the vote can be split into two areas: Make a social difference or making a difference to one’s own life.

A New Challenge came fifth with 13%. All entrepreneurs are looking for a new challenge and this group could not relate to the other four. Every entrepreneur faces a new challenge every day and building that into your personality is core to becoming a successful entrepreneur.

Starting out as an entrepreneur is deciding to take a path no one else has taken, each path is an individuals and therefore these motives are so important in maintaining this path and understanding your own reasons for continuing.  The strength to continue while everything is going wrong sets you aside from those who give up and from that day always keep looking back and wondering “What if?”  As a human being you may have only one life but as an entrepreneur you have a life time of opportunities to make your own success, whatever your motives.


Blog, Entrepreneurship Theory

Choosing an entrepreneurial university

Even if you don’t what to start a business after university, you should think about leaving university with some amazing enterprise skills and experience which you can use in business, your own or someone else’s.

The development of these skills is important in building knowledge and experience which business can use, want to use and can use. Enterprise skills are employable skills which businesses want.

When selecting a university you need to think about what is and is not available in term of enterprise development, So what is best practice within the sector?

The first items to investigate are student societies. So look for an enterprise society, which is a student lead organization which allows like minded students to develop ideas, network and build business relationships while in a university environment. The second society is called, SIFE, Students In Free Enterprise which allows student with social responsibility to developer both their entrepreneurial skills while helping others.

Does the university offer an additional enterprise extra- curricular module for all students and does this create additional credits towards your degree. Employers like enterprising people and this is a great way of ensuring it enters your CV.

Then take a good look at the careers, enterprise and innovation departments will run skills development workshops which are outside the students course. These skills should include networking, ideas creation, sales, marketing, business and financial planning.

The entrepreneur in residence is the centre of the university enterprise culture, they have done it, started a business and don’t just speak about it. They have real experience which can be used as a sounding board which young students can use to explore, develop their ideas and find mentors which can help take the idea forward.

There should be a place where students can just walk-in and talk about their ideas about business and have an informal chat. Is this accessible and do any of the staff know anything about business, enterprise and development of skills.

Once the student has an idea, they are a number of options which should be made available to the student. The first point which most students needs is some funds, so the university making micro loans available can help move the idea forward. So ask what financial support is available?

Once you have an idea, an incubator can provide a space where you can get a desk, network with others and get a lot of business start-up support in the early stages. Its important to have a support network, which you can use to develop the skills and network.

The majority of universities will provide business start-up bootcamps which allow students over three days to develop their idea and plan the progress they need to build an idea into a start-up and then onto a growing business.

Not everyone will want to start a business, but the skills are very important, especially when working in small business, which accounts for 97% of UK businesses.

While at university having an internship with entrepreneur or a small business will help. Some universities offer this intern year spent developing the students’ own businesses.

To conclude, a university which allows you to gain real experience in which you can learn by doing and network with like minded people should be your choice. This will set you up for life and is worth every pound you will have to spend.


Blog, Ideation

Ideas Evaluation for Entrepreneurs

One of the best skills to have as an entrepreneur is being able to evaluate ideas. Ideas are cheap and don’t actually create any value, it’s the person that acts on an idea who starts to create value. I often meet people who want to protect their idea more than act on them. However, acting on any idea doesn’t provide a great recipe for success. You have to act on the good ones which you have the skills to make into a successful enterprise.

The first principle is to write your ideas down, keeping a chronological log of your ideas. This allows you to reflect on them, review them and refine them into something you can start to see true value. Idea’s have their time and place. So today, you may not have the time, money or ability to act on your idea, however in time things change and you may be well placed to make this idea a reality.

The ability to evaluate your ideas is split into personal skills, knowledge and aptitude on the one hand and logical, systematic evaluation on the other.

Your personal skills are constantly changing and developing, this allows you to develop as an entrepreneur and gain new valuable skills. Practical hands-on skills are one of the most value assets an entrepreneur has. The second most valuable skills are those of their team, the entrepreneurs team are core to their success and more importantly possible failure.

Knowledge for an entrepreneur is normally based around an industry sector and this asset is the foundation to building successful businesses. Without it you have a very loose idea of what is going on around you, you have no ability to influence or act on daily news stories or gossip. All successful entrepreneurs spend a great amount of time developing this knowledge to a point whereby they can plan for guaranteed success within their sector.

Many entrepreneurs stay within an industry. Many only look at businesses with a certain business model. Many take businesses they can run within a certain region. Everyone have a certain aptitude for business and only these business ideas will start to spark within the entrepreneur.

At this stage in an idea evaluation you have a series of soft skills, hard knowledge and a gut feeling. These three determine if the entrepreneur can add, see and benefit from the value of the idea.

The next is putting some form of logical plan around it which can executed to deliver on some form of business plan. The ability to look at an idea and develop a quick business plan and gut feeling on the returns allows the entrepreneur to see the merits of the idea. Who is the customer, how much are they willing to pay, what are the costs, liabilities and issues in delivery. How many staff, where and what type of people. What type of management team would be required. How much investment, money, time and skills will be required from me?


Blog

Developing Enterprise Skills at University

University allows a student to start one or more of three entrepreneurial paths; Intrapreneur, LifeStyle Entrepreneur and High Growth Entrepreneur.
The vast majority of you will follow the intrapreneur route, a path leading to a job and career within a chosen subject. While in this career you may become a manager and take on an entrepreneurial role within your organisation. If this is you, your time at university should prepare the student for this. You will need to develop your people and team working skills, general business and industry knowledge while taking your course.
For those with who require further study, a MBA provides the ideal opportunity to learn and develop management and business thinking.
Some of you will develop a life-style business built around your course subject or hobby which has developed through university. These people develop into the role of an entrepreneur, building friendships and confidence with time. They are not looking for fast growth, but the enjoyment of being master of their destiny or being emerged in their chosen business. The important skills to learn for this role are networking, time management and self esteem.
Some of you will have a high growth or high technology idea which can be developed through incubation, Science Park and this is the business which universities and business support agencies like, understand and what to work with. The important skills to learn for this role are financial management, managing people and powerful presenting.
The humble student society provides the opportunity for most students to run an enterprise which is focused on a particular sport or activity. These are great places to learn by doing and develop an understanding of how to behave in a business like environment. They have all the aspect of a small business, the focus, the polities, bureaucracy and of course customers who require service.
All employers want their prospective employees to have some work experience. This can be found at local businesses, student union or volunteering. The development of your professional business approach is something you should master before you start your career and should be in place when requesting interviews. Developing it after is too late.
Enterprise Activities and competitions is one way of gaining experience and being able to add it to your cv. Enter the business plan, Flux, Apprentice and Business Idol competitions which provide you with the opportunities to develop entrepreneurially.
Every student should demand the ability to learn in an environment which is safe, secure and provides the ability to reflect on the learning. This learning enables us to move forward with our understand and hopefully building on entrepreneurial success.
Finally my message is to learn by doing by putting yourself in situations whereby you have the opportunity to develop skills and have a few failures which will not be counted against you.

Talking About Entrepreneurship