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5 Steps to Starting a Business

5 of the most important tips that are essential for anyone thinking of starting a business.

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An entrepreneur starting a business

An entrepreneur starting a business

To be an entrepreneur, you must have a business plan and some idea of how you will develop your company. Below are 5 simple steps that are essential for anyone trying to start a business.

#1: Be Creative, Original & Above All Perceptive

The first thing that you need to start a business is a really good idea. A lot of people choose to sit in a dark room with a pen & paper, hoping an idea will jump into their head. However, this is NOT how to do it. The vast majority of successful companies are started because people notice a problem that needs fixing in day-to-day life. Khan Academy, for example, was born when the company's founder, Salman Khan, created a tutorial video so his nephew could pass a maths exam. Salman realised that this free and simple learning method had real potential. Today, Khan Academy has delivered over 260 million online classes. So, just carry on your normal routine but try to take a little more notice of any issues that could be fixed through an innovative business idea - if you're on the ball then more often than not a perfect business opportunity will fall into your lap!

#2: Be Prepared to Disrupt the Status Quo

Do not be afraid to challenge an established business model. In this case, there's a fine line that you must straddle. On the one hand, you MUST NOT come up with a business idea that is identical to another successful organisation or product on the market. But you SHOULD find a way to penetrate a long-established market.  Twitter founder Jack Dorsey is doing this with his new company Square. Dorsey, clearly not content with creating a social media platform that has over 500 million users, is 'disrupting the entire payments industry'. Square has created a product that allows Apple devices to accept credit card payments. Whilst you may not have the financial capabilities that Jack Dorsey has, the same principal applies. You do not necessarily have to think up the craziest, strangest idea just to create something original - you can and should consider improving upon what is already on your doorstep!

#3: Defeat Competition Through Effort

In a world where every day several new Startups are established,  it is crucial to get the edge on your competition; according to StartUp Britain, as many as 500,000 new businesses will be born in the UK by the end of 2013. The key to this is Effort. This breaks down into three essential components: work rate, networking, and enjoyment. The first one is simple - the harder you work, the more you get done. Keep focused and set yourself daily goals to ensure this. The other two components are often overlooked but are just as important as the work rate. Networking, whether it be via email, social networking sites (LinkedIn, Yammer etc.), or in person, is crucial in making influential business contacts and presenting your business in a personal way. Lastly, you must enjoy building your business. Enjoyment makes for a better working environment, happier workers, and ultimately a more successful company. Through these tips, you can rise above the opposition.

#4: Take the Rough with the Smooth

Starting your own business can be tough. You're bound to hit rock bottom several times on your way up. Some of the most successful innovators of all time went through severe hardships. Steve Jobs, for example, was fired from Apple, his own company, before returning to be the CEO and the greatest pioneer for the digital age. Just remember to persevere and keep going in spite of inevitable hiccups that you will encounter along the way.

#5: Do Not Hesitate!

Not acting on a business idea when you really believe in it is entrepreneurial sacrelige. Not only will you be depriving yourself of a potentially successful business, but the rest of the world too. So, when should you start acting on your idea? The answer is definitively NOW. Do not postpone till tomorrow what you can be doing today!



 

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Recruiting & Networking

Advice and tips about the importance of recruiting a good team for your business and for networking using the various tools available to everyone.

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Networking & Recruiting

Networking & Recruiting

Being an entrepreneur is often an independent endeavour initially. However, as your business idea develops into reality you are going to need help along the way. To this end, recruiting a good team to work alongside, as well as connecting with key business contacts through networking are essential tips for building a business.

Thankfully, there are numerous ways to find the perfect people to recruit. To do this, there are three key tips:

#1: Your social network. You'd be surprised by the diverse skill sets that your friends have. Take advantage of these relationships and recruit those you think would benefit the company.

#2: http://www.founder2be.com/ is a brilliant website that connects people wanting to create Startups. You can join with tech co-founders, marketers, developers, and many more to start your company with.



#3: LinkedIn. This popular business networking site is a great way to search for recruits. You can clearly see what experience people have, and then choose someone who is most suited to your organisation.

Networking Team

Networking is also very important. Through LinkedIn, it is easier than ever before to do this. Moreover, it is easy to obtain the email address of many influential contacts - try to let as many people know about your business and what you are trying to achieve. Networking also goes further than the computer screen. You should try to connect with people in person as much as you can. Through this, potential contacts feel more comfortable and likely to help you and your business to succeed.

The last bit of advice for you is: Don't be too proud to accept favours or too secretive to tell anyone about your idea. The 'you scratch my back, I'll scratch yours' sentiment goes a long way when starting a business.

 

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The Business Model Canvas

The Business Model Canvas is a necessity for anyone starting a business and clearly presents each section that entrepreneurs must take into account when thinking about planning a future business.

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Working on the Business Model Canvas

Working on the Business Model Canvas

Below is The Business Model Canvas - an absolute necessity for anyone starting a business. It details clearly every section that one must think about for the creation of a new company; from cost structure to customer relationships. Download the canvas, print out the large canvas, and start planning your future business model now!

The Business Model Canvas

Source: http://www.businessmodelgeneration.com/canvas



 

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Student Entrepreneur Guide

A student’s view of how to be an entrepreneur and build your company with the constraints of University life.

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How to Be an Entrepreneur

At University, the extent of entrepreneurial activity rarely surpasses idealistic conversations at the pub. On numerous occasions I've exclaimed "Why hasn't that been invented yet!" and promised a mate that we'd do it and be rich beyond our wildest dreams. But these dreams never become reality. So how can I move from over excitedly splashing Fosters onto my housemate's shoes to becoming a successful student entrepreneur?
There are four skills you need if you are going to succeed as a student entrepreneur: intelligence, hard work,  innovation and resilience. A healthy dollop of luck always helps too. But let's say you have all of this in abundance, where do you go next? Well, the first thing you have to realise is that you'll be sacrificing a lot in starting a new business. Creating a company is time consuming and will likely mean you'll have to cut down social activities. Once you've accepted this then you can move forward.

So where next? Grab a pen & paper, and begin making a chart with all your ideas (no matter how unrealistic or crazy you think they are) - then just carry on your normal day-to-day routine but at the end of every day try to add another idea to the chart. Once satisfied with the number of ideas on your chart, review each one and pick the three best. Now fill out a Business Model Canvas for each idea. As these business plans develop, one will hopefully stand out as the obvious choice for your new business. Once you have chosen one, work on a more detailed business plan.



Now all you need is the finance to make your business a reality, and also should start thinking about recruiting staff to help your company succeed!

 

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