Dear Entrepreneur. Danny Bailey
grew to what it is today largely due to the fact that I just wanted it more than some of my competitors.
Be prepared to take risks
Risk taking is perhaps the most dangerous part of owning a company, but it is also the most exciting. If your business is to grow and thrive, you will have to perform some calculated risks.
People are often afraid to take a risk as they don’t think that it will pay off. Even if this is the case, by experiencing small failures we learn to get back on our feet and come back with more determination and a better idea of how you will succeed next time. Taking risks is a vital part of owning a business.
Make use of all available resources
If there is something that can help you, take advantage of it – from an expert in their field giving you some advice, to applying for a business grant. Whatever is offered to you, make sure to grab it with both hands.
Any help that you can gain along the way will seem like a godsend when you first start. These opportunities can be rare and they won’t come to you, you’ve got to get out there and find them.
Network, network and network again
Thriving business owners are generally also fantastic networkers. Navigating through the minefield of owning a company without friends is not impossible, but it can be a lot harder.
By meeting other entrepreneurs, you can share your experiences, achievements and obstacles. Through networking, you have the opportunity to tap into a vast collection of knowledge, as well as the chance to gain deals in sectors you may have not even considered before.
Be prepared to adapt
Adapting to circumstances can be uncomfortable for some people. There are times when it does not matter how much you have researched a topic, how encompassing your strategy is, or how much you believe in your plan – you will have to change something to deal with external factors you had not factored in.
If you can learn to adapt and roll with the punches, you will be able to weather any potential storms.
Michael Welch
Founder, Blackcircles.com
Blessing M
Dear Entrepreneur,
Entrepreneurship is a really important issue, and something that is becoming increasingly noticed due to the recession and young people struggling with employment. Being an entrepreneur is about more than just starting a business or two, it is about having attitude and the drive to succeed in business.
All successful entrepreneurs have a similar way of thinking and possess several key personal qualities that make them so successful in business. Successful entrepreneurs like the ambitious Richard Branson have an inner drive to succeed and grow their business.
My name is Blessing Maregere; I am a 19-year-old multi-award winning young entrepreneur. I started my first business at the age of 16, which was a contract cleaning company called Essential Cleaning Company. This was back in 2009 when I had finished my GCSE exams and couldn’t find a job, so I decided to create my own.
I had six staff working for me and a number of cleaning contracts and my early success motivated me to set up another business called Bright Futures Enterprise, a social enterprise with a mission to inspire, educate and motivate young people to become successful entrepreneurs.
I sold my cleaning company after a year as I wanted to do more challenging things and I launched Not Just a Youth Enterprise in 2011 with my business partners. Not Just a Youth Enterprise is a youth-led social enterprise and we have developed our own brand of Fairtrade products ranging from rice and chocolate to coffee, tea and hot chocolate.
How to get started when you don’t know where to begin and 3 steps to success
A lot of young people want to become their own boss but don’t know where to begin. But I believe it’s possible for any young person to follow their dreams and do what they love.
Before starting my first business I was volunteering at community youth groups with a helping hand from organisations like vInspired. Volunteering provided me with a whole new network of people and organisations who believe in young people’s potential.
Through a combination of experience and networking, I developed the confidence and belief to get out there and give things a go. I believe anyone can become an entrepreneur if they put their mind to it. For any young people out there who want to set up their own business or start a youth project, here are my 3 top tips to get your ideas off the ground:
1. Network
Networking is the key to success – it’s not about what you know, it’s who you know. So get out there and network with likeminded people; you never know which invaluable contact or person you might meet.
2. Seek a business mentor
Going solo can be lonely, so having a mentor is key to help guide your business to success. It could be a business contact, or even a friend or family member to bounce your ideas off – having someone to provide you with moral support, guidance and encouragement can make a world of difference.
3. Passion
Do what you love and love what you do! You need passion to make your dreams a success – without passion it will never work. Choose to work on the things that are really important to you – if you care about them enough, you’ll stick with them.
Blessing Maregere
Founder & Chair, Not Just A Youth Enterprise
Bog in a Bag
Dear Entrepreneur,
Contained within this letter are the key learnings that have lead me to be where I am today. Some I have been lucky enough to stumble across but most I know simply because I got it wrong the first time! So let’s start with that…
1 Be prepared to make mistakes – I have lost money and sleep over taking the wrong path. This is inevitable there is no ten-stage plan to launching a great business. It is simply how we deal with these mistakes that determines whether you are an entrepreneur.
2 Love what you do – Even if, like BoginaBag, it may not appear glamorous you have to believe 100% that you have what the market needs. Throughout your journey you will meet people who doubt your product or service.
3 Understand your numbers – Your idea might be great but if you don’t understand your cash flow, profit and gross/net margins you will not have a business.
4 Listen to others – Meet, connect and blog with as many people in business as you can. This will not only give you a network of valuable connections but will also keep you sane. Being an entrepreneur can be lonely, especially in the early days.
5 Limit costs – At the start keep your day job, work from home and outsource everything. Costs can escalate easily and any profit will be hard to earn.
6 Take risks (“who dares wins”) – No entrepreneur ever got to be successful by taking the easy path. Put yourself on the line and if you aren’t