Site news

Entrepreneurship: How to Become an Entrepreneur

 
Picture of Connect Admin
Entrepreneurship: How to Become an Entrepreneur
by Connect Admin - Thursday, 18 June 2020, 9:32 AM
 

Entrepreneurship: How to Become an Entrepreneur

Welcome to the 4th Blog from the Employability team: Entrepreneurship: How to Become an Entrepreneur.  

Blog 1 - Gave you advise and insights for making sure your personality comes through in your CV and Career Planning during the Covid-19 Lockdown  

Blog 2 - Networking: all you need to know took you through the importance of networking with examples of benefits from Emma who has just started up her own business.  

Blog 3 - How to prepare and approach an interview suggested the best possible techniques to success in your job interview. 

Today we want to turn your thinking and attention to something different, where success depends on you and you alone. This will involve you using ingenuity and creativity and taking a risk that could possibly provide the opportunity to change your life and those of the people around you. …. Be an Entrepreneur! 

 

Who and/or what is an Entrepreneur?  

 

An entrepreneur is a person who sets up a business with the aim of making a profit. They take the risk of loss and try to get an idea off the ground because of the appealing possibility of making money by creating a profitable business. The more undiscovered the business is, the riskier and potentially profitable it is at the same time, because of a simple reason: entrepreneurs are far-sighted and enterprising people, who want to create new and smart solutions to old problems. 

 

How to Become an Entrepreneur: Be Curious 

Being an entrepreneur means looking at the world with a different perspective. Even if entrepreneurs’ motive is undoubtedly profit, such people have the unique ability to identify a gap in the market and find a way to close it. This is the core of innovationget a sense of something which is not available on the market yet, have an idea about how to meet the needs of certain categories of peopleYou must be wondering what is such special mindset that leads them into the business world. Well, it’s nothing more than curiosity. Entrepreneurs are able not only to look at the big picture, but also to dwell on details in any situation and reason how a new product or service may better satisfy the consumer. They are intrigued by life and want to design new items specifically aimed at changing or easing the way people work or fulfil their everyday commitments. To give you examples  and implications of innovation - not only on consumers, but on society as a whole - think about how computers or mobile phones have revolutionised the way companies run their business and the way people communicate with each other in everyday life 

 

How to overcome insecurity and boost innovationGive Yourself a Chance 

Everything that may be invented has been invented” ... is this what you might be thinking?  Worry not, this quote by C. H. Duell is more than a hundred years old. At the time Mr Duell was convinced that all possible inventions had been made already even in the last centurybut let's think about this, how many new and innovative creations have been patented, marketed and sold in the last century? So, Duell’s statement may reflect our feelings, but does not reflect the reality of an innovative world. 

Nevertheless, we agree that nowadays it’s very difficult to create something novel and put it to market, particularly in an era of high level of technological and innovative progress. Nonetheless, this doesn’t mean that we should stop being curious. On the contrary, this is the time when we should take up the challenge of improving our lives and exploring endless possibilities of making a change. What you need to do is to find out potential opportunities and plan your strategy.   

Don’t let your innovative ideas be stuck in your head, just act and implement them! So, let the hunger for change take the lead, and browse on the website below how to set up a business in the UK: 

No less important, becoming an entrepreneur requires finance availability to fund your new business. Have a look at various ways you can get some help to this purpose:  

Isn’t that easy? Precisely. Setting up a business in the UK is often a one-day job.  

Hence, we guess you like the idea of being a self-starter and your own boss. But bear in mind that entrepreneurship involves much more than this, and we want to give you an idea of the best qualities you need to possess or improve in order to be a successful entrepreneur. 

 

How to Be a Successful Entrepreneur and a Respected Leader: 

1) Always Be Adaptable, Open-minded, Determined 

Once you put to good use your creativity and set up your business, what makes you an entrepreneur? You may be surprised to hear that there is no fixed formula. Even when planning their strategy, entrepreneurs must adapt it to the fluidity of an evolving society, the changing preferences of customers, and increasing competition in the area of business. In this scenario, entrepreneurs as lone workers need to combine strategic thinking with resilience. Entrepreneurs learn continuously because of their attempts to successfully market their ideas, which is the only way to get feedback on the value of their innovation. Research outcomes show that an entrepreneur needs to make at least three attempts at launching an idea or a product to make it work. This is true about both, your customers and your team. Whenever you face discontent of your customers or a different opinion of your staff, you will need re-think your strategy and find new solutions. Here is where you will need your open-mindedness to put yourself in the shoes of others and be prepared to change your perspective, but you will still need determination to make the new solutions work. 

2) Enhance Your Team Every Day 

Most importantly, you will never be alone. Being your own boss does not alter the fact that you will need a team, where everyone plays their role. Everyone is necessary by virtue of their creativity, skills and specialisation. This makes you the leader of your team and requires that you prove strong people skills. Show them how confident and passionate you are about your activity, but also how much determination and discipline you practise every day to achieve your goals. Communicate with your staff, ask for their opinion and always welcome and consider their point of view. Remember, confrontation and discussion are the foundations for growth. A good leader is also someone who is not afraid of recognising others’ success but remains competitiveParticularly, they show strong work ethic and are first in line making sacrifices to meet their targets. 

 

A Deeply Inspirational Example 

Love or hate Apple, there’s no way you can deny how much this company has changed the IT world. Likewise, no one can deny what an incredible person the late Steve Jobs was. Steve reminded the world of what the essence of innovation is. His life was full of contrasts and difficult choices, including dropping out of the College, starting a business in a garage, and being later removed from the decision-making process of his own, remarkably powerful, companyNot to mention his personal life, when serious medical conditions occurred. But still, every time he had the courage to get back on his feet and fight again. 

As we believe that he was one the most charismatic people ever existed, we want to share with you his most famous and inspirational speech, in case you haven’t listened to it yet. 

Enjoy the video and “have the courage to follow your heart and intuition”, as Steve Jobs famously said. And from us we say, “shoot for the moon, even if you miss, you’ll land among the stars”.  Good Luck, we’re here if you want to run your idea past us:  

Work Placement, Employability and Careers Team  

Dr Wendy Wigley: Head of LSST Student Support and Enhancement–  wendy.wigley@lsst.ac  

Daud Maroof – All campuses daud.maroof@lsst.ac  

Carlene Nancoo – Wembley Campus carlene.nacoo@lsst.ac   

Diana Cojocaru – Luton Campus diana.cojocaru@lsst.ac  

Fabiana Bernardi –   Elephant and Castle Campus fabiana.bernardi@lsst.ac