11 July 2019 | Grads Corner | Guest Author
Everyone can empathise with the ‘What next?’ feeling that hits you when you first come out of University and reach the ‘real world’. Transitioning from University life to employment is daunting but especially so when you’re faced with an unstable job market. A bachelor’s degree, even first class, doesn’t secure positions and may even mean very little without other skills or experience to back up the role. Increasingly, new graduates are turning to entrepreneurship.
For many, this may seem ridiculous. Venturing into starting your own business is a challenge at any age but for new graduates, with a crippling amount of debt and little market experience, the enterprise may seem even more futile. Contrary to expectations however, as a new graduate the odds are actually stacked greatly in your favour.
Without the financial ties and responsibilities that often accumulate with age such as mortgages or families, new graduates are better able to dedicate time and finances to new business ventures. Furthermore, lack of experience working in employed roles can (at times) be more conducive to generating fresh business models rather than reproducing the same stale models that they have grown accustomed to. According to a 2011 paper produced by the University of Glamorgan Business School, new businesses created by graduates are more likely to make use of websites, to have intellectual property ad to have high growth potential. Likewise, another study found that businesses that were started by graduates generate 25% more revenue than those created by high-school drop-outs.
The crucial element, then, is not whether you’re a graduate or not, it’s whether you possess the qualities of a successful entrepreneur. Personal qualities such as whether you are willing to take risks and stubborn enough to resist set backs are amongst the most important to emerging business owners. Yet what’s arguably more important is your use of resources and advice available to you.
One fortunate consequence of entrepreneurship becoming increasingly popular is the proliferation of high quality resources available. Fostering a scholarly attitude to entrepreneurship by capitalising on these resources will help you to avoid common pitfalls and ultimately decide whether your business sinks or swims. And luckily, with studying for your degree in such recent memory, you are in the best position to approach this.
Below we list some great places to start that you won’t have to spend a penny on…
While there are a lot of websites that aim to provide information and advice on starting a company, some still fail to provide this information in an engaging and enjoyable way. Informi is the exception. From managing stress, to financing your set up, managing employees and marketing your website, Informi provides simple and easy to follow advice on literally every step of creating a business. They even offer access to their online community to put you in contact with other emerging entrepreneurs you register to create an account with them without charging you a single penny.
Since it’s over hall back in 2003, the U.K. government website has become a vital and pleasingly accessible way to keep in line with government regulations.
Start Up Britain
Launched in 2011, Start-up Britain is another government backed campaign aiming to provide an in depth list of resources to guide you through setting up a business, as well as enhance your connectivity to other entrepreneurs or services available in your local area.
New Entrepreneurs Foundation
Each year the New Entrepreneurs Foundation run a year-long program for 30 students in which they can gain experience in a paid business role and participate in workshops and training courses conducted by business schools to give them a head start when they go on to start their own company. In addition, each student is provided with their own executive coach and business mentor to guide them through the process of starting their own company.
The Business and IP Centre
If you work better alongside others, then try going along to the Business and IP Centre at the British Library in St Pancras, London. Each year they run dozens of free or virtually free events that you can sign up to which will give you access to advice from experts on every aspect of running and setting up a business.