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A Levels 2022 Applying To University International Baccalaureate Post 18 Options SQA Results 2022 School Leaver Programmes Vocational Qualifications Guide Traineeships Enterprise Business Startup Why start a business? 10 Steps To Starting A Business Types of Startup Business Startup Success Stories Peter Jones Enterprise Academy Careers Guide Army Access To Higher Education Diploma 12 reasons to start a business With the cost of a university education rocketing to around £55,000 for a 3 year degree, and an increasingly tough job market due to the recession, now has never been a better time for young people in the UK to go it alone and create their own job by becoming an entrepreneur. This may seem like a daunting prospect, but there are many people out there who have struck out and succeeded in making their business dreams become a reality. So why do people decide to follow this path? Here are just some of the reasons: 1. Challenges Setting up a business presents obstacles that you would not otherwise face if you continued working for someone else. These include keeping track of your finances, hiring and managing staff and conducting market research. 2. Learn new skills and knowledge In order to overcome the challenges you will be presented with in your business venture, you will pick up new skills and enhance existing ones. These include time management, organisation, communication, teamwork, accounting and numeracy, giving presentations, business planning, developing a brand, and website design. 3. Be your own boss it’s your business, so whatever you say, goes! Some people don’t like working for others because they don’t agree with their bosses’ decisions or just don’t like the feeling of being told what to do all day. It’s true that most entrepreneurs will tell you that they could never go back to working for someone else! 4. See the direct results of your labour Being in charge means you can get things done your way. This means doing what you want with your business on a daily basis, and knowing that your actions have achieved any success you make. 5. Interest and enjoyment if you’re bored of sitting behind a desk at work, dealing with snippy customers or avoiding your constantly complaining boss, doing something you love every day seems like an attractive exit option. If you have a well-constructed business plan and think there is a gap in the market you can plug with something you enjoy doing, then it’s worth taking the leap. 6. Efficiency Running your own business means you get to lay down the deadlines. You’re on your own, so it’s up to you to be self-disciplined enough to get things done on time in order for your venture to make good progress. 7. Innovate and create Your idea is your business, so it’s entirely up to you what your business is about. Its success will also depend on how you develop your concept, allowing you to express yourself and find ways of making it attractive enough to generate profit. 8. Variety Being an entrepreneur means you have to wear many different hats. These include: accountant, marketer, manager, writer, pitcher, designer and researcher. Experiencing this sort of variation in your job every day can be very fulfilling as long as you’re prepared to learn all the skills and knowledge required to perform these roles. 9. No more commuting if your journey to work each day takes 45 minutes or more, that’s an hour and a half each day that you could be spending doing something you enjoy! Although you may have to move your business to a small office once it has grown sufficiently, starting out by working at home is a great way to save money on costs. If you’re someone who has to endure a long commute to work and back each day, this may seem like a good enough reason in itself to become self-employed. 10. Money Don’t make the mistake of thinking only big companies can make big bucks. There are many entrepreneurs who have made millions on their own through hard work and lots of determination. 11. Second career If you still enjoy your day job but want to set up a business, or just want the security of a regular income until your venture becomes established, you can always juggle the two. Set yourself strict hours in your spare time when you will work on your business – it may seem tricky at first, but works once you get yourself into the habit. After all, your health is more important than anything and you don’t want to burn yourself out! 12. Make your dreams come true Despite what the papers say, the government isn’t completely useless at supporting the country’s budding entrepreneurs. They’ve made it easier in recent years to set up a company and secure funding by cutting red tape and other bureaucracy. Organisations such as the Prince’s Trust and AngelsDen also offer funds for business start ups. With the right attitude, your business venture can go a long way and make substantial profits. Check out our Startup Success Stories to be inspired by those who have already achieved their dreams. Further information For more tips and advice on starting a business and entrepreneurship, please see: Types of business 10 steps to startup success Peter Jones Enterprise Academy (PJEA) PJEA courses PJEA student testimonials. Contact us Advertising opportunities About Studential © 2022 Copyright Studential Ltd. 20-22 Wenlock Road, London, N1 7GU. All rights reserved. Studential Ltd. is a Company registered in England and Wales. Number 7346594.