Do You Want To Start A Business?

Many students finish school or university and go to work for large private or public sector organisations. But some start their own business. Why?

Starting a business

Starting a business can be risky but many people who take the plunge never regret it, not least because they learn how to manage people, find customers and handle finance. Such skills are useful in today’s world regardless of the type or size of organisation, as large companies often buy smaller ones to acquire their entrepreneurial skills.

Start-ups are more reflective of the current disruptive business climate as they operate without traditional structures or restrictions on independent thinking. They also provide a sense of purpose and meaning for those they employ.

For anyone thinking of starting a business or working in a start-up, it is useful to ask a number of questions: Can I cope with uncertainty? Am I fully committed? What would I do if I owned the company? Where do I want to work?

Can I cope with uncertainty?

Every start-up business provides its own version of uncertainty, as everything is untried and untested at the beginning. Reporting structures, responsibilities and plans are fluid as every member of the team works on every aspect of the business. Founders and early employees need to be comfortable with flexibility and a lack of order to make the company a success.

Am I fully committed?

Owners and staff working in early stage companies have to commit to making every detail work, as ignoring some aspects because it’s not your job is fatal. The ability to spot problems and find solutions rather than think it is someone else’s issue is vital to making a new business survive. Working in a start-up means always looking for answers rather than assuming that things can’t be fixed.

What would I do if I owned the company?

Working in a new entity means you need to act as if you own the business because any other approach courts failure. Staff must care about the business and do everything to make it work; otherwise things can unravel very quickly. Every employee is responsible for making every aspect of the business work and nothing can be judged to be someone else’s responsibility.

Where do I want to work?

Before working for a start-up business it is important to think about the type of company and industry you want to work in. The starting point lies in identifying the type of business you find exciting. Think of all the different areas of industry; everything from an arms manufacturer, wanting to maximise profits at any cost to a charitable concern, wanting to make the world a better place.

So, more people are choosing to start their own business as they seek to find a sense of passion and commitment in what they do.