Empowering People with Practical Financial Knowledge
17th of August 2019
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More than 25% of Brits dream of starting their own business, but various influences hold them back. So what is the key to unleashing one’s entrepreneurial spirit?

 

  • Planning – Many people talk about starting a business, but don’t consider how they will put their ideas into action. Plans would need to be made on funding, skills and resources required. A realistic timetable would also need to be drawn up, with targets of what you hope to achieve and by when.

 

  • Time efficiency – Time is an opportunity cost. Time spent watching TV, playing Candy Crush, or going out every night could be better spent elsewhere. This doesn’t mean you shouldn’t enjoy yourself, but maybe limit the hours you socialise, and reduce the time spent on daily leisure activities. Being serious about your business means giving it the priority it deserves.

 

  • Lifestyle Change – Starting a business means rearranging life to fit around your business. This may mean leaving your full time job with the steady pay-cheque, or even moving to another place if it benefits your business. This lifestyle change may also affect your family, especially if you have a young children to support.

 

  • Confidence – Starting a business is a risk, like all risks, it may or may not pay off. But you need to have the self-belief that it will succeed, because if you don’t believe in your own business then you cannot expect other people to.

 

  • Exposure to other Entrepreneurs – Networking and socialising with other like-minded individuals creates a sense of excitement and confidence. This is particularly important if you do not personally know any entrepreneurs, and therefore need the inspiration.