Young Entrepreneur Part Two
Discussion
Hey guys,
Following on from my other thread 'Young Entrepreneur'
I've decided to go along the A level route and have decided on Applied Business Studies, Economics and ICT. I enjoy all of these subjects and are definitely my areas of strength. If i'm being totally honest with myself, i'm not ready to enter the market at the age of 16, I also feel I would benefit from the 2 years of gaining experience and educating myself with more Business acumen. During my studies i know that one of the tasks on the curriculum is to create a business plan for a proposed business idea, i've had a few more ideas lately and will definitely be using this as an opportunity to gain some help in creating one and then i will actually present it to a Bank or some potential investors.
It's clear in my mind now that I want to have my business plan ready, relatively good skills and some experience in the market I want to start my business in. I feel if i can achieve those 3 goals i'll be well on my way and will have good grounds for me to work upon.
How i plan to achieve these goals:
1. By working hard on my business plan throughout my education and getting feedback from my teachers and hopefully some of the wise people on here, i will be able to present it to potential investors and attract their interest.
2. By working hard throughout my courses i believe that 3 A's is certainly attainable, i have a passion for business studies and throughly enjoy learning about the Economy too. ICT is there purely to help me if and when I wish to start my company as i believe internet exposure is almost essential and another opportunity to reach further markets.
3. Throughout the summer and also during term time I will be approaching some companies, in the market sector i choose to enter and applying for some temporary jobs so that i can gain some experience and hopefully some useful contacts.
I think it's clear that most of my plans are based on hard work which i believe to be essential in anything in life if you want to be successful.
Any advice or comments are much appreciated.
Thanks
Mike
Following on from my other thread 'Young Entrepreneur'
I've decided to go along the A level route and have decided on Applied Business Studies, Economics and ICT. I enjoy all of these subjects and are definitely my areas of strength. If i'm being totally honest with myself, i'm not ready to enter the market at the age of 16, I also feel I would benefit from the 2 years of gaining experience and educating myself with more Business acumen. During my studies i know that one of the tasks on the curriculum is to create a business plan for a proposed business idea, i've had a few more ideas lately and will definitely be using this as an opportunity to gain some help in creating one and then i will actually present it to a Bank or some potential investors.
It's clear in my mind now that I want to have my business plan ready, relatively good skills and some experience in the market I want to start my business in. I feel if i can achieve those 3 goals i'll be well on my way and will have good grounds for me to work upon.
How i plan to achieve these goals:
1. By working hard on my business plan throughout my education and getting feedback from my teachers and hopefully some of the wise people on here, i will be able to present it to potential investors and attract their interest.
2. By working hard throughout my courses i believe that 3 A's is certainly attainable, i have a passion for business studies and throughly enjoy learning about the Economy too. ICT is there purely to help me if and when I wish to start my company as i believe internet exposure is almost essential and another opportunity to reach further markets.
3. Throughout the summer and also during term time I will be approaching some companies, in the market sector i choose to enter and applying for some temporary jobs so that i can gain some experience and hopefully some useful contacts.
I think it's clear that most of my plans are based on hard work which i believe to be essential in anything in life if you want to be successful.
Any advice or comments are much appreciated.
Thanks
Mike
Be wary of showing your business plan to others, particularly if it contains something unique. I know the person who invented headlight washers. They told a friend, who is now very wealthy. The person I know has not made a penny, and understandably they are no longer friends. Don't be shy about asking people to sign an NDA, however silly it may seem at the time.
Why not start a business right now? It doesn't have to be massive, just an hour or two a day and you can slowly gain experience whilst you're in education. You never know, you might make some extra beer money while you're at it.
Why not start a business right now? It doesn't have to be massive, just an hour or two a day and you can slowly gain experience whilst you're in education. You never know, you might make some extra beer money while you're at it.
From working with business support agencies (via both GSB and GBAS schemes along with private consultancy) I can offer you the following pointers:
1) Don't make your first priority being a successful entrepreneur/business mogul. You have outlined what would appear to be a textbook profile of someone looking for a job, rather than someone who wishes to stand on their own two feet and succeed in their own grand scheme. Academic studies will get you so far, but some real experience will be invaluable. Try and find a local SME that you could spend a couple of evenings with, and learn some grassroots of actually running a business.
2) You are going nowhere without an idea and a USP to match it. Pooling the PHers as to what you should consider is like asking monkeys to pick your lottery numbers (no offence guys). As jacobyte said, concentrate on something that really interests you, and pursue it until you find your niche.
3) Passion is the most important key to success. Unless you are working towards a goal you have picked for yourself, with a clearly defined plan, you will simply bumble along until the inevitable day that failure strikes.
I know the above sounds harsh, but from my experience of seeing day after day of hungry for success (read - hungry for the money they think they can earn) clients, I could count on my hands and toes the amount per year that actually have the natural borne ability and sheer no-holds-barred attitude to actually take a concept, nurture it (with a little help and guidance) and make something from nothing, which in essence is what we all do with working for ourselves.
I will end this post by saying that I do genuinely wish you luck, but be prepared to have multiple days/weeks on the long road where you ask what the point of all of this is. As long as you can still see a light at the end of the tunnel, keep going. Otherwise, companies are always happy to take an enterprising young person, put them in a metaphorical box, and make you work until you're 65 (or probably 75 by the time you get there now) for their good rather than your own. If nothing spurs you on more to achieve your target, it should be the notion that you can avoid this.
1) Don't make your first priority being a successful entrepreneur/business mogul. You have outlined what would appear to be a textbook profile of someone looking for a job, rather than someone who wishes to stand on their own two feet and succeed in their own grand scheme. Academic studies will get you so far, but some real experience will be invaluable. Try and find a local SME that you could spend a couple of evenings with, and learn some grassroots of actually running a business.
2) You are going nowhere without an idea and a USP to match it. Pooling the PHers as to what you should consider is like asking monkeys to pick your lottery numbers (no offence guys). As jacobyte said, concentrate on something that really interests you, and pursue it until you find your niche.
3) Passion is the most important key to success. Unless you are working towards a goal you have picked for yourself, with a clearly defined plan, you will simply bumble along until the inevitable day that failure strikes.
I know the above sounds harsh, but from my experience of seeing day after day of hungry for success (read - hungry for the money they think they can earn) clients, I could count on my hands and toes the amount per year that actually have the natural borne ability and sheer no-holds-barred attitude to actually take a concept, nurture it (with a little help and guidance) and make something from nothing, which in essence is what we all do with working for ourselves.
I will end this post by saying that I do genuinely wish you luck, but be prepared to have multiple days/weeks on the long road where you ask what the point of all of this is. As long as you can still see a light at the end of the tunnel, keep going. Otherwise, companies are always happy to take an enterprising young person, put them in a metaphorical box, and make you work until you're 65 (or probably 75 by the time you get there now) for their good rather than your own. If nothing spurs you on more to achieve your target, it should be the notion that you can avoid this.
fergywales said:
Some very very good stuff
I echo Pauls comments 100%. My advice would be that rather than spending years on a business plan, try selling what it is you want to sell first. If people actually buy it then sit down and work out how you can make a business from it. A shiny business plan is worthless without a product people want to buy.
Secondly, if I had a pound for every useless wnkrs with MBAs & BAs I meet with dreams of running a business... well lets just say that would be sound businesses plan
. I am a firm believer of going to the University of life, the lessons you learn are real (sometimes raw) and far more valuable.Finally, if I was as focused and motivated as you seem to be at 16, who knows where I could be now!
Good luck.
I’m currently doing AS economics (along with Law and Accounting) and am finding it very enjoyable and would definitely recommend it. Iv just got my results from the first unit exams and I got 2A's and 1 B 
so I’d imagine 3 A's would be possible. If you need a business partner I’m local (ish) lol
so I’d imagine 3 A's would be possible. If you need a business partner I’m local (ish) lolGassing Station | Business | Top of Page | What's New | My Stuff