If it all goes wrong I’ll get a proper job is the event that I found most interesting and which I benefited the most from. This event was presented by Robbie Weston who was the founder of three voice-over studios. Compare to the other events this was the shortest but it was the most informative event. I felt this event answered a lot of questions most people in my position wanted answers to; for example one of his points was on what to consider when taking on a business partner. Like most people when I think about a business partner the only thing I would consider is whether they have the capital to invest in my business but Mr Weston made it clear that there were a lot more facts that need to be taken into account. In my opinion the main point of this event was on self believe, believing in yourself enough to take risks. For example; when Mr Weston started his business a lot of people told him that it was a stupid idea, that he would never make it and he would regret his decision. But he had such self-conviction and determination that his business would be a success which eventually made it happen.
Mr Weston listed 10 points that is essential to starting your own business;
1. Are you cut out to be an entrepreneur?-This is an important question you need to ask yourself. If the answer is no please don’t decide to go and start your own business because if you have no passion for the business it’s very likely that the business won’t be successful. The reason for this is because starting a business is a hard, long and exhausting process, it’s not guaranteed to be an immediate success. If you’re not prepared for the long working days and not having a social life you’ll just end up costing yourself a lot of money and wasted time.
2. Money-Where is it going to come from? How is your business going to be finance? It’s all good and well having a great business idea but without any finance how will that idea come to life?
3. Partners-Sometimes it is necessary to have a business partner. There are advantages to having a partner for example; they help to share the risk. However there are a few things to consider when choosing a partner, you need to make sure that they understand the risks involved and that they are willing to share these risks. You also need to make sure that they have the same level of passion, believe and drive that you have. This is important not only in business but can be applied when choosing a life partner as well.
4. Exports-What you need to understand about export is that they are there to back you up but not to hold your hands. Exports can be useful if you know the right questions to ask, if you don’t then you’re in trouble. This means you need to know about the sector that your business fall under, you need to study and make sure you know what you’re taking about to ensure you get the help that you need. One quote that stuck with me that Mr Weston said about export was “no matter what they tell you ultimately it’s your fault when things go wrong.” This is so important to remember when starting your own business because you’re the one who all the responsibility will fall on. If you’re not ready for that responsibility then you’re not cut out to own your own business.
5. Taking on staff-This is another complicated step in owning your own business. First there’ s all the legal things that you need to consider for example; This Act state that all employees should be paid equally regardless of their gender/sex. The equal pay act only applies after taking into account three factors which are; “the same job, equivalent jobs and jobs of an equal value.” (Dooley et al, 2007, p362). Your staff also need to have the same amount of passion because there’ll be times that they would have to go above and beyond their job speciation.
6. Think of the customers-It is important that you understand your customers. This makes it easier to meet their needs and wants which contributes to the business being successful.
7. How to make the business work when you’re not there-According to Weston the best way to run any business is like a Franchise. For every possible problem write down the solution before it happens, this would help to build up an operational manual. Therefore when you (the owner) are not there the staff are equipped to deal with these problems.
8. Be ready for the sale-Weston also recommend that you be ready to sell your business at any time. The reason for this is because you might not even think about selling your business but someone might come along who wants to buy it. This means it’s important for you to keep everything in order for example; the books.
9. Never mess with the bank or taxman
10. Make all the terms and conditions are clear
I left this event feeling more determine to success in not only my career but life in general. Weston inspired and motivated me to continue working hard and trying my best and eventually I will achieve my goals. Weston reinforces the meaning of self-believe and determination. In conclusion Henry Ford once said “there is no happiness except in the realization that we have accomplished something”. This summarise how focused and motivated I am to achieve my goals and aspirations.
References
1. Dooley, D; Dransfield, R; Goymer, J; Guy, P; Richards, C (2007), ‘BTEC National Business Book 1: 2nd Edition’, Heinemann: Oxford.
A detailed report of of the presentation you attended, you obviously enjoyed it, well done.
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