www.graduateopportunities.com >> career advice 31
experience
Matthew Sheridan Master of Business Administration, University of New England.
Matthew worked in Sydney for an international broking firm, responsible for the strategy and direction of several national portfolios. After completing his MBA he opened an espresso bar in Albury.
How did your MBA assist you with opening your own business? The MBA is a great background for small business as it not only concentrates on the accounting side of the business but gives you the aid in developing marketing opportunities, project managing special events and promotions and aiding in the dealing of human resources.
When and why did you decide to open an espresso bar? Running my own business was something I always had sitting in the back of my mind. My career had been in white collar since I was 17. Climbing the corporate ladder sort of stopped when I had got to where I thought I was comfortable, with only a few more (big) steps to the CEO position. At the same time, my fiancée and I discussed where we believed we should bring up our kids. With my role, I was either going to have to be in a capital city or overseas. We opted for regional NSW!
What are the major differences between working in an international broking firm and running your own small business? Security; with an international organisation, if you are confident in what you do, you will climb through the company and keep your job, even creating other opportunities with career changes through different companies that may head hunt you. In small business, even though you have the staff effect of a team environment, you very much feel on your own in regards to the pressures of running a small business.
The other telling difference is that as a small business owner, you have to be jack of all trades – from marketing to HR to legislation requirements etc. It can all sound romantic, but at the end of the day, no one has the same passion as the person who is putting it out there
financially. In saying all this, if you do have a passion about a certain craft and can make a living out of it, there is nothing better in the world than running your own business, as it is much easier to get up in the morning.
What’s the hardest part about opening a small business?
The hardest thing is probably thinking you are on your own. A lot of the pressures need to be kept a lid on as the negative effects of pressure have a domino effect both on staff and customers which can lead to the detriment of the business.
What advice would you offer to graduates who are interested in starting their own small business? Obtain work experience in an industry that you are interested in before you look at starting your own business. It is like paid learning.
Research, research, research; it is about scoping the product, the location, financial breakdown and viability, acquiring capital, sourcing passionate staff, setting short- term goals and objectives etc.
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