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Young entrepreneur or young risk taker?
Successful young entrepreneurs have bright ideas, real commitment and drive – and they sometimes also have a brave attitude to risk
This can work, as ambition is essential for success - but it needs to sit alongside careful planning. Taking good advice from others who possess the right experience and knowledge to help build a sustainable business is also sensible.
For example, the mismanagement of cashflow is probably the biggest cause of small businesses closing down but this mistake can be avoided by following a few ‘golden rules’: carrying out checks on new customers; making payment terms clear; sending accurate invoices out on time; having a system in place for chasing outstanding invoices and setting credit limits.
Another pitfall is that it’s easy to fall into the trap of assuming that being in control of your business means doing everything – especially when you don’t have much money. But you must have the infrastructure in place
in your business to allow you to get through tough times and get ahead of competitors and it doesn’t have to cost a fortune.
There are many free online resources from the Government and organisations such as Gov UK and the Chambers of Commerce, which set out guidelines on the best procedures to ensure your business not only survives but grows.
Haines Watts supports many young business owners on a daily basis and have also launched the Young Entrepreneur of the Year competition.
Finalists not only get a cash prize and free publicity for their business but also free advice on all aspects of running a successful enterprise, with year-long mentoring sessions from a partner at Haines Watts.
The HWYE competition is free to Pitmans LLP becomes region ambassador
With the first anniversary of the launch of
www.thamesvalley.
co.uk imminent, the website enters a new phase of development with the announcement that Pitmans LLP, the largest law firm in the Thames Valley, has become an ambassador of the region. Pitmans joins an impressive panel of Thames Valley global brands that have come together to contribute to raising the profile and awareness of all the region has to offer to an international investor audience.
The web portal is a guide to the Thames Valley as a foremost, world-class business location and established support network for international companies. It is owned by Thames Valley Chamber, developed by 3seven9 and hosted by Firehost.
With over 100 lawyers, Pitmans operates under the ethos of delivering expert, efficient and effective legal advice to regional, national and international clients. Through its international network,
THE BUSINESS MAGAZINE – THAMES VALLEY – JUNE 2013
the firm has access to leading experts around the world to support clients’ needs.
Paul Britton, head of inward investment, Thames Valley Chamber, commented: “Pitmans’ ‘Making it humanly possible’ mantra complements our collective role here at the Chamber in supporting new companies venturing into the UK marketplace for the first time. Combined with founding website partners HSBC Bank, new companies turning left at Heathrow
will have access to tried-and-tested expertise to get up and running.
“The Chamber plays a strong role with HSBC and Pitmans in understanding that to truly support new companies it’s not just the sharing of know-how, but using the rolodex to open doors with their respective portfolios of existing clients. When looking for investors, technology partners, customers, or when you just want to have a one -to-one conversation with a contemporary in the marketplace, we now have another strong addition to the Thames Valley team.”
Details:
www.thamesvalley.co.uk www.businessmag.co.uk
Dale Barrett (centre), winner of the 2012 ‘Young entrepreneur of the Year’ title, with some of the judges
enter and is open to candidates who will not have reached their 36th birthday on July 31, 2013. Young entrepreneurs who live/ work in the Thames Valley area, defined as Berkshire, Hampshire, Surrey, Buckinghamshire, Hertfordshire and Oxfordshire, are all invited to submit an online business case as to why they should win the competition.
Semi-finalists will be chosen prior to a 'grand final' in the Autumn.
Details:
www.hwye.co.uk
Tips and blogs are available from HWYE on Facebook, Twitter and LinkedIn
For further information about the Haines Watts Group visit
www.hwca.com
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