38 START-UP TOOLKIT
HONESTY IS THE BEST POLICY
Andrew Leeming is programme manager at Boost, Lancashire’s Business Growth Hub. He says people thinking of starting their own business need to ask themselves these searching questions: “Is your idea just a vanity project? Why will this work? Is this something you love and excel at?”
He adds: “Be really honest with yourself about whether you want to make it work because this will be really, really hard work.
“Most new businesses fail and the journey to sustainability is a long and hard slog. Your first three to five years are going to be painful.
“Starting a business is not a quick win – however the benefits and joy you get from starting your own business can be the most rewarding time of your life.”
Andrew advises the fledgling business owner to: “Talk to anyone and everyone about it first and don’t just talk to people who ‘like you’, you want open and honest feedback. Who is going to give this to you?
“Test, and then test again, but don’t let perfection get in the way of execution. Start smartly and iterate quickly, most businesses
start out thinking one thing but quickly become something different and this agility is crucial. Be flexible.
“And I’m bound to say this, but seek advice, seek help, don’t be an island.”
He adds: “Once you make the move to start, never lose curiosity, seek support from outside your business, work on the business, not just in the business and surround yourself with brilliant people and brilliant networks.
“Don’t try and do everything yourself – bring people into your business who have the same passion and purpose you have but with allied and aligned skills sets that will drive the growth in the business – if you hate finance, bring someone in who loves it; if you don’t do detail, bring someone who does.”
Craig Lawrenson is business incubation and start-up advisor and mentor at the University of Central Lancashire. He works to provide start-up support to students, staff and recent graduates.
He believes more people are looking to start their own business as AI and automation reduce employment opportunities in many industries.
And he adds: “An increase in freelancing and Andrew Leeming
consultancy roles means that students need to be more aware of what setting up a venture means.
“More side hustles, portfolio careers and easier ways to make income online have seen a growth in students wanting to look at working for themselves and that has led to more micro ventures setting up - with an idea for growth.
“I’m also seeing students who want to be employed by large corporate employers looking to set up ventures as a way to stand out in their applications.
“Creating an entrepreneurial mindset and landscape is adding value to the university in general, creating more student recruitment and engagement.”
The next academic year will see the start of a MSc in entrepreneurship and innovation at the university. Students will start a business venture while gaining the postgraduate degree and having the support of the university through the 12 months and beyond.
Partnerships for sustained success
Join us with our strong reputation for applied business research and consultancy, entrepreneurship, innovation, training and Degree Apprenticeships.
By working with us you will have access to the expertise of academics, research staff, students and graduates to help your business develop.
Call 01772 895500 Email
business@uclan.ac.uk
@UCLanBusiness
lancashire.ac.uk/business Proudly changing to the University of Lancashire
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