Why start your own business?

November 10, 2022

There are many reasons you might want to start a business, and it is important to find out what is motivating you to take this step. There is no one correct reason to branch out on your own, perhaps you are passionate about something and want to share it with others, you have an issue and know of a solution that isn’t currently available, perhaps you think you can do something better than how it is currently done or perhaps you want to earn more money, be your own boss and desire a level of independence that you don’t currently have.

https://startups.co.uk/analysis/10-reasons-to-start-a-business/ – A useful list of reasons why you may want to start a business

https://www.youtube.com/watch?v=TDi4hzRIrgc Start with why- watch this edited TED talk from Simon Sinek to find your motivation.

I want to start my own business but don’t know how or what…

Think about what you love to do and what you are good at that. Then using those consider how you can channel them into a way that will allow you to make money. The Hedgehog concept or Ikigai method can help you do this.

Before you begin any business you must understand what market there is available – if you have no customer base or your product does not stand out, then how will your idea be a success? Remember fail to prepare, prepare to fail.

You will want to do a variety of research through both desk research (the internet, newspapers and magazines, business and marketing databases) and field research (taking your product to your customers and gathering feedback). Work out a minimum value product and test it.

Some useful resources for desk based research are:

Desk base research can be done using a variety of internet and database resources like Cobra (also useful for general start-up information and support), Mintel, Frost & Sullivan, Ibisworld, e-marketer, FAME etc. Many of these are available at local libraries, or on site at The British Library and the Small Business research and Enterprise Centre. https://www.ons.gov.uk/ The Office for National Statistics

https://www.nationmaster.com/ Nationmaster contains a variety of industry stats

https://www.aroq.com/ Aroq has business information about the fashion, food, drink, and car industries

https://www.statista.com/ Statista can give access to industry reports

https://www.dowjones.com/professional/factiva/ Factiva can also provide you with business intelligence

https://www.data.ai/en/ Data Ai allows you to research and compare popular apps