Introduction to enterprise Focus on self employment

https://intranet.birmingham.ac.uk/as/employability/ei/index.aspx

Presentation by Ellen O’Brien ei@contacts.bham.ac.uk

International Careers Consultant www.intranet.birmingham.ac.uk/careers/international

Visa law for non-EU students • Tier 1 Graduate Entrepreneur Scheme

• New scheme for students with ‘genuine/credible

business ideas’ • Extra places for MBA students • You must be ‘endorsed’ by the University • One year visa initially • Further one year if likely to qualify for Tier 1

Entrepreneur category • Advice/support from Enterprise Unit/ISAS • Case study tba Demi Ademuson

Sirius Programme

• UKTI scheme for teams 2-4 people • Eligible to apply if in final year of UG, Masters

or PhD or if completed degree after 2011 or later

• £12000 funding per eligible team member • Extensive support package • One year visa initially • http://www.siriusprogramme.com

The China UK Entrepreneurship Challenge. Do you.... • Have an idea for a business venture involving the UK and China? • Want a share of the £5,000 in cash prizes? • Want expert advice and comments on your business idea? • Want to build your international network of contacts? • • The China-UK Entrepreneurship Competition encourages new business

ventures between China and the United Kingdom • The competition is part of the PMI2 (Prime Minister Initiative II) Connect project,

supported by British Council and the Confucius Institute programme funded by Hanban.

• • The competition is open to university teams – students and post docs – both in

the UK and China. Teams will be selected to participate in this competition for: • £5,000 cash prizes • An investment opportunity of £250,000 for the best business plans • • • http://www.chinaukchallenge.com/ • info.enterprise@uea.ac.uk • •

What is the enterprise/ entrepreneurship continuum?

Enterprise umbrella term- context

Entrepreneurship- creativity and implementation

“An ability to demonstrate an innovative approach, creativity collaboration and risk taking. An individual with these attributes can make a huge difference to any business”

Future Fit CBI/UUK

What about Intrapreneurship?

• Skills required within your employment ie Director

• More employers are expecting applicants to demonstrate intrapreneurial skills

• What are these skills?

Why be an entrepreneur?

• Being your own boss or choosing your own bosses

• Earning more money (become rich?)

• Working fewer hours??

• Independence

• Variety and choosing work you enjoy

What makes you enterprising?

• Confidence / self belief /inner strength

• Vision/ dream /ambitious

• Persistence

• Driven/ energetic / passionate

• Multi cultural experience

• Ruthlessness

What makes you enterprising? 2

• Creativity/ ideas /inventive

• Risk taker (controlled risk)

• Self awareness

• Strategic thinking

• Recognises opportunities

• Barriers or challenges?

What makes you enterprising? 3 • Networker

• Independent / controlling own destiny

• Learn by doing

• Positive attitude to failure

• Intuitive- good guesser

• Likes change /dislikes routine

ABILITY TO THINK OUTSIDE THE BOX

How are these skills developed?

• Role models/ mentors • Academic courses

• Experimentation-market?

• The student experience

• Work experience/ Volunteering/Campus brand

representatives

• Networking

Self-employment

Over half a million people in the UK set up their own business every year.

Over 80% are still in business 12 months after starting up.

There are many things to think about before starting the journey to self-employment:

• • Why you want to run a business • • How your skills and qualities match up to those required • • What product or service you would offer • • The type of business structure you would adopt (eg freelancer, franchisee,

sole trader) • • How you would fund your business • • Your business planning, the advice available and how you would use it

Challenges for International Graduates

• Lots of bureaucracy

• Lots of legal issues

• Government protocols

• Setting up what exactly?

Forms of organisation

• Commercial Enterprise – to make a profit for members

• Co-operative

– Worker, user, community, marketing, agricultural

• Social Enterprise – to make a profit to support the objects of the

organisation

• Charity – to meet charitable objects on behalf of beneficiaries

Risks • You do everything yourself and you alone are

accountable!

• Large salaries or income are rare in the early days

• It is not unusual for newly self-employed people to have a second job

• You need to offer a product or service for which there is a demand.

• Expanding too rapidly or not being quick to seize a chance, might be detrimental to your business.

Risks

• Working from home is most effective IF you have the space and facilities to do so.

• By not being employed, you risk losing a range of benefits and support.

• Setbacks may impact on your confidence and profits. Learn from your mistakes.

• You will have to make your own tax, pension and health insurance arrangements.

Tips • Keep your idea simple: don’t overcomplicate things

• A business is 10% Idea 90% Implementation. Concentrate on the

processes you have that operate your business, and don’t be scared to give some details about your business to others who can help you.

• Just get on with it: don’t be scared about making mistakes,

• Make sure you are passionate and remain focused, so when the hard times come (and trust me they will come) you remain dedicated to your core business and push past the hurdles.

• “Face the brutal facts and never lose faith”: if there’s a problem deal with it head on, remember your core business and IF there is still a need for it then never lose faith, it will pay-off in the end.

What do Societies do?

• AIESEC is a global organisation that develops leadership skills in students by running an international exchange programme www.aiesec.co.uk

• ENACTUS is a university-based organisation which supports students in the development of a range of entrepreneurial and business skills through community-based project work http://www.enactusuk.org/who-we-are

• Bright Futures runs activity-based training to support student enterprise development www.brightfutures-experience.com

Support at UoB

• The BSEEN programme offers students and graduates the fantastic opportunity to start and run a business. Whether your long term intention is to be working for an organisation or whether you intend to be self-employed, BSEEN gives you the confidence, the right behaviours and an all round enterprising skillset to be highly successful in whatever future you choose.

•

Other funding

•

EU funding will help boost small and medium-sized businesses and support research and innovation

Enterprise and Innovation Unit

• Mentor support to take ideas forward • Have you got a well researched business idea and

reached the point of 'where do I go now'? • Entrepreneurship and Innovation can help guide you in

the right direction through offering advice and one-to-one business readiness coaching.

• ei@contacts.bham.ac.uk or 0121 414 8775. • Twitter at @EI_UoB • Entrepreneurship and Innovation's Facebook page

Resources • www.ukbusinessforums.co.uk • www.startups.co.uk • www.smallbusiness.co.uk • www.Smarta.com • www.businessopportunitiesandideas.com • www.shell-livewire.org • www.princes-trust-org.uk • www.brightideastrust.com • www.startupbritain.co.uk • www.young-enterprise.org.uk • www.smallbusinessideasuk.co.uk • www.kent.ac.uk/careers/selfemployment.htm • www.nacue.com