An entrepreneur is someone who creates a new business and can make a difference.

Entrepreneurs can also be seen as innovators who have new ideas for products or services and will put money into an idea to generate a profit. The term entrepreneur constantly evolves, and many people starting new businesses will not only look at how they will make a profit, but also what their social purpose will be. For example, can they support their local communities and make the world a better place along the way?

We know that there can be myths surrounding how achievable it is to become an entrepreneur. Our research has shown that there are a range of barriers that face young people today when considering entrepreneurship as a career. We’re keen to challenge these misconceptions and support a new generation of female business owners to believe they're capable of realising their ambitions. So, if you’ve got entrepreneurial spirit, this guide is designed to help you.

What does it take to become a successful entrepreneur?

Running a successful business doesn’t just happen overnight - it takes a significant amount of time, planning and dedication to find success. The most successful business ideas are often solving an existing problem or meeting the needs of customers, so it’s important to find out very early on what the demand for a product or service is in order to find real opportunity.

Having the right attitude is also key to becoming a successful entrepreneur and will shape the journey of your business. Perseverance and the determination to make things happen are key attributes entrepreneurs need. The journey to success is not always plain sailing, so maintaining a positive outlook when things get tough is also important.

Being realistic about your abilities as an entrepreneur is also something to consider. Know your strengths and weaknesses so that you can ask for additional support to make sure your business can thrive.

Taking an online aptitude test which assess your strengths and weaknesses is a really good place to start if you need help in finding out whether you have the personality traits that are needed to become a successful entrepreneur. To find out how entrepreneurial you are, why not have a go at this online test.

Top tips for starting your own business

When developing your business idea there will be a number of different things to consider before getting things off the ground. Here are some questions you should ask yourself when establishing the basics of your new venture:

• Why would somebody want my product or service?
• Who would be interested in buying the product or using my service?
• Is there anything similar already on the market?

Once you’ve answered the questions above, you’ll be ready to take the next step. This can seem daunting, but it really doesn’t have to be.

To help get started, we’ve pulled together some top tips to help you build the foundations of your new business:

• Test your ideas as soon as you can. The sooner customers can start to give you feedback, the sooner you’ll know if your idea has the potential to sell. There’s no point asking friends and family for feedback - you need to push yourself out of your comfort zone and speak to real customers.
• Get to know your target market. In other words, get to know the people who will be buying your products or using your service. The more you understand them, the more you’ll be able to work out the best ways to communicate with them and to provide a product or service which they need.
• Use tools like the business model canvas (https://www.strategyzer.com/canvas) to help you capture and test your ideas. At the very early stages you don’t necessarily need a business plan, but you will need to start mapping out who you’re selling to, how you’ll sell it and promote it to them, and what you’ll charge for your product or service.
• Take a look at your competition. Every business has competitors, and the more you know about yours the more you can make sure you stand out amongst the crowd. The British Library’s network of Business & IP (intellectual property) Centres  (https://www.bl.uk/business-and-ip-centre/national-network) are a useful place to start when carrying out industry research.
• Choose the right legal structure for your business. The majority of businesses register as a sole trader (you run your own business as an individual and are self-employed), limited company (an organisation that you set up to run your business, with finances that are separate from your personal finances) or a partnership (a simple way for two or more people to run a business together). But there are other options, especially for social enterprises, so for more information on each as well as registering, take a look here: https://www.gov.uk/set-up-business.
• Get a business bank account. If you’re aged 18 years old or over and a UK resident then our Business Relationship Managers based across our branch network can speak to you about our business current accounts. See here for more details.

The internet has made it more accessible than ever to start a business. With quick tips, advice, and guidelines available to all, there really couldn’t be a better time to consider starting your own business.

However, when starting out, no matter what position you find yourself in, your budget may never seem quite enough. Even more so when you’re starting out on a truly small scale, it can make it hard to know what to prioritise.

We’ve pulled together the essential seven things to consider when figuring out how to make the most of your budget and still dream big:

• Think lean: In the early days, even when your business starts making money, remember to continue being smart about spending, saving and investing by ensuring you don’t spend on the things you don’t yet need.
• Do your research: “They say you shouldn’t ask your mum whether your business is a good idea, because she loves you and will lie to you.  This is technically true but misses the point. You shouldn’t ask anyone if your business is a good idea. It’s a bad question, and everyone will lie to you at least a little. It’s not their responsibility to tell you the truth. It’s your responsibility to find it.” (Source: The Mom Test by Rob Fitzatrick).
• Wear different hats: “The best way to start a business on a shoestring budget is to become an expert and do all the work yourself. Learning new skills while building your business will save you a lot of start-up money until you can afford to outsource. But you have to be willing to put in the time and effort.” (Source: Forbes: Eight things to remember when starting a business on a shoestring budget).
• Focus on building your customer base: When you start your business there won’t be many people who know your products or services and they may not have heard of your brand so it will be difficult to find customers. Make sure you ask for referrals, reviews and recommendations, look for ways to incentivise potential customers, and do your own sales.
• Do one thing well: At the beginning it's important not to spread your resources too thinly, whether that’s launching too many products or ideas at once or trying to master all areas of the business in one go. Focus on what you do best, take out the bells and whistles and make the business easy to understand.
• Go digital: This will enable you to reach a larger audience of customers and compete with bigger businesses. Starting to build your website doesn’t have to be expensive when there’s so many ways of building one on a budget, without the need for coding skills. For example, check out https://www.squarespace.com/. If you want to build an app, you can create one without needing app development skills, find our more at: https://appinstitute.com/. You can also shout about your business on your social media channels and begin building up your following!
• Start-up tips and tricks: This directory of tools and resources can show you even more ideas to kick start your business the right way: https://startupstash.com/ 

Although business studies is taught as a subject at school, one thing that cannot be taught during these lessons are someone’s own personal values, something which is key to running a successful business.

What are personal values?

Values are “simply the things that make you feel truly alive and passionately committed to what you’re doing.” (Source: Nesta page 30). Each person’s values can range from anything such as always being truthful and honest, to showing strength and determination. They are the characteristics and behaviours that are important to each and every one of us. They will motivate and guide the principles and decisions you make about your business.

How can I align my values and beliefs with my business?

In order to differentiate your business from any others out there, it’s essential you set out and implement personal values when creating your business. These values will impact how you work, how you want your work to be received and subsequently how you interact with customers and suppliers. As your business grows it’s important not to lose the core values set out at the start of your entrepreneurial journey no matter what, as it's these values that are the foundation of your success.

Take a look at the DIY toolkit aimed primarily at social entrepreneurs or those looking to have a purpose driven business.

Green Sisters Ltd

Green Sisters is a manufacturer of vegan and free-from food products which celebrates culture and flavour despite allergies. Its range of products include samosas, bhajis and chutneys and offer choice, nutrition and peace of mind.

Geeta & Reena’s top tips to becoming a successful entrepreneur

• Be confident, mindful and have a growth mindset. Believe in yourself and know that you can.
• Remember your purpose and why you started the journey. When things get tough, remind yourself of why you are doing it.
• Do something that you are passionate about and that leaves an impact.
• Look after yourself during the process as it’s easy to forget to do things that keep your glass half full when you’re extremely busy ‘making it happen’. There will be times when you are challenged and if you continue to look after yourself, you’ll make sure that you get through.
• Enjoy it and be happy!

Watch our interview with the Green Sisters

Recognised

Statement Jewellery...but not as you know it. Recognised brings together amazing causes with beautiful products to raise awareness, spark conversations and bring solidarity around some of the biggest issues we face today. Recognised Statement Popons® each represent an important cause with 100% of profits donated to Recognised's inspiring transformational partner charities to help increase their impact.

Anneka’s top tips to becoming a successful entrepreneur

• Know your why. Knowing why you exist helps you keep going on the really hard days. It pushes you forwards and helps bring clarity in decision making and setting strategy. It also grounds you and helps bring things into perspective. When things are really tough and you want to quit (because this will happen!)... being able to remember why you started and why you exist is the single most important thing. It will get you back up.
• Not everyone is going to ‘get it’ and that’s ok. Don’t let it deter you or doubt your vision. Find the people who do get it and move on from the people who don't although do listen to constructive criticism.
• Get accountable. Bring people around you who will mentor you and keep you accountable. A huge part of Recognised's success so far has come from having a mentor who has given me space to air my fears, encouraged and challenged, and provided structure in areas where I've needed it most.'
• ‘To do the things no one else is doing, you’ve got to stop doing the things everyone else is doing’ Craig Groeschel. Being a successful entrepreneur requires sacrifice and learning to say no to things. One of the best pieces of advice I’ve ever been given is to map out my time management. It’s a discipline and I'm still learning but it’s necessary and worth it.
• Look after yourself. I’ve struggled more with my mental health in setting up and growing a business than ever before. Running your own business demands so much of you and can take its toll. You also don’t have the luxury of a wide team who can share your responsibilities. So, in reality, self-care is easier said than done! Nonetheless, I’m trying to put this into practice and treat it as a priority. One way I do this is by spending time with a community of entrepreneurs who uniquely understand the pressures and challenges I face. Entrepreneurship can be lonely, so having other people who can relate and who you can bounce ideas off is amazing and really helps!

Watch our interview with Anneka

Cosi Care

Itch relief for children with skin disease. Cosi Care is the first company to create technology to treat eczema. A hand-held product for children that cools and soothes itching in seconds.

Lauren’s top tips to becoming a successful entrepreneur

• Follow your gut feeling, it’s so important you're comfortable and happy with the situation you are in.
• Be confident in your ability and be as decisive as you can. You won’t always be right but it’s good to be decisive as it gets things moving.
• Stop apologising. I believe women especially apologise too much for being driven, passionate and a leader. It’s okay to be confident in yourself and you shouldn’t feel like you should be sorry for being brave and confident.
• Yes is a magic word. I think if you say yes to as many events, opportunities, and offerings you will make connections that you may not have made if you just declined. Build your network early and get out there. Positive people attract positive outcomes. There’s nothing worse than talking to someone who’s negative, puts themselves or others down, or highlights bad points in their own business. It’s not a good look!
• It’s important to fully understand the space you are starting a business in. I have tried to learn as much about the area I am in as possible. Eczema, skin disease and all topics surrounding my business is something I have tried to immerse myself in.

Watch our interview with Lauren

Pick Protection

Pick Protection is a lone worker and employee protection company. Using leading technology the company enables companies to mitigate the risks to their lone working and at-risk employees

Rebecca's top tips to becoming a successful entrepreneur

• Never turn down a chance to network with new people – you never know what it could lead to!
• Don’t spend a fortune on marketing/branding/websites until you’ve really nailed the product/market fit. Chances are as you get more feedback from the market so a lot will change with your brand and products.
• Be really focused on exactly who is your target customer. Once you’ve been successful with this then you can branch out, but you need to start somewhere and the more specific your target customer, the better you can design your product/offering around them and market to them.
• Don’t rush to bring new people into your team. Work with them first on a fixed term basis so there’s a natural end point if it doesn’t look like it’s going to work out.
• Celebrate the wins. There are plenty of ups and downs so it’s important to enjoy it when something good happens!