Businesses require inputs of time, information, people, raw material, premises, capital, labour and paperwork. You can see from this list that considerable managerial skills are required in managing even the smallest business. One of the most important attributes therefore of a successful entrepreneur is that of an ‘effective resource manager’.
Businesses will acquire resources such as physical premises, tools and equipment, computers, stationery, etc. Some of these resources will be directly owned by the business, while others are hired, for a period of time.
Very few people create successful businesses without receiving help and advice from other people, and from specialist organisations which exist to provide such support. In setting up a business the first source of help will be to talk to friends and relatives with experience in the field. It will also help to talk to people who have set up similar enterprises to find out how they went about setting up. It can also be beneficial and much easier to use business incorporation services.
Setting out a business plan
The next stage will involve setting out a business plan. There is a lot of available literature about writing business plans provided by banks, enterprise agencies and organisations which specifically support enterprise. All major banks have specialist business advisers who will give advice and support to people and organisations that hold accounts at that bank. In addition, there are a number of organisations working directly with small businesses. You should find out which of these operate in your local area.
The Prince’s Youth Business Trust is an organisation specifically designed to help young people to turn creative business ideas into solid businesses. In particular, the Prince’s Trust has been very effective in helping creative young people from inner urban areas and from all sections of the community to set up for themselves.
Shell Livewire encourages young people in the age group 16-25 to create their own businesses. Shell Livewire is organised on a national and a regional basis to provide top quality support to young people to set up in business. Advisers with an established track record of working in business will counsel and support young people to turn good ideas into thriving business opportunities.