HAVE you got what it takes to run your own business?
It’s a great time to find out, as this is Global Entrepreneurship Week.
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Almost one in three adults now either run their own business or plan to start a company within the next three years, according to the Global Entrepreneurship Monitor.
The research programme — which began in 1999 and assesses 50 countries worldwide — suggests the UK is “a significantly more entrepreneurial society than it was at the start of the millennium”.
The biggest change is in the number of women entrepreneurs, with a three-fold increase in female-owned firms since 2002.
While females still only account for one in ten founders, the rise of the “side hustle” is now making it easier for women to set up a firm.
The survey also shows the motivation for starting a business is changing too.
While most founders still want the freedom to work for themselves, more than half say making a positive difference to the world is just as important.
‘Attractive alternative to higher education’
Greg Cox, 43, is CEO of a business that solves problems in payments and credit.
He began his career as a professional rugby player, but when injury forced him to quit the game at 19, he went to work on building sites to figure out his next move.
After setting up a business importing cars, he then founded fintech group Quint in 2009.
Londoner Greg said: “I didn’t go to university, but I’ve spent over 20 years founding and scaling businesses, which was more valuable than any formal qualification.
“Every painful mistake has been a lesson that’s made me better equipped to run our businesses.
“Being an entrepreneur can be challenging, but incredibly rewarding. Resilience, adaptability and a clear vision are essential qualities.
“Entrepreneurs need to be comfortable taking risks and dealing with failures, as well as managing a constant stream of problems.
“It’s vitally important to become an entrepreneur for the right reasons as the reality is often less glamorous than people envisage.
“But if you’re able to navigate these hurdles and build something you’re proud of, the struggle makes the outcome even more satisfying.”
Darren Pirie, head of the NatWest Accelerator programme, which helps small firms, said: “The UK is a hive of entrepreneurial activity. It’s good to see that early-stage business activity is on the rise across the UK and that the motivations for starting a business are becoming multifaceted.
“Entrepreneurs are moving away from just opportunity or necessity as the key driver, with female founders especially valuing social considerations.”
While doing good is a strong motivator, making big money can also be attractive too.
A separate study from internet firm GoDaddy suggests one in five entrepreneurs owns a company that turns over more than £100,000, and people without degrees are just as likely to be successful as graduates.
Andrew Gradon, head of GoDaddy UK, said: “Entrepreneurship is becoming an increasingly attractive alternative to higher education.”
- Find out more about running a business at genglobal.org.
Six steps to a start-up
READY to go into business for yourself? Here are the top tips from Andreas Adamides, CEO of founders community Helmclub.co:
1. Start with a clear vision: To succeed as an entrepreneur, you need a clear vision for your business. Know why you’re starting it, who you’re serving, and what makes your product or service unique.
2. With no compelling vision, it’s easy to get lost in the noise. Your vision is what will drive you through the tough times.Do your research – know the market: Who are your competitors? What gaps can your business fill? The more you know about your industry and your customers, the better positioned you will be to succeed.
3. Make your finances a priority: Money is the lifeblood of any business. Before you launch, have a financial plan in place. Know how much capital you will need, where it’s coming from, and how you will manage cash flow. Make sure that you have a safety net, because things rarely go as planned in the early days.
4. Focus on compliance and legal structures: The UK has a range of business structures, from sole traders to limited companies. Choosing the right one from the start can save you from legal headaches down the road. Ensure you are compliant with all regulations, from taxes to insurance, and keep your paperwork in check.
5. Leverage support networks: Starting a business can feel isolating, but you don’t have to go it alone. Connect with entrepreneurs, find mentors, and tap into networks that empower founders.
6. Be ready to adapt and keep pushing: The business world is unpredictable, especially in the current UK economy. Whether it’s financial uncertainty, rising costs or new policies, you must stay flexible. Adapt to change, listen to customers and never lose sight of your goal.
Festive leave a goer?
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COULD you be facing a “Christmas blackout” at work?
Employment experts have warned thousands of workers may miss out on paid time off during the festive season.
Oliver Higenbottam, MD of staff leave software Timetastic, says: “Blackout periods are specific times when employees are not allowed to take annual leave, often due to peak business demands or critical operational periods.” This is his guide . . .
HOW DOES IT WORK? Under UK employment law, companies have the right to cancel any pre-approved annual leave as long as they provide adequate notice. Many businesses, especially in sectors like hospitality which face a surge in demand over the festive period, enforce these blackouts to ensure they have enough staff on hand.
WILL IT AFFECT ME? This policy is often buried in employee handbooks, which newer staff may not be aware of. Workers who thought they had Christmas time off may be shocked to find leave requests suddenly denied or revoked.
HOW CAN I FIND OUT IF MY FIRM HAS A BLACKOUT? Employers are required to clearly communicate these restrictions to employees, to ensure that leave planning aligns with business needs while still adhering to UK employment laws.
CAN MY BOSS DO IT AT THE LAST MINUTE? A business can enforce a Christmas blackout period, as long as it provides sufficient notice to employees, typically following the “double the length of the leave” rule set out in UK employment law.
This means if an employer wishes to restrict annual leave for a two-week period around Christmas, they must notify employees at least four weeks in advance. However, if it is included in your contract, it can serve as ongoing notice, allowing them to enforce these periods without needing to issue a separate, last-minute warning each year.
COULD MY EMPLOYER CANCEL MY HOLIDAY IF IT HAS ALREADY BEEN APPROVED? Yes. UK employers can technically cancel pre-booked and approved annual leave, but must provide sufficient notice.
Extra Xmas cash
WITH inflation on the up again, three in five people will be taking on additional work to help cover the cost of Christmas.
A study from jobs app Indeed Flex found a quarter hope to boost their income from a side hustle, while a third will be taking on some extra temporary or part-time work.
Meanwhile, two thirds of staff are trying to work overtime in their regular role to top up their pay in the lead-up to Christmas.
The cost-of-living crisis means two in five of us are taking on the extra work for the first time.
Novo Constare, from Indeed Flex, said: “It’s encouraging to see people take proactive steps to manage their holiday finances this way, as it can help prevent the burden of long-term debt carrying over into the new year.”
KFC roles to fill
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THIS may be the top time for temporary work, but KFC is hoping to find 700 new permanent staff to start in December.
The fast food chain is offering part-time and full-time roles at restaurants across the country and you do not need previous experience.
All new team members will be given training and development opportunities to support their progression. The firm is known for prioritising attitude, character and potential over qualifications – meaning the door is open to all candidates.
Available positions include customer-facing team leader and team member jobs, along with kitchen roles.
For more details and to apply, see kfc.co.uk/careers.
Jobspot
THE NATIONAL GRID has opened applications for its apprenticeship programmes and graduate schemes. See nationalgrid.com/careers.
HOTEL CHOCOLATE is hiring for assistant store managers at branches across the UK. Find out more at hotelchocolat.com/uk/careers.