'There is risk in business, but being an employee isn't for everyone. It certainly wasn't for me'

You don’t have to come up with a radical new product – just find something customers want.

By Joanne Hession Managing Director, The Entrepreneurs Academy

I SET UP my first business from the living room of my parents house while I was still in my twenties, with just a laptop, a dream and my wits.

I wasn’t sure if I was going to succeed but I knew that if I was going to fail, I wanted to fail fast. That way I could focus on what was working in the business and adjust my strategy going forward.

Thankfully, I have been able to set up several companies and have been delighted to be part of the startup journey of thousands of entrepreneurs and small businesses throughout Ireland.

Startups

Many people aren’t sure of what type of business they want to start, but you don’t always have to come up with a radically new product or service. Business is about fulfilling the needs of customers and adding value, even if the idea is already being done.

The important thing is to make sure you do proper research and find ways to differentiate yourself from the competition. After that, having a clear business plan that you can tailor depending on whether you’re presenting it to a bank or a possible investor is essential.

Business is all-encompassing, so you have to be sure why you’re doing it. This is something that we emphasise to everyone who comes on our startup programmes.

I have always been passionate about small business and startups because I believe that they are crucial for the future growth of our economy and job creation. In my case, I knew part of the road would be bumpy, but I had to travel on my own journey.

There are risks in business and lots of uncertainties, but being an employee isn’t for everyone and it certainly wasn’t for me. I always wanted to have control over my destiny, set standards high and to do work that I really believed in. Starting my own business allowed me to do all of that.

I’m well aware that not every business that starts will make a million euro but it is still someone’s dream and they didn’t just talk about it… they made it happen. They are a role model to their kids, a link in the supply chain, a valuable part of a community and a person who lives with purpose. That’s what it’s all about for me.

However, you have to focus on learning new skills and continuously developing your business if you want to survive in a competitive economy.

It’s crucial that you understand three key aspects of your business: the demand in the market; your finances; and the sustainability of the business going forward.

The numbers tell you everything about your business but don’t be intimidated by them. I always say that if you can count the money in your pocket, you can do the numbers for your business. Money in, money out.

Supports

While many unemployed people feel that they are down on their luck, there are opportunities, like our programmes, that offer welcoming environments and a lot of moral support in order to build confidence and the necessary business skills.

Furthermore, these programme provides participants with an opportunity to work on their soft skills, develop their CVs and gain some practical experience working in teams and on their own – all highly valuable skills in the modern economy.

Starting a business is a viable option now more than ever, especially with supports such as the Springboard+ initiative, which is co-funded by the Irish government and the European Social Fund.

Like any job there are good days and bad days, challenges and fun, but it’s the passion for business that keeps me going. It’s not the easiest path to go down and I’ve made many mistakes along the way.

But since I started my first company 18 years ago, I’ve had the opportunity to learn so much about business, oversee the startup of thousands of SMEs and work with many wonderful people – I’ve never looked back!

Joanne Hession is managing director of The Entrepreneurs Academy.

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