Sowing seeds
for success
You needn't wait till graduation – Liz
Brown reports on five ways to start
a business while at university
As well as being places of learning, universities are often seedbeds
for new businesses and platforms for the entrepreneurs behind them.
Whether you're dreaming up your business idea, meeting potential business
partners, exploring untapped markets, or all of the above, your time
on campus is a unique opportunity to put the building blocks in place.
1. Make the most of the people around
you
Illustrators Simone Lia and Tom Gauld met at the Royal College of
Art (RCA) and set up Cabanon Press when they graduated in 2001. Charlie
Osmond and Caroline Plumb of research and recruitment consultantcy
Fresh Minds met at Oxford. Designers Tomi Vollauschek and Agathe Jacquillat,
now FL@33, also met at the RCA. "It's important to get to know
each other's thought processes, working methods, techniques, strengths
and weaknesses before setting up a business," says Tomi.
John Lawler's company, Madventurer, which organises adventure and
development projects in Ghana, began as a Newcastle University society.
It was also a source for project leaders, travellers, and his business
partner.
Charles Dalton-Moore and Andrew Davies are developing their clothing
label Eloquio at Warwick University, and Ed Jones set up United Soccer
Coaches (USC) in 2003 during his first year at the University of Wales
Institute, Cardiff. USC employs professional soccer coaches from the
UK to work as camp counsellors and club trainers in America. "Because
the university has a strong sports record, it's a great source of
potential employees," he says.
2. Combine your studies and skills
Photographer Simon Stock had worked as a freelancer before completing
his degree in 1993 and continued to do so while studying. "Unlike
most people, I didn't experience a culture shock when I left college,"
he says.
Ed Jones' course and business are a perfect match, too. "I'm
learning skills through university that will benefit USC, and likewise
I've learnt skills through USC that benefit my studies."
3. Avoid key pitfalls
David Millar runs businessdynamics which organises entrepreneurship
roadshows aimed at 14 to 19 year olds. "Their main fears are
the amount of money they believe it will cost, fear of failure, and
lack of confidence in their ability," he says. "We try to
address these misconceptions by introducing young people to successful
young entrepreneurs, giving them advice on where they can go for funding,
and useful organisations to contact for information and guidance."
Money can be a major issue, but John Lawler was unwilling to be derailed
by financial concerns: "If you've got the idea and you've got
the passion, money should never get in the way."
Tomi Vollauschek and Agathe Jacquillat agree: "Our start-up capital
was energy and optimism; we had most of the equipment we needed already,"
says Tomi.
But Ed Jones cautions that "it's worth doing things properly
from the start. Otherwise you end up going back to change and fix
things." Business plans are a necessity but writing one brings
focus to the operation.
Be protective of potentially vulnerable ideas. "Before I went
public I made sure I secured the intellectual property rights on my
designs and the processes," says Kelly Atkins - there's a patent
pending on the techniques she developed at Carpet Burns.
4. Network and get good advice
Kelly keeps in close contact with her Prince's Trust mentor, as well
as other fellow start-ups: "It's good to be able to ring up other
start-up companies – often we're all having the same problems."
John Lawler agrees: "You find out all about the grants and escape
the hurdles. And the more advice you give to your friends, the more
they'll come and help you. That support is invaluable."
"We thought there were two things that would stop us having a
successful company," says Charlie Osmond. "One was lack
of experience; the other was lack of contacts. We thought that lack
of experience would be the biggest issue, but we quickly learned that
in fact it was lack of contacts." Like many, he and Caroline
Plumb began by talking to family and friends, but then wrote to business
people they admired to ask for advice - which was usually forthcoming.
This also had unexpected rewards: an investor and future clients.
5. Take the help available
Charlie, Caroline and Ed Jones are taking part in businessdynamics
roadshows this summer. Kelly Atkins, John Lawler, Charlie and Caroline
were all supported by Shell LiveWIRE. Charles Dalton-Moore and Andrew
Davies found Business Link invaluable. Kelly Atkins and John Lawler
were assisted by the Prince's Trust. Channel 4 also runs an online
resource called Real Deal, which aims to help young people test and
develop their business ideas. These initiatives are aimed at helping
would-be entrepreneurs - don't ignore their assistance.
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