GLOBAL: BUSINESS WOMEN IN EDUCATION
Tips for start-up success Kate Shand, Business Women in Education founding member and chief executive of Enjoy Education, which she founded, offers her experience of scaling a start-up and explains why challenging the status quo is imperative to growing a business
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he UK has always been a hotbed of creativity and innovation and entrepreneurship is in its citizens’ blood. The next generation is following closely in step with the current, with more teenagers than ever setting up their own businesses, perhaps inspired by the meteoric rise of technology giants. Increasingly, I meet people who describe themselves as entrepreneurs, founders or chief executives, and they seem to be getting younger and younger. But founding and running a small company is not easy. Having a great idea is one thing, but translating that vision into a sustainable, profitable business requires a completely different skill set. Small businesses form the backbone of the UK economy, but a significant number fail. My journey from start-up to established company has been an exhilarating and at times bumpy ride, but I’ve enjoyed every minute of it. Following a serious back injury that took me out of the working world for an extended period, I reflected on what was important to me, which spawned the seed that would later blossom into Enjoy Education, the tutoring and educational advisory business that I lead. It started with a mission to transform students into happy, lifelong learners, and has grown from strength to strength into the established education advisory and tutoring business it is today. I’ve learnt a lot over my career; I’ve also made a lot of mistakes, but – importantly – I’ve learnt from them. So, for what it’s worth, here are my key takeaways for any aspiring entrepreneurs out there.
Believe in what you’re doing This may sound like a cliché, but I don’t know any successful entrepreneur who isn’t fired up about what they are trying to achieve. The reality of starting and running a business can be simultaneously the most exciting and most demanding thing you can ever do in your career. You are the visionary, safety net and final decision-maker – the buck stops with you and the burden of this responsibility is heavy.
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Through good and bad times, I always remind myself of Simon Sinek’s ‘Start with Why’: when you know why you’re doing something – what the ultimate goal is – you remain focused, motivated and inspired. And, importantly, if you’re able to tell people why, they’ll buy into you and what you stand for. For me, building a business that positively impacts the lives of thousands of students is the reason I get out of bed every morning.
Network and consult You don’t have to think everything up from scratch. Surround yourself with as many people as possible and actively seek advice to leverage their experience. Listen. Continue to build this network of trusted advisors and mentors throughout your career – people you can call on at key moments to bounce ideas off and test your thinking. These relationships can lead you to surprising places and will help you make the very best decisions. Plus, it’s fun. Meeting and talking to people are hands down the best parts of my job. I’ve made incredible contacts through EducationInvestor Global’s network of Business Women in Education, which connects like-minded, ambitious people, keen to share knowledge and support growth in one another’s careers.
Build diverse teams All businesses have to adapt, reinvent and respond quickly to new opportunities and challenges – more so than ever now, amid the Covid-19 pandemic. But if everyone thinks the same, how can you be sure that you’ve thought about everything you need to and come to the right answer? In my experience, fostering a diverse team of distinct and confident thinkers is vital for positive transformational change. Diverse teams bring fresh ideas and creative solutions by harnessing people’s varying skills, experiences and backgrounds. Creating a culture of respect and healthy debate is critical to ensure contrasting views are heard and valued. In short, diversity brings you closer to reality.
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EducationInvestor Global • July/August 2020
