Start-ups and entrepreneurship

Becoming an entrepreneur is a popular aspiration for an increasing number of students, as is founding or working for a start-up or spin-out.

The priority when it comes to a career search is to get round pegs in round holes, and nowhere is this more true than in start-ups and spin-outs. The adventurous opportunists who will thrive in this activity are passionate and committed and work to be not just commercially aware but business savvy.

There are many things to consider when starting a business. A good way to understand all the business elements is to complete a Lean Canvas, which helps you to plan out what problem you are trying to solve, what your solution is, who your customers are, how you will be sustainable, and who your competition is. This provides a strong foundation to develop your business further.

This will give a good first step for anyone thinking about starting a business.

Working for yourself

There are many different ways to set up and run your business, depending on whether you want to have a traditional for-profit business, a social enterprise, or a non-profit, or something in between. Whether you want to operate as a sole trader, limited liability partnership (LLP), or private limited company (PLC), there are plenty of resources in the University and beyond to help you get started. You will need to think about market research, funding, recruitment, and who your customers will be. As a self-employed person, you will have flexibility and independence, but in addition to delivering your service, you will need to do business development (sales) to obtain new customers. This is why many people choose to go freelance later in life when they already have a network of contacts that acts as a readily available customer base. In this respect you will need to consider how you market yourself, your business name, website, brand equity, competitive edge, etc.

“Hone your persuasion skills. This often comes down to being a good storyteller. Whether it’s applying for a job, or motivating people to join your team, many important decisions are made through compelling stories. Being a good listener is equally important – to be able to mirror back people’s desires in ways that align with yours.

Sultan Murad Saidov, Co-founder, Beamery “ Oxford University Careers Service run The Student Consultancy Programme (now known as TOSCA) that provides student consultancy to local businesses. As a student, I joined the programme and worked with the Story Museum on opening up their coffee shop.

Agne Milukaite, Founder, cycle.land

More information

Ideas Enterprising Oxford: www.eship.ox.ac.uk The Oxford Foundry: www.oxfordfoundry.ox.ac.uk Oxford Hub: www.oxfordhub.org Oxford Entrepreneurs: www.oxfordentrepreneurs.co.uk

Hands-on Oxford University Innovation Startup Incubator: innovation.ox.ac.uk/startupincubator The Oxford Foundry Elevate: www.oxfordfoundry.ox.ac.uk/about-oxfoelevate OX1 Start-Up Incubator Programme: www.ox1incubator.com Student Entrepreneurs Programme (StEP): unistep.org

Spin-outs, space and support Oxford University Innovation: innovation.ox.ac.uk Begbroke Science Park: www.begbroke.ox.ac.uk OSEP: www.osep.org.uk OxLEP Business: www.oxfordshirelep.com/business