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Strategies for success
1.1  Cambridge spotlight Dr Vince Cable
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1.2 The next step Embarking on a career
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Targeting the top
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Your digital profile
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Start-up possibilities
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The business plan
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An enterprising approach to linking the worlds of education and work Dr Vince Cable Secretary of state for business, innovation and skills
At some point during graduation, one thing
physical science and coding in comparison to
will inevitably hit hard—and it won’t be a
the performance of other countries. “For some
black mortarboard cap hurtling from the sky.
reason, such subjects—at the tertiary education
For outgoing students, it’s the fact that they
stage—have been generally undervalued,” he
have just stepped into the arena of society’s
says. “In general, we have given insufficient
working, 9-to-5 life.
priority to these core disciplines, and particularly
It’s never an easy transition, and universities
for women. It’s a chronic problem and Britain is
don’t always provide adequate preparation,
one of the worst countries in Europe for it. A major
experience and knowledge to assist the process.
preoccupation of mine is to remedy that imbalance
It’s a problem that former Fitzwilliam College
by encouraging their relevance at the tertiary
student Dr Vince Cable, as the current Secretary
education stage.”
of State for Business, Innovation and Skills, is
Dr Cable has long been aware of the need
working to address.
to stabilise the link between education and the
“University teaches plenty besides the
world of work. “When I was at university, there
academic,” he says. “My time as a student at
was a bit—well, it was more than a bit—of an
Cambridge taught me that hard work is expected
apartheid between the academic world and the
and rewarded, and that self-discipline is key.
world of business,” he says. “That said; Cambridge
For the first time in your life you’ve experienced
had a management society that helped to prepare
real independence. However, this is just a tiny
students for a career in top-level management in
fraction of the qualities required. And that’s why
companies such as ICI or Unilever. However, the
there’s a growing recognition of the need for
idea of becoming an entrepreneur or an innovator,
tertiary education to link more and more closely
or encouraging people into these roles, was very
with business.”
remote then. The whole thing was regarded as being deeply alien.”
Mind the gap
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Slowly, the divide between tertiary education and
Innovative initiatives
the world of work is being bridged. “There are two
In the five decades since, however, people have
main things we need to address in lessening the
recognised the benefits of linking the two worlds
gap,” says Dr Cable. “The first is the fact that, until
together. “The bonus is that it has been a two-way
relatively recently, education and business acted
recognition,” says Dr Cable. “Universities have
as two completely separate entities, working and
woken up to the potential of working in a more
developing independently. This has changed,
entrepreneurial way, as businesses have realised
though greater collaboration needs to happen
the benefits of collaborative work with tertiary
so that the link is completely fluid.”
education institutions. It’s a shame that this was
The second factor, as highlighted by Dr Cable,
not the case much earlier.”
is combating the UK’s traditional deficiency in
Universities and government agencies are also
areas such as engineering, computer science,
recognising that transforming an idea or a hobby
CAMBRIDGE: INSPIRING LEADERSHIP & INNOVATION
“Universities have woken up to the potential of working in a more entrepreneurial way, as businesses have realised the benefits of collaborative work with tertiary education”
CHAPTER 1.1 | CAMBRIDGE SPOTLIGHT
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into a full-time occupation can be a valid and rewarding enterprise. Such initiatives are being encouraged by, for example, the Catapult Programme, which comprises seven regional centres across the UK that offer research and development resources to young companies. Created by Innovate UK—which is sponsored by the Department for Business, Innovation and Skills—these centres offer the opportunity to work side-by-side with scientists and engineers, with the use of first-rate equipment and testing facilities. Another initiative, and one specifically aimed at universities, is the Higher Education Innovation Funding (HEIF) scheme. Started in 2011 and set to run until mid 2015, funding is provided to support and develop interactions between universities and colleges, and industry. “There’s been tremendous demand from both sides,” says Dr Cable. A gold mine of opportunity Vocational study, in areas as diverse as accountancy, plumbing, law or medicine, has long provided students with a clear destination. For other subjects where the route to employment is less transparent, extracurricular activities and industry experience is advantageous, if not necessary. And, if a student actively seeks such activities, universities can be a gold mine of opportunity. For Dr Cable, the opportunity was provided by university politics. “I had been very shy and inhibited,” he says, “but finding I had a voice to be heard and thoughts worth sharing, as well as ideas that could implement big changes, was a huge breakthrough. The student voice is taken very seriously, and the authority felt powerful but taught huge responsibility.”
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A further opportunity came in the shape
extracurricular societies, industry experience,
of an Overseas Development Institute (ODI)
internships and business links are paramount.
fellowship to Kenya. After graduating in economics
“It’s about having a more rounded
from Cambridge, Dr Cable was one of the first
experience,” says Dr Cable. “A lot of people go to
participants in this scheme in which graduates
university aiming to get a First, but you can miss
travel to Africa and work as economists or
out on so much if you’re totally preoccupied with
planning officers within government. Since its
work and don’t engage with people in other
establishment in 1963, the scheme has awarded
subjects or take advantage of societies. That’s not
more than 900 fellowships in over 40 countries.
to say you should fritter away your time, but if you
“I’d applied on the back of having done quite
just want to spend three years buried in a set of
well in my degree, but with no clue as to the next
books on a particular subject, you don’t need to
step,” says Dr Cable. “Not only did the opportunity
go to Cambridge—or any university. It’s all about
launch me onto a good career path in practical
balance and gaining valuable experience to help
economics, I grew up a lot during my time living
you onto the next stage of your life.”
and working in Kenya. And all that came from
It’s becoming increasingly evident that
firmly grasping hold of an opportunity presented
there is a need to link the worlds of work and
at university.”
tertiary education—to provide opportunities,
Such life-changing chances are just one
to encourage entrepreneurship, to cultivate
of the many benefits of university in helping
business skills and to offer first-hand experience,
students prepare for the world of work. “For me,
among many other reasons. To this end, each
it was being exposed to all sorts of people and
sector is going out of its way to meet the needs
having my mind opened with challenging
of the other.
arguments and ideas,” he continues. “I spent
“It’s a wasted opportunity if they don’t,”
a lot of time in discussion with friends about
says Dr Cable. “Over the coming years, there’s
anything from religion to politics to topical
the possibility that universities may have to
issues, and that broadening of knowledge taught
become increasingly self-financing institutions,
me a great amount. Then, as now, Cambridge
as the government isn’t able to continue to
had the merit of having an extraordinary
provide funding on the same level as in the past.
concentration of very bright people—some
So, if universities are going to continue to expand,
of the brightest in the country. Likewise, I was
then collaboration with business is one key step
being taught by some of the best professors
forward. And that’s exactly what it is—a big step
and scientists in the world.”
forward in the right direction.”
Rounded experience
for generations of future students—no doubt
This more fluid link could reap rewards Getting a degree is still an achievement but,
lessening the sense of apprehension that
with more students than ever going to university,
hits upon graduation. Just watch out for the
it is becoming commonplace. For this reason,
falling caps.
CHAPTER 1.1 | CAMBRIDGE SPOTLIGHT
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Embarking on a career— taking your first steps into the world of work
Job-hunting is a time-consuming task. According to a survey conducted by the Berlin-based trendence Institute, on average, graduates in the UK sent out 34.4 applications in 2013 before getting their first job. As noted elsewhere in this handbook, there are numerous resources to call on during your search to make the whole process more effective. However, with increasing competition for each vacancy, ever fewer “jobs for life” and employees’ working lifespans getting ever longer, your most important tool is to have great job-hunting skills. And since you will probably need these skills several times over the course of your career, it is well worth taking the time to hone them and to become familiar with all the options. It’s all about you The aphorism “know thyself” is the first step in choosing a career, yet it can be the most neglected aspect of job-hunting. In fact, many people apply for jobs they are not suited to and which they would find unfulfilling. So, while there are many reasons for looking for work—from necessity, to the comparative luxury of career development— knowing your interests, abilities and plans is vital to give purpose and meaning to your job search and to ensure that it results in a successful career. It can help to view your career as a journey encompassing many crossroads, with opportunities to change direction and develop new interests and talents at life’s different stages. Invariably, there are a number of steps best undertaken at the start of such an odyssey, not least of which is the compilation of a “map” to aid planning and decision-making. So, prepare a list of your “dream
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CAMBRIDGE: INSPIRING LEADERSHIP & INNOVATION
jobs”, then research them to find out how and
establish contact with your careers service office
where to start. But be realistic—many television
as early as possible, preferably prior to graduation.
producers and directors, for example, were first employed as PAs or runners at local
Graduate training schemes: Graduates with little
broadcasting stations.
or no prior experience in their chosen field may
The dedicated graduate recruitment website
nonetheless find success with companies that
Prospects (www.prospects.ac.uk) is a good place
run graduate training schemes. Such schemes
to start, particularly its Career Planner facility.
are becoming increasingly scarce, but there are
Along with sector overviews, the site also includes
still placements to be found in the armed forces,
a thorough Careers Advice section that provides
retailing, media companies, recruitment, accounting,
excellent CV-writing and interview tips.
engineering, and the public and financial sectors. Naturally, they are much sought after, so research
Beginning the hunt
the minimum entry requirements and closing dates
Once you’ve compiled your list of possible careers,
for applications as far in advance as possible to stand
it’s time to begin the most daunting part of
the best chance of being accepted onto a scheme.
the process—the job hunt itself. But remember,
Further to your written application, you may
there are many different avenues that students
also be interviewed by telephone and asked to
and graduates can (and should) explore to
carry out online tests before being invited to the
maximise their chances of rising to the top
organisation’s offices for a face-to-face interview.
of the proverbial pile.
The format of the schemes varies from company to company, but generally encompasses an
Careers services: “If you don’t do anything else,
introduction to corporate structure and culture,
use your university’s careers service,” stresses
on-the-job training across various departments
Chris Rea, Employer Business Manager at
or disciplines, mentoring support from senior
Prospects. A vacancy database is usually the first
management colleagues, plus potentially further
port of call for most student job-hunters, but don’t
tuition culminating in attainment of a professional
forget that a good careers service will offer all
qualification. Graduate training schemes can
sorts of other resources, from careers libraries
last for 12 months or more, at the end of which
and individual advice sessions to recruiting events,
you may be offered a permanent position within
industry seminars and even interview practice.
the organisation.
Your careers office may also provide skills assessments, personality tests and employment
Internships: An invaluable means of developing
action plans, all of which can help with your
those all-important “employability skills” while
decision-making process. There will also be
networking with key people in one’s target
advice available on relevant internships and
industry, the internship is becoming an increasingly
work experience, as applicable, so it pays to
important recruiting tool for both employees and
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employers. Companies surveyed by independent
marketing and travel on Wednesdays; education
graduate recruitment research group High Fliers
and public services on Thursdays; and legal, media
Research expected to fill more than a third of
and arts on Fridays. Check its online jobs page,
their available entry-level positions in 2013
too: ijobs.independent.co.uk.
with graduates who had already completed a
The Guardian (jobs.theguardian.com) lists
work placement with them. So, those graduates
vacancies in creative, media and marketing on
without internship experience could be at a
Mondays; education and research-linked posts
serious disadvantage.
on Tuesdays; health, public services, housing,
For potential intern positions, it’s worth
environment and voluntary sector on Wednesdays;
checking the Graduate Talent Pool online
and science, computing, technology and
database (graduatetalentpool.direct.gov.uk).
engineering on Thursdays. The Times ( jobs.thetimes.co.uk) lists
“The aphorism ‘know thyself’ is the first step in choosing a career”
Job advertisements: Jobs fairs, noticeboards,
vacancies in legal, general and public services
university publications and student forums are
jobs on Tuesdays; secretarial and administration
all prime hunting grounds for initial leads, while
on Wednesdays; and on Thursdays opportunities
specific job advertisements may be found listed
in accountancy, finance, engineering, technology,
on websites, in national newspapers and in trade
science, computing, public sector, sales,
publications. Remember that these ads are
marketing, arts and education.
designed not just to attract the best candidates,
The Financial Times lists accountancy,
but also to act as filters to reduce the number
finance, insurance and sales jobs on Wednesdays
of unsuitable applicants.
(www.exec-appointments.com), while The Daily
In other words, focus on understanding
Telegraph ( jobs.telegraph.co.uk) lists general
the description, responsibilities and nature of the
vacancies on Thursdays. For an extensive list
role. If your skills don’t match their requirements,
of local newspaper and media websites, see
then don’t apply. That said, it’s always worth
www.localmediauk.org.
reading job advertisements as they may flag up an interesting company, suggest roles or locations
Speculative applications: Of course, you
not yet considered, or help narrow down what
may decide to dispense entirely with formal
you don’t want—or are not qualified—to do.
advertisements and approach companies directly.
Read around the ads, too, researching industry
But make sure you do your homework first. There is
trends as well as specific company news—good
little point in sending out hundreds of identikit
or bad, you’ll need to know what to expect.
applications to every company in one’s target sector. However, if there is a specific company
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Newspapers: Newspapers advertise certain
whose profile really complements your skills and
types of vacancies on particular days of the week.
experience, a carefully focused CV and an engaging
For example, The Independent lists vacancies in
covering letter could easily open some doors.
science, technology, computing and engineering
If nothing else, they might keep you in mind
on Mondays; finance, accountancy and public
should a position become available in the future.
sector on Tuesdays; creative media, arts, sales,
Online resources: The internet is the jobseeker’s
CAMBRIDGE: INSPIRING LEADERSHIP & INNOVATION
friend, perhaps even the best one. Use it as a tool to search for job advertisements on dedicated careers sites as well as for other, informal sources of industry-related information, such as networking sites and discussion forums. You can also search for trade-specific sites, where consultants specialise in particular professions and industries and can be of great help to graduate jobseekers. There are also many large, all-embracing job websites that allow candidates to post and update their CVs and to receive market updates and job news. In addition, many inform candidates of new vacancies and offer valuable information on everything from what to wear to interviews to CV structure and content. But remember, CVs should always be carefully tailored to match each job. Networking: Rather gallingly for all those jobseekers spending their days scouring vacancy adverts, it’s estimated that the vast majority of jobs aren’t widely advertised. The “hidden market”, made up of word-of-mouth recommendations and internal advertising, makes up a large proportion of vacancies. The media, for example, is often seen as an environment where personal contacts are more important than qualifications. But in any sector you should never underestimate the power of networking. With fewer graduate jobs available today than before the recent recession, now more than ever it’s a case of who rather than what you know. The basic principle is simple: stay in touch! Every single person you meet is a potential source of employment, so the more relationships you develop, the better the chances of nabbing that dream job. Granted, this may conjure up a distasteful image of coolly exploiting one’s contacts to further a personal career agenda, but effective networking could not be further removed from this.
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Instead, think of networking as getting in
almost always be outnumbered by the
touch and staying in touch—it’s about building
qualified jobseekers on their books. To get
genuine, lasting relationships with people.
the most out of the service they’re offering,
It’s also about being able to offer something,
you should tailor your application materials
rather than calling in favours. In work terms,
to suit their requirements.
this translates as marketing your skills and
Agencies come in every shape and size
strengths to people who may become prospective
—and with dizzyingly divergent standards
employers. Networking is a mutually beneficial
and services (directory and information sites
process and can be done anywhere, from a
www.agencycentral.co.uk, www.highfliers.co.uk
careers fair to a crowded bar.
and www.rec.uk.com can help in whittling down your options). Certain agencies may offer exclusive
Online networking: This is a growing industry,
access to many of those “hidden” jobs mentioned
with many websites, chat rooms and forums
before, perhaps because they have client companies
dedicated to helping people stay in touch.
on their books that use these agencies as their
Used in conjunction with social networking
sole recruitment resource. Be careful, though,
sites—particularly business-related sites such
when choosing a recruitment agency or consultant
as LinkedIn—these can help to expand a
—jobseekers should never have to pay an agency
networking base and are an excellent way to
to be matched with a company, for example.
improve skills, as the pressure of face-to-face
Additionally, a good consultant should never
interaction is removed. Basic precautions should
attempt to talk you into a role, so be prepared
be followed, though, when using the internet
to walk away from any consultancy that tries
to network. Divulging personal details or CVs
to exert pressure.
to unknown persons can be risky, not least in
Good recruitment consultancies interview
terms of identity theft, so use each site’s privacy
potential candidates in depth and face-to-face.
settings judiciously and ascertain what data,
They will also clarify the services they offer and
if any, might be sold on to third parties (see
spend time discussing each candidate’s aspirations
www.safer-jobs.com for further information
and expectations. Many consultancies also ask
and advice).
candidates to undergo various tests, such as psychometric or skills-based exercises, before
Recruitment agencies: Signing up with
accepting jobseekers on their list. Reputable
recruitment agencies—which are paid by
recruitment consultancies may also provide
employers to help them find suitable candidates
training or liaise with their corporate clients to
for vacancies—might well prove a canny tactic,
ensure training for new graduates. Registering with
particularly if you focus on the organisations
several consultancies will give you a greater chance
that specialise in the area you’re interested
of finding employment than relying on just one.
in. Even then, don’t think that submitting your
Having made contact, and after the initial or
CV to a handful of different agencies means
introductory procedures and tests are over, be
that you can sit back and wait for a job to
proactive and avoid the “out of touch, out of
come to you. The vacancies they fill will
mind” syndrome.
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“Think of networking as getting in touch and staying in touch—it’s about building genuine relationships”
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CAMBRIDGE: INSPIRING LEADERSHIP & INNOVATION
Job-search essentials 1. Get focused
work experience placement. These can help
the web to research the background and future
Make sure your job search has a clear direction
build up an array of useful skills and contacts
plans of any potential employers in your area.
(or directions). Decide what sort of areas you
and may even lead to a permanent position.
want to work in and focus on those. Don’t waste
Voluntary experience can also help your CV
8. Get the papers
time applying for jobs you are not qualified to
stand out from the pile.
In the digital age, this may seem like a slightly
do, are unsuited to, or—most importantly of all
old-fashioned way of hunting for jobs, but
—in which you have no interest. The key piece
5. Get some help
newspapers are still one of the main places
of advice is this: know thyself, and then tailor
Remember, you don’t have to do this all on
where jobs are advertised. In this particular
your job search accordingly.
your own. There are plenty of resources out
jungle, The Guardian, The Independent and
there to help you find that perfect position,
The Times are the big beasts, but it is also worth
2. Get on with it
beginning with your university careers service,
hunting through the local press. And to save
Don’t leave it too long to begin your search, or
which can furnish you with advice, contacts,
time (and money) you can always use the
you’ll be running to catch up. This particularly
skills assessments, computer access and
papers’ online job sites, which allow you to
applies to graduate training schemes, the best
interview practice. Recruitment agencies can
tailor your searches.
of which are highly sought after, with places
also be used to help scour the market on your
filling up quickly. Begin your job search well before
behalf for the most suitable positions.
graduation and take full advantage of any job
9. Get some practice in Your CV may be world-class and your business
fairs, employer presentations or workshops
6. Get networking
suit immaculate, but if you can’t confidently sell
offered by your university.
With the majority of positions not publicly
yourself in an interview, you’re going to struggle
advertised, building up an extensive database of
to land a position. So get practising. Interview
3. Get your CV sorted
professional contacts is perhaps the most useful
practice will help you prepare your answers to
Take time to work on your CV, your main lure
thing you can do to secure yourself a job. And this
all those standard “What are your career goals?”
for snaring an interview. It should be clear, well
is something you can do anywhere—friends and
type questions. You can get your friends and
laid out and concise (no more than two pages).
family can often provide just as many links as
family to help out. Don’t forget to mug up about
On average, recruiters spend just 20 to 30 seconds
more formal networking opportunities such as
the company you’re interviewing for, too.
looking at a CV, so make sure yours works as hard
careers events, internships, and online forums
as it possibly can. Don’t rely on a “general” CV
and groups.
—carefully amend and tailor it for each job
10. Don’t get despondent Keep at it. You may be taken on in your dream
7. Get online
position by your number one company within the
The largest, most information-packed resource
first week of beginning your search, but chances
4. Get experience
there is, the internet, is an abundant sea for anyone
are your quest may take a little longer than that.
Of course, the main problem with graduate CVs
fishing for a career. Explore all the possibilities, from
Stay focused and persevere. And keep track of
is the great gaping hole where the “experience”
job boards, discussion forums and chat rooms to
what you’ve done—all the jobs you’ve applied
section should be. One of the best ways to get
recruitment agencies, dedicated graduate sites and
for and all potential leads and job-hunting
this filled up is to undertake an internship or
social networking opportunities. You can also use
avenues—on a simple computer spreadsheet.
you apply for.
CHAPTER 1.2 | THE NEXT STEP
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Targeting the top—be discerning in your search for a fulfilling role
Graduates across the UK have had good reason
The question is how can graduates know
to be optimistic about their future careers of late.
which companies are exciting, engaging and
Compared with the largely gloom-laden reports
desirable? Websites can help. Here, prospective
of recent years, the news that leading employers
employees can learn a great deal about an
expected to offer 8.7 per cent more entry-level
organisation’s priorities and structure, as well
vacancies in 2014 than the previous year, according
as its environmental policies and corporate
to High Fliers Research’s annual review of graduate
social responsibility (CSR) initiatives.
vacancies and starting salaries, will have come as
The Great Place to Work Institute can help,
cause for celebration. And the outlook for University
too. It assesses over 5,500 companies in more
of Cambridge graduates appears to be particularly
than 40 countries to produce annual business
bright, with a joint survey carried out by human
rankings. In 2014, the top five of the UK’s best
resources consultancy Emerging and leading
large workplaces consisted of companies in the
employment research institute trendence showing
financial services, IT, insurance and retail sectors,
that recruiters the world over hold Cambridge
while the list of best medium-sized workplaces
graduates in especially high regard.
was headed by a housing provider, and the best
Reflecting the opinions of thousands of
small business to work was an IT consultancy.
CEOs and business managers from top companies
Those looking for work in these and other
in 20 countries, including Australia, Brazil, China,
sectors could do worse than start their search by
Germany, Japan, the UK and the USA, the survey
considering the companies named by the institute.
ranked the University of Cambridge first in Europe,
More broadly useful to all job-seeking graduates,
and third in the world, in terms of student
however, is the fact that the main criterion for
employability. Coupled with numerous reports
this ranking is the companies’ employee survey.
of economic growth in Britain and beyond, this
Employees’ accounts provide an invaluable
means that Cambridge graduates can afford to
pointer, so be sure to talk to people who work
be increasingly selective when considering their
for organisations you like the look of to gain an
career options. As ever, it is vital to weigh the
insight into the company culture and structure.
options before taking the plunge.
Look at the businesses’ attitude and approach as well. Initiatives such as extensive training
Exciting prospects
programmes, information-sharing podcasts, online
The day your first proper payslip lands on your
facilities that enable staff to pose questions to
doormat is a memorable one. It’s less about the
the directors, or generous charitable donations
sum shown on it than what that payslip stands for:
indicate good management practices and also
independence, success and, hopefully, the start of
reveal an organisation’s involvement in local
an exciting career. Yet, since the first step into the
issues and environmental concerns, as well
world of full-time, long-term employment often
as its commitment to staff well-being.
sets people on the path to their future careers, you
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need to maximise your chances of making sure
Attractive sectors
it’s a positive experience. To that end, you should
Beyond the inner workings of specific companies,
be selective in choosing your employer.
however, it is true that certain sectors offer greater
CAMBRIDGE: INSPIRING LEADERSHIP & INNOVATION
CHAPTER 1.2 | THE NEXT STEP
023
per annum, followed by those in the legal sector (£39,000), banking and finance (£33,000), and graduates in the oil and energy industry (£32,500). Be choosy With the UK’s “Class of 2013” requiring, on average, 6.5 months to find their first graduate job, according to trendence, the question is, of course, whether those leaving university can afford to be choosy. The answer, both from employers and applicants, seems to be “yes”—increasingly and unashamedly so. “A real shift I’ve seen over the last 10 to 15 years is people wanting to understand what an organisation stands for,” says Adam Crozier, Chief Executive of ITV plc. “Wanting to understand what is on offer in terms of the training they will get, how they will be developed. They want to know
“A real shift I’ve seen over the years is people wanting to understand what an organisation stands for”
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graduate employment opportunities than others.
what the organisation does for the environment
Each year, the Higher Education Statistics Agency
and for society. Alongside that is a desire that, if
(HESA) compiles its Destinations of Leavers from
they put the right effort in, they will share in the
Higher Education Institutions survey, a national poll
organisation’s success.”
of graduates that asks about their occupation six
Andy Bond, the former CEO of Asda, agrees:
months after graduating. The 2012/13 data—the
“If you look at the young people coming into the
most recent available—shows that medicine and
workforce, they’re looking for different things
dentistry graduates progress most easily from
out of work—they’re not just looking for an
training to employment, with 92.4 per cent in full-
economic equation.”
time work and less than 1 per cent unemployed half Indeed, graduates seem to be asking more a year after leaving university. Veterinary science
questions about a company’s practices and ethics,
graduates came second in the list, with 85.1 per
in addition to finding out as much as they can about
cent in full-time work, followed by subjects allied
the advertised role, team members, collaborations
to medicine; architecture, building and planning;
and anything else that might impact on what an
and education.
employee does at work. Frederick Herzberg, a US
However, the median graduate starting salary
business management guru and author of the
across all subject areas has not risen since 2010,
1968 book One More Time: How Do You Motivate
according to High Fliers Research, having remained
Employees?, succinctly said: “If you want someone
at £29,000 for the past five years. The graduate
to do a good job, give them a good job to do.”
recruitment researchers’ data also shows that in
Today’s graduates need to invest time
2014, graduates entering the investment banking
into finding an employer that will give them
sector had the highest starting salaries, at £45,000
that opportunity.
CAMBRIDGE: INSPIRING LEADERSHIP & INNOVATION
Know your worth Professor Stephen Bevan, a director of the not-for-profit research and advisory body The Work Foundation, offers advice for graduates entering the workplace: “Even in times of recession, really high-quality graduates are in demand. I talk to companies that say they struggle to find good graduates, and that they’re having to compete to attract the right recruits. Some UK sectors are facing big competition from international companies, and they, in particular, look to the leading universities for fresh talent. “Graduates have worked hard to get a good degree, and they want a job that enables them to build on their studies and their high potential. Perhaps because of that, senior executives tell us they’re increasingly being challenged by job applicants. Graduates are asking organisations to demonstrate that they are a great place to work. These graduates no longer believe the rhetoric. “Graduates want to feel connected to the purpose of the organisation they work for. They are interested in knowing that their company is doing something worthwhile for the wider society—it’s no good just to say: “We’re here to make profit.” Of course, graduates need to tick the boxes around pay, training and development, and careerprogression opportunities—but they also need to derive some meaning from their work. That might be to do with a company’s green credentials and CSR initiatives, but it’s mainly about wanting to be more than a cog in the wheel. “The office environment is important, too. Is it an environment you want to work in? These things matter. They send a message about how much your company values you and how willing it is to give you the tools to do your job—so visit the offices. It’s a good idea to look at unions, too. Progressive unions that want to form partnerships with employers and create win–win solutions are really good vehicles for employees to have a voice. “Quality graduates are right to expect all of these things—and they can get some measure from looking at company websites, talking to people who work for the company and getting under the skin of the kind of work they’ll be doing.”
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Get with the programme —make the most of your digital profile
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CAMBRIDGE: INSPIRING LEADERSHIP & INNOVATION
Graduates who can get to grips with the potential
any potentially incriminating photos, comments
of networking sites such as LinkedIn, Twitter and
or posts that may appear on the site.
Google+ have an unprecedented advantage when
“Whether you’re socialising on Facebook or
it comes to finding a job because employers
networking on LinkedIn, it is vital at all times that
increasingly use social media to recruit new staff.
you use your online activities to raise your digital
It has always been important to network,
profile and make yourself look good. Before posting
but before social media revolutionised the way
anything online, think of the potential consequences.
we make connections it wasn’t that easy to do.
Take a breath and ask yourself: ‘How does this
With virtual interactions now easily outstripping
look? Am I presenting myself in the best light?’
physical ones, our capacity to sustain and develop
If not, then don’t post.”
contacts and relationships has never been greater, and no one has more to gain than the graduate
Consistent digital identity
jobseeker. Now, you can build a professional
Like any tool, a networking site is only really
relationship with individuals long before you even
effective if used properly. Not only does this
meet them or join their business, and these people
mean restricting access to your Facebook profile
could play a vital role in your fledgling career.
and separating your personal and professional networks, it also means being strategic about
The right impression
how you construct and manage your digital
Through her company, Winning Impression,
identity. Although the sites themselves vary,
Katrina Collier advises jobseekers and recruiters
having a personal profile that is consistent
on how to make the most of social media.
across all social media networks is essential if
Despite increasingly tough competition for
you want to attract employers and recruiters.
graduate-level positions in recent years, she
A key starting point is to use a single
has found that surprisingly few graduates use
professional-looking profile picture for all your
social media networks when planning their
networks, including Facebook. There’s no need to
careers. Fewer still are aware of the need to
use the services of a photographer—a friend or
manage their digital profile.
family member will do just fine—but be sure that
“It is crucial that jobseekers not only
the photo you use is a head and shoulders image
create a social media profile but also that they
and that you use it consistently on every site.
create the right impression online,” says Katrina.
Consistency is also important when choosing
“For this reason, my advice to graduates is
a cover photo for your Facebook and Google+
twofold. Firstly, you need to create and maintain
accounts. “However, this image should foreground
active profiles on each of the three most popular
your personal achievements,” observes Katrina.
recruiter networks—LinkedIn, Google+ and
“So, if you’ve run a marathon, climbed a mountain
Twitter. Secondly, it’s important to clean up your
or raised money for charity, make sure that
Facebook profile by using the maximum privacy
recruiters and potential employers get to see
settings available and by de-tagging yourself in
your accomplishment when they find your profile.”
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“It is vital at all times that you use your online activities to raise your digital profile and make yourself look good”
Optimise your profiles
possible to project more of your personality
Having created your various social media profiles,
on Google+ than it is on LinkedIn, particularly
you’ll need to learn how to get the most from
by using a cover photo in addition to your
each site. With more than 332 million members
standard profile picture.”
worldwide, LinkedIn is the king of professional networks. Profiles act as continually evolving
Quick-fire recruitment
CVs, allowing users to showcase their skills
Twitter messages are famously limited to 140
and achievements while tracking vacancies
characters, but it’s amazing what they can achieve.
and industry trends. Headhunters are always
The microblogging site is well established as a
scouting the site for new talent, and it is possible
cheap and effective recruiting tool. Most major
to increase your chances of being noticed by
companies and industry figures have dedicated
highlighting your skills and having them endorsed
recruitment accounts that can be tracked down
by other users, and by creating a summary
using directories such as Twellow, TwitJobSearch
that’s rich with relevant keywords.
or TweetMyJobs. Followers are then informed
Another important way to boost your
of openings as soon as they become available
LinkedIn profile is to join—and contribute to—
—openings that often won’t be advertised
the site’s dedicated discussion groups. One of
anywhere else.
the many benefits of contributing to a LinkedIn
Jen, an aspiring journalist at the University
discussion is that your comments may be picked
of Cambridge, responded to a tweet from the
up and included in the group’s weekly round-
Commissioning Editor of Cosmopolitan asking
up email, thereby significantly increasing your
if anyone in her area was able to help out on a
LinkedIn exposure. Remember, too, that Google
feature. Not only was she paid a fee for her time,
really likes LinkedIn, so your profile is likely to
but the magazine now also has her details on
be the first result listed if an interested party
file should anything similar crop up in the future.
searches for your name. It is therefore very
“I would never have seen this job advertised if I
important to keep that profile updated and
wasn’t using Twitter,” says Jen. “Also, responding
free of any potential embarrassments.
via a social networking site made everything so
Google+ is also a great place to make your
quick—I secured the job within the hour.”
mark. Since it launched in June 2011, the network
Tweeting conventions can also be exploited
has gained more than 540 million monthly active
to attract an employer’s attention even when
users. Pitched as a more relaxed version of LinkedIn
there’s no specific post to apply for. Track popular
and a more professionally oriented site than
keywords using services like Monitter.com, include
Facebook, it has become the network of choice
them—with the all-important hashtag—in a
for IT professionals, developers and designers.
tweet summing up key skills and the desired
“But, whatever your background, Google+ has
job, and recruiters may well take notice.
much to offer because its hundreds of industry-
028
specific communities are smaller than those on
Building trust
LinkedIn and haven’t been swamped by spammers
As with any social group, it takes time to build
and marketers,” says Katrina. “Plus, it’s also
trust in an online community, and if a lucrative
CAMBRIDGE: INSPIRING LEADERSHIP & INNOVATION
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029
contract or a permanent position is your goal, social media networking is unlikely to land you your dream job overnight. Like job-hunting the old-fashioned way, it’s important to be realistic about what you can expect to achieve in a short time frame. “And, since earning the trust of others is paramount,” says Katrina, “it is vital that you take the time to build good relationships on each of the three main social media sites before vigorously pursuing your desired role.” One way to speed up the process is by also signing up to networking sites that cater to specific industries. Given that each user on these networks starts from a base of common professional interest, it is easier to identify both relevant vacancies and valuable contacts. Lawyrs.net, for instance, allows users to create an online professional profile displaying everything from education and employment history, to legal specialities and interests. Helpful tools include an international firm directory and dedicated discussion groups, while users frequently advertise job opportunities that are unlikely to be visible elsewhere. Graduates skilled in the visual arts can showcase their work on Behance.net as well as on Instagram and Pinterest, while Xing.com is a must for those who are looking for work in the business and finance industry. This international networking site is a more sophisticated version of LinkedIn and is cleverly designed to make job-hunting easier for its users. The spadework of sifting through job advertisements is done for you as Xing checks every new addition to see if it matches your profile. More established professionals also use the site to identify potential investors and business partners.
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CAMBRIDGE: INSPIRING LEADERSHIP & INNOVATION
If you wish to keep your skills up to date while working towards a long-term role, or if your primary goal is to freelance, you’ll find plenty of opportunities on Peopleperhour.com. Users bid on work outsourced by employers who award jobs based on profiles displaying key skills and experience, online portfolios and feedback from previous contracts. Websites and blogs Of course, social media networks are not the only online resource available to graduate jobseekers. Creating your own website or blog is another excellent way to make your digital presence felt. WordPress is a great choice for the novice as it’s simple to use and can be linked easily to your Google+ and LinkedIn profiles. “However, since it requires a big investment of time and energy, you shouldn’t set up a blog if you can’t commit to updating it regularly,” says Katrina. “If your time is at a premium but you still would like to run a blog, a useful timesaving strategy is to present it in video format, which can be achieved cheaply and effectively by using a Skype recorder. The main advantage of video blogging is that it’s faster than producing written posts, each of which need to be carefully edited and proofread before being posted online. Another good reason to choose video over text is that it can help to make you stand out from the crowd.” Shortcuts aside, in order to get the best results from the internet and social media networking in your job search, it is essential that you commit a portion of your day, every day, to contributing to each of your networks and to making your online presence felt. By maintaining a positive and attractive digital identity, you are certain to increase your career prospects.
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Plug in to the start-up possibilities that are available to you
“Much of the research at Cambridge University can be applied to provide novel technology, which can be spun out into a successful start-up”
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CAMBRIDGE: INSPIRING LEADERSHIP & INNOVATION
The most successful investor of the 20th century,
student start-ups include Google, Microsoft,
Warren Buffett, recently urged university students
Facebook and Yahoo.
not to shelve their business ideas because of an
YouNoodle has rated Cambridge University
unfavourable economic climate. “That’s like saving
as the world’s third-best university start-up
sex for old age,” he says.
community and the best in Europe. Its student
And he’s got a point. In so many ways,
entrepreneurs are supported by two specialist
university is an ideal place to start a business.
organisations: CUTEC (Cambridge University
You have resources galore at your disposal,
Technology and Enterprise Club) and CUE
including IT equipment, libraries, time and space.
(Cambridge University Entrepreneurs).
You can call upon the advice of professors with
“Student entrepreneurs are heavily supported
specialist knowledge—the kind of people who,
by the Cambridge entrepreneurial ecosystem,”
in the real world, are called “consultants” and
says Liz Williams, Chair of CUTEC, which currently
who’ll charge you an arm and a leg for advice.
boasts more than 4,500 members and lists over
In your university peers, you have a support
200 start-ups.
network that might even become your core
“Apart from learning how to start your own
customer base. You’ll be forgiven for making
business, CUTEC is also an excellent platform
mistakes: you have no responsibilities, except to
for students and young professionals to discover
yourself, and are able to take risks. Indeed, your
and explore alternative career paths,” says CUTEC
youth will mark you out, get you media attention
alumnus Lukasz Mlodyszewski. “I recently began
and might even endear you to “angel financers”
working for a leading early-stage venture capital
—wealthy Dragon’s Den-style investors looking
firm, and the wide range of skills I gained during
for a slice of new startup.
my time at CUTEC definitely helped me get the job.”
BE YOUR OWN BOSS A report by the Prince’s Trust and the Royal Bank
START ME UP
of Scotland in 2013 revealed that one in four
CUE, which has more than 100 members and
16- to 30-year-olds expects to be their own boss
lists over 50 start-ups, also hosts the student-
within the next five years. More than a quarter of
run Entrepreneurs’ Business Creation Challenge.
unemployed young people would rather try to set
Since 1999, the contest has awarded in excess
up their own business than continue to job-seek
of £500,000 in prize money to some 40 start-ups.
in today’s competitive market. Official figures
Collectively, CUE alumni companies have gone on
from the Office for National Statistics show the
to secure more than £42 million of investment.
number of self-employed young people has
Cambridge also boasts a Centre for Entrepreneurial
already risen by 71,000 since the start of the
Learning, which aims “to spread the spirit of
economic downturn.
enterprise to the university”.
Student entrepreneurs can gain inspiration
In addition, Downing College offers its
from YouNoodle, a “university innovation”
students and alumni the chance to win up to
platform that reminds visitors that recent
£25,000 to fund a business idea. Among the
CHAPTER 1.2 | THE NEXT STEP
033
option to young people aged 16 to 30. The company offers individuals advice and guidance on starting, running and growing a business. Looking online, graduate careers website Prospects provides advice on funding with regard to start-ups. Similar information can also be found on BusinessFunding.co.uk, which independently researches more than 1,000 sources of business funding and finance. And StartUp Britain, a government-backed campaign by entrepreneurs for entrepreneurs, offers advice for budding business people, while its sister campaign, PopUp Britain, enables start-ups in the retail sector to promote their wares at selected stores across the country. SPIRIT OF ENTERPRISE Startups.co.uk runs an awards ceremony every year that enables the winners to impress potential investors. They also benefit from a great deal of press coverage, which raises their profile. The NCEE also collaborates with many partners and organisations across the UK and internationally to support students winners of the Downing Enterprise Business Plan
Support services
and graduates who want to start a business.
competition are former CUE competition finalist
Beyond the college walls there are numerous other
Additionally, over the past two years, Start Up
(2008) Mikhail Chepkin and fellow mathematicians
influential and graduate-orientated business
Loans has backed more than 20,000 businesses.
from the University of Cambridge.
start-up support funds, competitions and schemes,
Lending around £100 million to budding
“Pursuing higher education does not
such as Shell LiveWIRE, which is feted for its awards
entrepreneurs, the company has supported
necessarily mean your research is purely focused
programme in particular. The acclaimed National
the launch of around 650 new businesses by
on the academic,” says Liz. “Much of the research
Centre for Entrepreneurship in Education (NCEE)
18- and 19-year-olds alone. Research indicates
at Cambridge University can be applied to provide
also offers a myriad of invaluable support services
that younger people are less afraid of risk than
novel technology, which in turn can be spun out
and structures, including its prestigious Make It
more mature loan recipients because they feel
into a successful start-up.”
Happen programme.
they have far less to lose. If they fail, they can
Liz cites Billy Boyle’s Owlstone Nanotech firm
For students wishing to start a new business
pick themselves up and start again.
as an example of a student-led entrepreneurial
in Wales, the Welsh European Funding Office
More than 4.5 million people are now
venture. Billy’s PhD research at the university was
provides comprehensive support. In Scotland,
self-employed, with an increase of 404,000 in
directly applied to the formation of nanoscale
the Scottish Institute for Enterprise offers several
the past year alone. Although a full economic
chemical-detection chips, which, due to their
programmes with graduate entrepreneurs in
recovery may have some way to go yet, the spirit
reduced cost yet high sensitivity, have made
mind. Advantage, in Northern Ireland, promotes
of enterprise is alive and kicking among Britain’s
Owlstone Nanotech a leading company in its field.
starting a business as a realistic and viable career
young people.
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CAMBRIDGE: INSPIRING LEADERSHIP & INNOVATION
Start-up hotspots Advantage www.advantage-ni.com Cambridge University Entrepreneurs www.cue.org.uk Cambridge University Technology and Enterprise Club www.cutec.org NCEE www.ncee.org.uk PopUp Britain www.popupbritain.com Prospects www.prospects.ac.uk Scottish Institute for Enterprise www.sie.ac.uk Shell LiveWIRE www.shell-livewire.org StartUp Britain www.startupbritain.org Start up loans www.startuploans.co.uk Welsh European Funding Office wefo.wales.gov.uk YouNoodle www.younoodle.com
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The Business Plan— from brilliant idea to brilliant reality
Considering floating your idea in the sea of big
Executive summary
business? Then you’ll need an unsinkable business
Bank managers and venture capitalists are
plan. It is the “why”, “where”, “when”, “how” and
known to make provisional decisions based on
“who” of your “what” that will attract investors,
this front section alone, so keep it short and
including banks, and persuade grant providers,
snappy, avoiding technical jargon or corporate
potential partners, suppliers and even customers to
spin, both of which will undermine a plan’s
support you. And it’s not just a document prepared
credibility. If, after perusing your pitch, an
for everyone else’s reference—a well-prepared
investor understands what your proposal is
business plan will help you flesh out and focus
about, the executive summary has done its job.
your idea, confirm that you’re ready to take it forward and provide a blueprint for doing so.
Business description
So, how to go about writing this cornerstone
Quite literally getting down to business, this
document? With concision, clarity and credibility,
section sets out the background to your idea.
that’s how. Your proposal must be rigorously
Compose a succinct description of the business
researched, effortlessly explained and financially
opportunity: who you are, what your proposal
sound. All supporting information, such as
offers, why, where, how and to whom. Include
technical data or market research statistics,
information on how your idea has developed
should be allocated to the appendices.
into its present form; how it will stand out from
Ask your local enterprise centre or university
others in the same sector; what your prospective
careers service for help with preparing or reviewing
customers will gain from it; and how the idea
your plan. There are numerous generic templates
might be developed to meet changing and
available, too: almost all of the banks offer free
future needs.
business-plan software, and there are rich pickings on the internet, especially from the Microsoft
Management team and personnel
Office website.
The skills, commitment and experience of
You might also gain inspiration from one
your management team can be an influential
of the more than 500 sample business plans
variable in investor decision-making, so use this
available from www.bplans.co.uk. Simply choose
section to parade your credentials and those
the industry category that most closely matches
of anyone you plan to recruit. Include expert
that of your own business, then click through
advisers, such as accountants, lawyers and
to one of the sector specialist plans therein.
other supporters or mentors. Detail relevant achievements and abilities (consigning full
036
Your business plan should consist of the
CVs to the appendices) and demonstrate the
following elements:
advantages that your team will have over
CAMBRIDGE: INSPIRING LEADERSHIP & INNOVATION
present and potential competitors. Indicate how you’ll tackle weaknesses or omissions in your team, too. Product, service or technology What makes your business idea unique or distinct? How does it work? What benefits does it offer? Why will customers buy it? What are the key features of the sector(s) in which you plan to operate? What competition exists? How will your idea be developed? How might you diversify? Summarise any patents, trademarks, intellectual property or design rights that you’ve applied for or already hold. Customers and competitors Describe the market for your business idea: What is its size? How fast is it growing? What are the market’s trends and drivers, and why do they exist? How is the market broken down into segments or sectors? In which sector will your idea feature? Which competitors already service this sector? What are their strengths and weaknesses? Why will customers leave them and come to you? Which competitors might service the sector in the future? What is your strategy for the medium and longer term? How are you planning to respond to any anticipated changes in the market? How might your competitors do so? Sales strategy How will you identify potential customers? How will you pitch your idea? How will you price it? How will you sell it? Who will do the
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037
selling? How long will each lead take to line up?
behind it); a two-year monthly cash-flow forecast
What percentage will turn into sales? How long
(noting timings of, for example, salary payments,
will each sale take to close? How soon can you
sales, etc.); a projected balance sheet (opening
start selling? How much will you be able to sell?
day to year end); and an indication of any
What will be the average sale value? Do you have
investment you’ll need, noting how you plan
any customers already lined up? Will there be any
to repay any borrowings.
minimum order figures? Will there be any repeat
Undertake a SWOT (strengths, weaknesses,
sales? Is there scope to increase profit margins
opportunities and threats) analysis of your plan,
or sales? What will be your payment terms?
listing all risks that could affect your figures.
How much income can you expect each month?
Finally, consider presenting your personal finances here, too, or at least an outline of how you will
Operational details
support yourself and the business while it’s in
How will your eureka moment translate into
its infancy.
business practice? Where will your business be based? What are the pros and cons of any
Future prospects
premises? Who will be your suppliers? How did
What are the qualitative and quantitative
you select them? What manufacturing facilities
objectives of your business idea? How will you
will you require? What equipment? Do you
measure their achievement? What contingency
need your own facilities, or would it be cheaper
arrangements do you have in place to overcome
to outsource any manufacturing processes?
risks such as those identified through your SWOT
How will you deliver the product or service
analysis? Will these arrangements be articulated
to your customers? What is your information-
in terms of funding? How much finance will be
technology strategy? What management-
required? How will you afford it? Will there be
information systems do you have in place
any shareholdings? What prospects are there
for stock control, management accounts
for the investor or lender?
and quality control? Appendices Finances
The devil is in the detail, and the detail is in the
Hold tight, this is where you transform everything
appendices. Your business proposal must be backed
you’ve claimed in preceding sections into actual
up by hard facts, such as marketing statistics;
numbers. You should provide a summary of your
detailed financial calculations; technical diagrams;
financial forecasts (noting the assumptions
product literature; CVs of key personnel; target
behind these projections); a two- to three-year
customer analyses; testimonials from potential
sales forecast; a two-year monthly profit-and-loss
customers, suppliers or sponsors; and competitors’
forecast; a profit forecast for a further two years;
product lists and costings. All such external data
a break-even analysis (noting all assumptions
will add credibility to your business case.
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CAMBRIDGE: INSPIRING LEADERSHIP & INNOVATION
“ A well-prepared business plan will help you flesh out your idea, confirm that you’re ready to take it forward and provide a blueprint for doing so”
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