1. DO WHAT YOU LOVE
There’s little point in going into business simply to go into business. You have to have a passion for your product or service and to know it inside out. How many people have thought that running a PR agency is glamorous and easy money, only to find that the reality means long hours, chasing clients, getting knocked back, and struggling to establish themselves in a ruthlessly competitive market? Once you have your eye on a niche in the market, you’ll need to come up with a Unique Selling Point that nobody else has. Whatever you do, don’t fall into the trap of believing that you can apply a ‘scatter-gun’ approach to the market. You need to specialise.
2. KNOW WHAT YOU WANT
Going into business for yourself isn’t for everyone. What are you prepared to sacrifice to make it a success? Some people find that the academic life isn’t for them but would you have the confidence to leave school and to strike out on your own? Perhaps not at the moment but, when the time comes, this is the sort of determination that will give you the advantage. Entrepreneurs are notoriously focussed and single-minded. You have to be prepared to accept defeat as well as enjoy the wins, and to move on undaunted.
3. THINK RADICAL...
Speaking of USPs, don’t be afraid to be out on the edge. Clients love innovation but don’t be whacky for the sake of it. Make sure that your quirky pitch is well thought-out. Don’t use gimmicks, use strategy and a clear and precise knowledge of the market.