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So you're an engineer ...

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by

Paul Smith

on 18 January 2012

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Transcript of So you're an engineer ...

So you're an engineer ...
What's this about?
What's special
about small businesses anyway?

Decide on your
business

Sources of finance
Your important
network

The ups and the
downs

What you need
to start

Questions?
So you're an engineer ...
You're interested in ...

You need to be interested in ...

Taking control of your career ...
Small Businesses (SMEs)
4.5 M in the UK
99% of all UK enterprises are SMEs
~59% of private sector employment
~49% of private sector turnover
Employ ~14M people
Annual turnover of ~£1,500B
Sole traders up 87k in 2010
Companies up 6k in 2010
Source: Department of Business Innovation & Skills
They matter to the UK economy
Established Market?
Me-too
New product
New service
New method of doing business
New Market?
Paradigm Shift?
Money - you'll need some
Grants or 'soft' loans
Your pocket
Family & friends
Bank
Business 'angels'
Venture capitalists
Trading
Stockmarket listing
Create a network
Engineers 'generally' do this badly
Nurture a network of contacts
Must be 'mutually' beneficial
Where to network?
Engender 'trust'
Engineers 'generally'
do this well
Let's get the 'downs' out of the way first
Many businesses fail in the first year
Cash is king
No point unless there's profit
It's lonley
There's going to be bad times, prepare for them
You run your business, not your FD or bank manager
Now the 'ups'
Fantastically rewarding
A percentage make it BIG
Most don't, but that's OK
So how do I start?
Plan
Finance
Organisation
Support
Questions?



Resources
Government
Business Link www.businesslink.gov.uk
Small Business Portal www.smallbusiness.co.uk

Trade Bodies

& Member Organisations
FSB www.fsb.org.uk
IoD www.iod.com

Social Networking
LinkedIn
Twitter
Full transcript