Skills for self-employment

About 2% of UK graduates decide to become their own boss after graduating and the opportunity to be wholly independent rather than relying on an employer is, for many, an attractive proposition. 

Starting your own business can be highly rewarding but requires considerable resource, initiative and hard work.

When considering the world of self-employment you need to do your homework and think carefully about the type of venture that would best suit your skills and personality.

• Do you have an innovative business idea that you would personally like to launch?
• Are you looking to operate independently within an established business area?
• Are you comfortable with the lack of security and the likely ‘rollercoaster’ ride associated with running your own business?
• Are you clear about your unique selling points and will the emphasis of your venture on developing a product or marketing a skill?

Don’t be too concerned if you haven’t got immediate answers to these questions, it takes time to develop a sound plan. There is a great deal to think about but the long term rewards of running a successful business are evident.

In order to be successful you will need to demonstrate a wide range of qualities, including;

• Tenacity and drive to put your ideas into practice and the resilience to bounce back when confronted with setbacks
• The ability to juggle a number of jobs at the same time, from stock control to organising advertising campaigns
• Knowledge of the market in which you are operating and the commercial awareness to adapt products and services to meet the needs of the customer
• Strong organisational skills and an eye for detail, particularly when tracking invoices and filling in tax returns
• Pro active in the use of networks to build your business and attract new clients
• An optimistic outlook and a fair slice of good luck!

View our video about the UniSport Online website, created by two Exeter students

Useful websites

• hmrc.businesslink.gov.uk - An e-learning package designed to help you to stay on the right track with HM Revenue and Customs (HMRC) and save yourself time and money as a self-employed person
• www.prospects.ac.uk/startup - Information and links on starting your own business
• www.prospects.ac.uk/flexible_working.htm - Information on alternative work styles  
• www.businesslink.gov.uk - Advice and information on all aspects of self-employment
• www.shell-livewire.org - A programme offering support to young entrepreneurs
• www.startups.co.uk - Lists the UK’s 100 best new businesses plus useful articles
• www.hmrc.gov.uk - HM Revenue and Customs website
• www.bbaa.org.uk - Business Angels Association provides support to new businesses

Relevant resources

Reference books available from the Information Room include;

• Working For Yourself, an Entrepreneurs Guide to Basics, J.Reuvid, Kogan Page
• The Beermat Entrepreneur, M Southon & C West, Pearson Books
• Commercial Awareness, C Stokes, Longtail

Related Events

Employability and Graduate Development run a series of skills sessions that are designed to support students with entrepreneurial talent but many of the workshops are equally beneficial to students who do not wish to run their own business. Search our events system.

This includes Xing, where teams of 5 - 6 members work together on building business strategies or proposals with each team pitching their ideas to an expert panel. Teams are judged on how they perform ‘as a team’, how they use the advice and expert knowledge available, how they pull their strategy together and how they pitch this to the panel, answering questions from both panel and other players.

Xing encourages students to explore skills such as: communication, team work, leadership, strategic processes and problem solving. We aim to run XING at least once per term.

Other sessions include;

• Networking Skills: it’s not what you know….
• Creativity and Innovation in Business: thinking outside the box * 
• Introduction to Entrepreneurship: Have you got what it takes? *
• Finding a Business Idea
• Project Planning: failing to plan is planning to fail *
• Finance: Principles, funding and management
• The Business Plan
• Legal and Statutory Requirements for the small business
• Strategic marketing for a new business

* Formally Enterprise Training Programme Stage One

Grants of up to £5000, along with expert advice and guidance, are available to students wishing to set up their own businesses which have the potential to contribute to the regional economy. Projects may include, but are not limited to, research and development, market research, IP & Patent protection and prototyping. To apply for funding you must have attended the relevant skills sessions and a day-long XING session. It is recommended that you discuss your business idea with the Business Support Manager Joe.Pearce@spaceforsuccess.co.uk who will help you conduct an Enterprise Training Needs Audit.