Featured Entrepreneur

The Start-up! or How to become a young entrepreneur (Part I)

So you've finished college? Well done! Now where are all those junior executive positions you believed you would get? Nowhere, that's where!

In today’s economy with so many people not being satisfied in their careers you’re going to have to join a very very long waiting line to get into that firm or company you had your eye on since first year. In fact you might never get in fresh out of college, with so many over qualified people being laid off from jobs they’ve had years of experience in looking for intern positions, those companies are going to hire them over you all day everyday. What can you do? Settling for a part time bar job isn’t going to help your C.V. for that marketing firm yet you still need experience somewhere, that’s where the entrepreneur inside you steps in.

If you start your own company in an industry you’re interested in becoming involved in and scrape and grind to make something of it at the very least you will have an amazing gold star on your C.V. At the very most you won’t need that firm you wished for, you’ve created your own!

Now obviously there will be road blocks but nothing worth doing is a street paved with gold. Starting you own company is not for the faint hearted or easily detoured but if you have a small bit of passion for the industry you want to be in it is actually quite easy. Here’s a step-by-step guide to creating the job you want rather than settling for nothing.

Become an entrepreneur, create the job you want.

Become an entrepreneur, create the job you want.

Number one: Find a partner!

It makes everything so much easier if you can find a college buddy or in my case a high school friend who equally shares your passion and is in similar circumstances in the job market to go halves with you on the workload of setting up and getting set up. This way either one of you doesn’t have to devote 100% of their time which means you can still work part time while you set up.

Number two: The Business Plan!

This is one of the most crucial pieces of information you will write, you have to sit down with yourself or your partner and scrutinise every detail of what you want to do and how you’ll go about doing it, projected earnings from your venture and capital items you need to set up. Once your set up this can be subject to change but before that it’s your bible, it’s your gateway to funding which brings me onto.

Number three: Funding!

This is the most difficult part but luckily there are many avenues to go down some higher risk than others but that’s business! Not for the faint hearted. If you’re an E.U. Citizen there are many schemes in place to grant fund new businesses with many supplying half what you put in yourself, When we set up DogsBody Productions we took out a business loan and with our business plan in hand applied to one of these schemes and got it, a note on some of these schemes is it’s advertised as a grant but in reality is a long term loan from the government until your business is able to pay it back. Another way besides from the obvious bank loan is to find investors, set up meetings with people who you feel are interested and have money to invest, show them your business plan and give them a pitch, you have nothing to lose in trying to get as many meetings with as many people as possible then you either offer them equity or a pay back scheme.

Part II with the end of this great guide very soon!

About Pete Leddy

An entrepreneur from Ireland, Pete spent years making short films. Then he set up a production house specializing in corporate web content and adverts. His work has taken him all over the world.

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