Supporting Entrepreneurial Skills Matrix (SESM) - D6
This session looks at the requirements of set up. Slides are provided on sources of finance and a handout regarding practical issues is included - however please ensure that this is updated regularly.
How much time does it take?
"I must admit it has and does take quite a lot of my time. Setting up a business isn't for the feint hearted! You have to be prepared to put your time in at Uni and then go to the Studio to run a training programme or have a meeting with my partners. Sometimes I have missed the odd lecture but I still realise the importance of my degree and what it's taught me so far and the windows it has opened - particularly in relation to networking opportunities. But we have had some late nights and it can feel sometimes like all you do is work."
(Chris Manze 'StoneSoup Project')
"Previously I worked with a team of people where each one of us is responsible for searching out possible acquisitions. I was also also trying to secure a bid for The Bombay Bicycle Club . In the meantime I helped to set up a business for someone. This gives me enough time and money to work on my own projects.
Ensure you spend time on other projects - you need to earn money and you don't want to become stale!
(Sarah Restaurant entrepreneur)
How do you register your business?
"The main issue I had concerning registration was in relation to the patent for my medical product. After speaking to the university I discovered they had a department which could help with this. They paid for and organised the process."
(Kaori Medical device company)
"I had great problems finding out how to become a limited company. I was explained the benefits of putting those three letters after your company name as it suggests respectability and encourages trust as well as providing me with some kind of safety net as well as the tax benefits. But could I find how to become a Ltd company - there were so many places explaining the different types of company registration but none told me how to become Ltd in a simple and easy fashion. In the end I spoke to Business Link and my Dad's accountant and it was actually really simple. The easiest way is to ask those who've done it before."
(Andy McCorkell Flannel Films)
