11 tips to become a successful entrepreneur in the UK

An entrepreneur is a person who creates and manages a business and they bear most of the risks associated with the project if any issues occur.

There’s no clear way to decide how successful someone is in their entrepreneurial activities. While some may use sales as a metric for success, others may consider aspects like total revenue, investments and market competition to gauge performance. You can determine how successful an entrepreneur is in several ways, including whether they:

• Have the right entrepreneurial skills and instincts to make the business profitable.
• Come up with new business ideas and designs to attract customers and investors.
• Create a motivating and positive work environment.
• Have a sizeable and scalable business, with a certain number of employees, physical locations, equipment and investments.
• Are profitable, innovative and inspiring to others, which helps them become a successful entrepreneur and grow in their career.

Now that you have the desire to become an entrepreneur, it's time to get hold of some helpful tips to help you succeed. Here are 11 tips that can help you become a successful entrepreneur:

1. Make a solid business plan

A business plan concretises your business ideas on paper. It helps you envision how your business will work. Your plan should at least answer questions like:

• What are you selling and what's most important to you?
• Where will your business be located and where do you want it to be in five years?
• When will your business be open?
• Why should people buy from you?
• Who are your customers and who are your competitors?
• How will you run your business every day and what will you do if problems come up?

These questions are just a start to help you think about your business. The more you can answer, the better you'll understand how to run your business and become an entrepreneur.

2. Know your target segment

To become a successful entrepreneur, you need to know your customers well. You should understand who your customers are, what they like, when and where to engage with them, where they are located and how they obtain information. Do thorough research to make sure your message gets to your intended audience.

3. Learn from others

No matter if you're just starting or have some experience as an entrepreneur, you can always learn from others to improve your business skills and make your company more profitable. Contact successful entrepreneurs you know of and ask them about their careers and, if possible, ask them for advice. Consider reading books by entrepreneurs you admire or listening to relevant podcasts to learn more.

4. Understand your finances

When you start a business, it often costs more than you anticipated. You should set aside some of your funds in case unexpected financial problems come up. As a last resort, you might need to borrow money or invest your savings in the business. But always figure out why you're having financial trouble and try to resolve it if it's something within your control. Understaning financial management can be helpful as well.

5. Find a mentor

If you want to improve your entrepreneurial skills and meet people who can help your career, think about finding a mentor. A mentor is someone you trust and who is aware of the kind of work you do, or the career goals you have. Mentors with experience in business and entrepreneurial fields will often agree to share their knowledge with you and help you in becoming a successful entrepreneur.

6. Take risks

Taking risks can lead to good new opportunities which can ultimately help you become an entrepreneur. It might seem scary to pitch your business ideas to investors or start a business in a competitive market, but these chances could give you the startup money you need for your business or a very successful business project. If analyse the situation and weigh up the pros and cons, you might be surprised by the benefits.

7. Expand your network

Don't hesitate to ask for help. Many of us know people who can help us succeed. It might feel a bit strange and awkward at first, but the more you do it, the easier it gets. Your network can become your net worth.

Global Banking School (GBS) is a higher education institution in the UK that can help you expand your network. Through the entrepreneurship course offered by the institution, you are given the opportunity to collaborate with your peers and share your ideas with industry experts. So, expand your network and become an entrepreneur.

8. Create a winning team

Every successful business has a team of trustworthy and skilled people behind it. This team can include a personal assistant or a knowledgeable accountant. Look for people who can handle different tasks to make your work more efficient.

The key is to find the best people who can help you reach your goals, but it's even more important that they share your vision. Each team member might have different skills, but everyone should be on the same page about the vision and values of the company.

9. Promote yourself

It's important to promote yourself as an entrepreneur. This can show investors and potential employers that you're determined and help them understand your business ideas. Practise talking about yourself and your ideas so that when an opportunity comes up, like a meeting with an investor, you can talk confidently about what you do.

10. Come up with new ideas

Entrepreneurs should always keep thinking of new and creative ideas and products to stay ahead in a competitive market. Being competitive can help you attract more customers, helping you become a successful entrepreneur. The more you come up with new ideas, the more likely you are to succeed.

11. Get feedback

Listening to what others think about your ideas or decisions can help you make smart choices for your business and career. Asking for feedback is a great way to learn new ideas, broaden your thinking and become an entrepreneur. If you already have parts of your business in operation, consider getting feedback from customers to learn even more to help you become a successful entrepreneur.

The bottom line is that becoming a successful entrepreneur doesn't happen overnight. It requires time, hard work and discipline. Even if you follow all the tips for becoming a successful entrepreneur, you won't see success right away. If your business idea doesn't work as expected, it may take a while to see positive results.

As an entrepreneur, you should be ready to face various challenges, like discovering your knowledge gaps, changeable conditions in your industry and dealing with the employees you hire.

It might take some trial and error to figure out what works best for you as a new entrepreneur.

GBS is one of the leading higher education institutions in the UK known for its industry-specific courses in areas such as finance, business, accounting, education and more. With a strong presence in major cities of the UK, the institution is determined to achieve its mission of “changing lives through education”.

GBS offers an entrepreneurship course, “BA (Hons) Global Business and Entrepreneurship with Foundation Year” for individuals who want to become an entrepreneur.

BA (Hons) Global Business and Entrepreneurship with Foundation Year

The course, BA (Hons) Global Business and Entrepreneurship with Foundation Year, is designed to help you bring your business ideas to life. It starts by teaching you how to recognise good opportunities and then equips you with the skills to turn them into real businesses. This course is structured in an engaging way, introducing you to dynamic organisations and how they create jobs, boost the economy and make a positive impact on society.

You will be able to actively apply what you learn in real-life situations in the classroom, which will help you develop the essential business planning skills crucial for entrepreneurial success. Additionally, the course covers both the theory and practical aspects of entrepreneurship in different settings, giving you a clear understanding of how strategy, tactics and innovation are brought into play in various business models.

Our team of industry experts will guide you on how to start and expand your businesses and how to avoid potential problems along the way. You will also receive personalised support for your academic, career, financial and well-being needs from our dedicated welfare team.

Furthermore, GBS also offers an ‘Enterprise Hub” for entrepreneurial students offering more support for their business endeavours and growth.

GBS Enterprise Hub

The GBS Enterprise Hub is a modern space where students with business ambitions can team up. It's designed for GBS students to experiment with their business ideas and collaborate with their peers. It's an inspiring place that provides students with the opportunity to bring their business ideas to life.

Located in Birmingham, UK, the Enterprise Hub is currently accepting applications from student entrepreneurs. If you're interested in becoming a student entrepreneur at GBS, you can find additional information by clicking here.

You can also contact: entrepreneurship@globalbanking.ac.uk