Tag Archives: entrepreneurship

Meet the Chevening Scholar: Ramata N’Diaye

Ramata N’Diaye is a 2023 Chevening scholar from Mali, passionate about Youth and Women empowerment and social entrepreneurship. Here, she shares her experience applying for the UK government’s prestigious scholarship and what made her choose Birkbeck.
A woman smiles and holds up a sign that reads 'I can't keep calm, I've been chosen for Chevening!'A short tour of my career serving youth and empowering women 

‌Entrepreneurship is a field that I’m very passionate about and been in for many years. As the Associate Director of Programs and Partnerships at Impact Hub, Bamako, I help young people realise their entrepreneurial dreams. I’m able to share my skills through training and coaching sessions held within the framework of various programmes. The programmes include, The Next Economy, which is made possible by the Dutch Ministry of Foreign Affairs; the Women Entrepreneurship and Leadership programme which is supported by the US Embassy; and Road2COP, a project financed by the UK Embassy in Mali that aims to provide an innovative and interactive platform for Young Malians in order to better understand the climate crisis. 

Through my work I have planned, designed and implemented more than 10 impactful programs for over 2000 young people and have helped raise more than 100 million FCFA in financing for local entrepreneurs. I think my experience in management within the the start-up and innovation sector helped with this a lot. Furthermore, in my role of communication Coordinator of the National Council of Business Incubators and Innovation Centres of Mali, I built valuable partnerships with various stakeholders and played a pivotal role in fostering a vibrant entrepreneurial ecosystem, leading me to be a key speaker at the World Bank Group Regional Youth Summit in May 2023. Finally, as women entrepreneurship advocate, I have published several articles on female entrepreneurship in Mali and participated in various forum on the topic as a panelist. 

Education and experience go hand in hand 

I hold a Bachelor’s degree in Organisation Communication from Universiapolis, the international University of Agadir, Morocco, and I graduated from Nottingham Trent University with a Master’s Degree in Media and Globalization in 2017. I hold an Expert Certification in Business Support for Innovative Entrepreneurship from the Afric’Innov community, an investment readiness expertise certification from Investisseurs & Partners and finally a verified certification in Entrepreneurship in Emerging Economies from Harvard University online courses. 

Chevening, entrepreneurship and economic development 

In a country threatened by political, economic and security instabilities like Mali, the private sector and entrepreneurship is the source of about 90% of the job creation and a major share of sources economic growth. It is therefore the locomotive that will help the country emerge and develop. I think it is crucial to support the development of the local private sector and to invest in digital transformation, to create enough attractive and secure income opportunities for young people – especially women. Stable sources of income will mean fewer young people considering the path of Islamic extremism or immigration. For women it opens the door to financial independence, thus reducing gender-based violence. The importance of this matter in a Malian context, stimulated my interest to apply for Chevening. 

I realized that a comprehensive education related to my expertise in entrepreneurship is essential in order to achieve my goals. I believe that gaining education in business development and innovation strategy combined with my experience, will help me acquire the capability to work in an extensive range of senior functional and general management positions across a wide spectrum of business sectors in Mali and the whole region. 

I hope to have a key role in preparing young entrepreneurs through my international Chevening network, education, and career experience. In time, I want this to open up more opportunities for entrepreneurship advancement in Mali.  

Mixing academic pursuits and active entrepreneurship at Birkbeck 

I chose Birkbeck for my studies for several compelling reasons. Firstly, Birkbeck is renowned for its commitment to providing evening classes, allowing working professionals like myself to pursue advanced education without compromising their professional commitments.  

Secondly, Birkbeck has a distinguished reputation for its emphasis on practical and applicable knowledge. The faculty at Birkbeck consists of accomplished professionals and scholars in the field, providing a valuable opportunity for me to learn from experts and gain insights from their practical experiences. 

‌Lastly, I was fortunate to receive valuable insights from my fellow Malian and Chevening scholar, Awa Touré, who studied her master’s degree at Birkbeck. Her firsthand experience and positive recommendations about the academic environment, faculty expertise, and overall atmosphere at Birkbeck played a pivotal role in influencing my decision to choose the university for my own master’s studies.  

 

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“The Pioneer Programme was absolutely phenomenal”

Susan Christine Wachera, MSc Organisational Psychology student and winner of 2022 Pioneer Award for the Best Business Pitch, tells the story of her business, Black Talanta, as well as sharing her experience of taking part in Pioneer, a Birkbeck programme that helps students and graduates develop the knowledge and skills they need to start a business.

Susan Wachera

What is your business about?
Black Talanta supports Black students and recent graduates in accessing highly-skilled employment, mentorships and internships.

Did you always know you’d be a businesswoman?
From the age of 10 my whole life had actually been geared towards becoming a doctor. I studied BSc Medical Biochemistry and received an offer for a place at medical school. However, I knew I also had this other side of me that was very entrepreneurial and business-minded. I’ve always had side hustles going on. I thought for a while I could balance being a part-time doctor with my other businesses. Everyone thought I was crazy!

Why didn’t you end up pursuing a degree in medicine?
During my undergraduate degree, I founded a business that helped secure students medical internships and work placements. By doing this, I realised I had a talent in supporting people write CVs and build their personal brand, and I wanted to explore this career path further. I made a big and brave decision to give up my place in medical school, the year before I was due to start. I wanted to find out who I was when medicine wasn’t involved – because my whole identity at that time was wrapped up in medicine.

What did you do next?
I discovered Birkbeck’s MSc Organisational Psychology course and I was mind blown. I never knew that I could combine my love for business and my love for psychology. I started the course in October 2020 and haven’t looked back. Black Talanta came about through my lived experience and my desire to help other Black people secure opportunities and achieve their goals. It has taken off in recent months, with the help of Birkbeck’s Pioneer programme.

Susan Wachera presenting at the Pioneer Awards ceremony

How did Pioneer help you progress your business idea?
Pioneer was absolutely phenomenal. It helped me move from concept to product in only three months, which is almost unheard of. I was focused on applying everything I learnt on the programme, and I was taught how to set up a business in the right way, so I managed to set the foundations for my business quickly. I really appreciated all the Pioneer workshops, mentors and resources – it definitely helped me get opportunities, such as working with the Deputy Mayor of London, Silicon Valley, and the United Nations. I would definitely recommend the programme to other students.

What are your plans for the next few months?
For Black Talanta to really work at the scale I want it to, I’m looking to develop more partnerships with employers, so I can bring in as much talent into the workforce as I can.

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Meet The Finalists | Pioneer 1.0 Programme 2022

Meet the early-stage entrepreneurs who will be pitching live at this year’s Pitch & Awards evening, competing for Best Business Idea and Best Business Pitch.

We are excited to introduce this year’s Pioneer 1.0 finalists who have been shortlisted to pitch their business ideas live in June in front of an esteemed judging panel and invited audience.

After two turbulent years which transitioned the Pitch & Awards evening to a virtual event, we are delighted to be back in the room to celebrate the fifth year of the programme.

Over the last five years, the Pioneer 1.0 programme has supported over 500 budding entrepreneurs at Birkbeck and continues to champion ambitious students and recent graduates who have innovative ideas that will make a difference.

Since kicking off in November 2021, participants have taken part in seven monthly workshops to develop the skills and knowledge to succeed in business, learning from a range of entrepreneurs, industry experts and each other to turn their ideas into reality.

The six finalists are in with a chance of winning either the Best Business Idea or Best Business Pitch award, each worth a £1500 cash prize to support their business, along with a bespoke package of mentoring, coaching and promotion.

This year, over 100 students and recent graduates have participated in the programme and their achievements will be celebrated at the pitch and awards evening on Tuesday 14 June at BMA House in Bloomsbury.

Meet the Finalists

Portrait of Annabel Ola looking into camera.

 

Annabel Ola

  • MSc Culinary Innovation Management
  • Business: BEKIRI

BEKIRI exists to expand the boundaries of modern luxury patisserie. The fusion classic recipes and African ingredients will offer a new dimension of cultural discovery and appreciation for customers.

 

Ella Snell smiling for the camera.

 

Ella Snell

  • MA Philosophy
  • Business: Art School+

Art School+ is a service which connects early-career and underserved artists with unique paid commissions. It further aids both artists and organisations by providing bespoke training and 360 support.

 

 

 

Picture of Kacey Ibirọ̀gbà

Kacey Ibirogbà

  • Bachelor of Law
  • Business: Kọ silẹ

Kọ silẹ (koh-see-leh) is a compounded social bookmarking platform, simplified and designed with the adaptability of restoring structured balance into every aspect of our lives.

 

 

Picture of Sonja

Sonja Bacinski

  • FDSc Computing/Information Technology/Web Development
  • Business: Zolibri

Zolibri is an online platform that finds, validates and brings together the best of ethical & eco-friendly cosmetics from numerous online shops so you can find them all in one place.

 

 

Picture of Susan Christine Wachera smiling

 

Susan Christine Wachera

  • MSc Organisational Psychology
  • Business: Black Talanta

Black Talanta is democratising access to equitable high-skilled employment by pairing internships with black heritage students and recent graduates enabling them to make an informed career decision about the professional pathways that best suit them.

 

 

 

 

Picture of Wunmi

 

Wunmi Adebowale

  • MSc Coaching Psychology
  • Business: The Whole Woman Initiative

The Whole Woman Initiative is the social cause working to end domestic violence against women in Nigeria by providing psycho-social support and building a safe space community.

 

 

 

 

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Food Businesses – 5 trends for 2022

Dr Thomas Kyritsis is Programme Director of Birkbeck and Le Cordon Bleu’s BBA Culinary Industry Management and MSc Culinary Innovation Management. He has received a first class BA (Hons) in International Hotel Management and a MA in Hospitality Management with distinction from the University of West London before pursuing a PhD on the impact of shareholder activism on the corporate boards of international hotel chains.

Le Cordon Bleu is known for helping shape the careers of some of the best chefs, food enthusiasts, and hospitality professionals around the world. Recently, more chefs are developing their own brands, setting up businesses, and moving from restaurants into retail.

This entrepreneurial route has become a strong motivating factor for students to pursue a career in hospitality. Market research and developing an instinct for the latest trends is part of the journey to become an entrepreneur. Here are a few trends we predict that aspiring food entrepreneurs should bear in mind for 2022.

 

Informality

A formal service is no longer as attractive to consumers and instead they are going for dining experiences that offer a relaxed service and environment. At the high-end, it has become about paring things back and simplicity. Less is more, and there is an even stronger focus on quality. There is also a notable shift towards greater engagement between staff, guests, and the food. People have a genuine interest in the menu and provenance has become important. Going forward, more fine dining businesses will try focusing on informality and accessibility.

Sustainability

Consumers are aware of the impact food production causes to the environment, and their choices are influenced by the extent that restaurants adopt sustainable and ethical practices. This is not just a fad – the Sustainable Restaurant Association was launched in 2010 with just 50 members, nowadays it has more than 7,000! Articles about the UK’s best sustainable restaurants are frequently featured in online food and travel resources. There will continue to be more transparency about where restaurants are getting their food from, how they engage with or support local producers, and how aspects such as food wastage are handled.

Digital Experience

Fast food, fast casual, casual, and grab-and-go concepts have become more digital, impacting the way we pay and order but also how brands engage with customers. Mobile ordering and contactless payments are standard practices; so, what comes next? Companies are exploring innovations that will transform them digitally. For example, Chilango recently opened its first digital-only venue in Croydon, including a fully digital ordering system. McDonald’s has tested AI which scans license plates with which to, with customers’ permission, predict orders and has also tested the idea of voice assistants to improve its drive-thru experience.

Membership Models

Many restaurants have, out of necessity, toyed with the concept of membership or subscription services. In the UK, M Restaurants offers its members exclusive access to their lounges and benefits such as complimentary breakfast, discounts on food and access to events such as masterclasses, tastings and talks. In the US, Michelin-starred restaurant Quince in San Francisco has created a membership based-model with its sister restaurants and its affiliate farm, Quince & Co, offering members a dining credit, quarterly boxes with seasonal produce and pantry products, and educational workshops.

Home Delivery/Meal Kits

The online delivery market was increasing at a significant rate before Covid-19, and during the pandemic it became even bigger and more important for hospitality operators. The pandemic also led to the growth of DIY meal kits. These meal kits have given the opportunity for many hospitality operators to diversify their revenue streams. Casual food brands as well as fine dining have both been embraced by consumers. Although many believe that the re-opening of the sector will slow down the DIY meal kit market, we believe that more operators will explore this avenue.

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What’s the best way to raise funds for a startup?

Alexander Flint Mitchell, MSc Business Innovation with Entrepreneurship alumnus and founder of Blind Cupid shares his experience of raising capital for his business venture.

Picture of business man launching into the air.

Like most first-time entrepreneurs, Alexander was a total novice when it came to funding startups before setting up his own business.

Having now secured £175,000 to launch, with the prospect of completing fundraising over the next six weeks, he shares his experience of raising capital for a startup.

Angels and venture capital

When Alexander began fundraising for Blind Cupid, a matchmaking app that uses systematic philosophy and artificial intelligence to match users based on their fundamental values, he took a traditional route of approaching angels (high net worth individuals who provide financial backing for startups) and venture capital firms.

“We contacted many venture capital companies and had some very successful conversations with them,” explains Alexander. “These companies are usually specialists in a certain field and it’s common to be asked to deliver as many as five or six presentations to secure funding. While we would obviously spend some of this time talking about the business idea, the key thing to get right was the financial information.”

The downside of this method of fundraising? Time.

“Venture capital funders are demanding and even getting a response from them, never mind retaining their interest, requires a lot of time and effort,” explains Alexander. “There’s a lot of back and forth, often with your whole team needing to attend calls or presentations, which can feel never-ending when you’re in it.

“We also faced difficulties with our product not fitting neatly into a specialist area. The app we’re developing combines matchmaking with brand new artificial intelligence that has never been built before, and so there are no investors currently specialising in it. Given the amount of money that venture capital funds invest, it’s understandable that they would prefer to go with something tried and tested. We raised around half the funds we needed through this method, but I began to look for alternatives to speed things up.”

Gaining crowd appeal

Many different methods of fundraising are covered in the Entrepreneurial Venture Creation module taught at Birkbeck, among them crowdfunding.

Alexander admits to being sceptical to this approach: “I had the impression when I started that crowdfunding was on a smaller scale and more about conventional ideas than disruptive new businesses – I had no idea that companies do their series A and series B rounds on crowdfunding.”

While individual investment amounts can be much smaller, as little as £10, on crowdfunding sites, Alexander now sees this as an opportunity:

“Compared to venture capital, crowdfunding is a really quick and innovative way to finance startups,” he says. “The main difference is that our investors through crowdfunding are likely to also be our users, which is really exciting. Even if they only invest a tiny amount, they will benefit from a future IPO – it’s similar to holding shares in the stock market.”

The personal touch is also something that appeals to Alexander and the ethos of Blind Cupid:

“We aren’t just trying to match people together; we really want to make sure that these matches are accurate and that once you meet someone you will stay together. We’ve done it for 80% of our beta test users, and now we want to do it throughout the rest of the UK and world. It’s an unusual business concept in a way, because we don’t want people to come back – we want people to find the person that’s right for them.

“Our business model is very different from other players in this market because of this — and other reasons. We offer a premium service which gives our users access to podcasts, blogs and more written by experts that advise them on every aspect of their lives. Topics include how to discover who you really are, what self esteem is and how to build it, how to nurture a healthy relationship and more.”

Blind Cupid have now launched their crowdfunding campaign on Crowdcube. For Alexander, it will be a relief to move to the next stage:

“When you’re looking for funding, it feels like it’s never-ending, but I know that when it’s complete I‘ll forget the months that it took. Many things in life are a learning curve and you find what suits you best. It’s great to finally see it all come to life.”

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“I cannot stress enough how important it is to get women a seat at the table.”

Winner of Best Business Idea at this year’s Pioneer Awards, Hetty Bonney-Mercer shares how she plans to empower women in Ghana with her business, FemInStyle Africa.

Picture of Hetty Bonner Mercer

A great business idea begins when someone identifies a problem that needs solving. Sometimes, these are problems you never knew you had, as the buyers of products like these will testify.

In Hetty Bonney-Mercer’s case, however, the business idea came from a problem she found impossible to ignore. Taking home the Best Business Idea prize at this year’s Pioneer awards, it looks like the judging panel agreed.

FemInStyle Africa is a magazine for women, by women, encouraging them to live their lives to their full potential. The idea for the magazine came from a desire to present an alternative narrative for women in Ghana.

As Hetty explains, “I first had the idea when I was part of a group of women whose gender activism took Ghana by storm in 2017.” The group wanted to flip the script on toxic gender narratives, but they weren’t able to do so without resistance: “The more politicised we became, the more backlash we received. Despite being a population with an equal gender split, the idea of women occupying media spaces was unacceptable.

“In Ghana, the traditional view that the role of women is to keep the home still persists. Just 13% of national politicians are female, and when a woman is given a platform on events such as International Women’s Day, it is always a certain type of narrative being pushed; that keeping a home and a husband is the most important thing, no matter what a woman has achieved. On International Menstrual Hygiene Day, the topic was discussed by an all-male panel!

“My co-founder and I realised that we needed to create a space where we could amplify the voices and experiences of women exclusively. We wanted to change a narrative that is harming future generations of girls.”

Hetty had been working on the early stages of her business idea when she saw an email from Birkbeck about the Pioneer programme.

“I thought that this was the opportunity I needed to develop the business. I sent it to my co-founder and she encouraged me to go for it.

“I gained so much from the programme: I made some really great friends and received incredible support from the speakers and fellow students. It was amazing to be in a room filled with so much passion: everyone there had a problem to solve. Coming from a background in Politics and International Relations, I learned the practicalities of running a business from some amazing female entrepreneurs who spoke on the programme.”

The FemInStyle Africa magazine website is currently under construction and will feature five columns: politics, gender activism, working women, financial advice and travel and style. The target readership is women aged 16-45, although Hetty wants the magazine to be read as widely as possible: “We want sixteen-year-olds to read the politics column or our profile of working women and see women who they’ll aspire to be like. For more mature readers, we want them to read something and see their own experience and values reflected. We want young people to see the possibilities of what could be, despite the societal pressures around them.”

The online magazine is a starting point, but Hetty’s vision for FemInStyle Africa extends much further. “We’ve set ourselves a six-month deadline to produce the magazine in print as well. In Ghana, data is a matter of class. Not everyone can afford to be online. We’re hoping to make the magazine free to reach as many people as we can.”

There are also plans in place to establish a mentoring programme alongside the magazine, providing further opportunities to empower young Ghanaian women. It is a project close to Hetty’s heart: “I cannot stress enough how important it is to get women a seat at the table. We want women to come on this journey with us and see that their futures are not pre-determined.”

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“It’s crazy to think that an idea I had when I was 21 is now my full-time job.”

Alexander Flint Mitchell took home the prize for Best Business Pitch in June’s Pioneer awards. He reflects on a life-changing year of building his business, Blind Cupid.

Picture of Alexander Flint Mitchell

When Alexander Flint Mitchell enrolled onto Birkbeck’s MSc Business Innovation last September, it was with a view to changing career direction and developing the business idea that had been on his mind for the last five years.

Handing in his notice just one month later, you could say things had moved a little faster than expected. “Looking back on it, that was probably a bit naïve,” Alexander admits, “but if you want to achieve something big, you’ve sometimes got to take a leap into the unknown.”

The motivation for this leap of faith? A little idea for an app called Blind Cupid.

Blind Cupid is a dating app with a difference, using a never-before-used science to match people based on their fundamental values, giving users the chance to see bios and compatibility scores before they reveal pictures to potential matches.

“A lot of dating apps claim to be all about personality,” says Alexander, “but it’s really just a slogan. In their questionnaires, they will ask about polarising issues like politics, which is valid, but simply agreeing on something doesn’t mean that you’re compatible. Take Brexit, for example: people voted Leave on both extremes of the political spectrum. It’s essential to understand the rationale behind the belief.

“The questionnaire that we use for Blind Cupid goes right to basic principles. The greatest feedback we have received so far from users is that they could see the value in the product even from just filling out the questionnaire – before they’d received any matches. When we tested the product, 80% of the test group went on four or more dates with their matches – that’s way higher than anything else in the market.”

Was the concept for the app born out of Alexander’s personal experience? “People ask me that a lot,” he says, “but in reality, the idea just came to me in a lightbulb moment, fully formed. I came up with the concept aged 21, while studying Law and working in the City. I found the reality of being a lawyer very boring and would end up spending most of the day daydreaming about this app. I knew that I was going to do it eventually, but I wanted to do it properly.”

In 2019, Alexander applied for the MSc Business Innovation at Birkbeck, specialising in entrepreneurship. “Studying in the evening meant that I could continue working in the City until the business was up and running,” Alexander explains. “I thought that, worst case scenario, I could find a role in venture capital, but I really wanted to give Blind Cupid a go.

“The course was everything I wanted to learn. One of the early modules, Entrepreneurial Venture Creation, required us to write a business plan. I wrote a business plan for Blind Cupid, and that’s when I decided to quit my job.”

As Alexander worked through the masters and the Pioneer programme, his business and networks grew. “I’ve made some amazing connections and put together a dedicated team – we’d meet at 8am and still be working together at 1am, before we were earning any money to do it, which just shows the commitment we all have to the business.”

Alexander’s Pioneer experience culminated in June’s virtual awards ceremony, where he took home the award for Best Business Pitch. “It was a shame not to be able to do the finale in person, but I was really surprised and pleased by how many people came along to the virtual ceremony. When pitching Blind Cupid to investors, it usually takes a full hour to go into all the detail, so drilling it down to three minutes was a real challenge. I’m thrilled to have won the Best Business Pitch award; it feels like all the hard work is paying off.”

Alexander is currently fundraising for Blind Cupid, with the aim of getting the product on the market within the next three months. Encouragingly, it seems that he’s also hit on an idea that can withstand the current tough economic conditions: “Strangely enough, the dating industry is booming at the moment. Regardless of what’s happening in the economy, people have a natural desire to have someone in their lives romantically, and that doesn’t go away in a recession.

“The decision to do the master’s was a life-changing, life-affirming decision. It’s crazy to think that the idea that I had when I was 21 is now my full-time job.”

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Why businesses fail: Financial management

Welcome to the Why businesses fail series. This is the final instalment of the series that delves into the reasons for businesses failing and offering solutions. This series was launched by Lucy Robinson of Birkbeck Futures and Ghazala Zia from Windsor Swan. In this blog, they share why financial planning should be high on the list of priorities for new businesses and start ups.  

Lucy Robinson is the Employability Consultant for Business and Enterprise at Birkbeck Futures. She runs the Pioneer programme for aspiring and early-stage entrepreneurs and hosts an enterprise series on the #FuturesPodcast.

Ghazala Zia is a Venture Capital Advisor at Windsor Swan, a boutique London business advisory firm. She has an extensive legal background and currently specialises in advising start-ups of all stages on funding, strategy and business analysis.

Young businesses often prioritise hiring team members to focus on technology and sales. Obviously, these are very significant elements of the start-up, but neglecting the management of finances is a common reason businesses might fail.

A very common reason for a business failing is running out of money. Frequently, entrepreneurs will burn through cash to the brink and then be left with two to three months’ worth of cash, which is really unattractive to investors. This comes back to investors wanting to secure a return on investment and showing poor financial management makes you high-risk. Instead, having eight to twelve months’ worth of cash indicates that you’ve got time to grow your business and doesn’t come off as desperate.

In the beginning, having access to someone who performs a CFO-type function could be the difference between succeeding and failing. This doesn’t have to be a full-time team member if that’s not feasible, as this is a function that can be outsourced fairly easily. Essentially, this is someone to discuss how you allocate your costs, draw up your financial model, and manage your finances day-to-day for the business. Think about this before you receive funding, as they can also help you plan ahead. Showing investors that you’ve taken this initiative is also a big plus in terms of your trustworthiness.

The misconception is often that we don’t need to hire a CFO or shouldn’t spend money on this, as an accountant can perform the same function. Whilst accountants are great at what they do, their role is more about looking backwards than forwards. In essence, planning ahead financially isn’t exactly their purpose. When looking at the finances for your start-up, it’s speculative and forward-looking – largely making educated guesses. So, you need someone with this skill set, which is more likely to be a financial specialist who’s worked in start-ups before.

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Why Businesses Fail: Business Plans & Financial Models

Welcome to the Why businesses fail series. This is the fourth of five blogs that delve into the reasons for businesses failing and offering solutions. This series was launched by Lucy Robinson of Birkbeck Futures and Ghazala Zia from Windsor Swan. In this blog, they share why having a carefully considered business plan is essential to the success of your business.  

Lucy Robinson is the Employability Consultant for Business and Enterprise at Birkbeck Futures. She runs the Pioneer programme for aspiring and early-stage entrepreneurs and hosts an enterprise series on the #FuturesPodcast.

Ghazala Zia is a Venture Capital Advisor at Windsor Swan, a boutique London business advisory firm. She has an extensive legal background, and currently specialises in advising start-ups of all stages on funding, strategy and business analysis.

We all know the importance of a decent pitch deck when it comes to presenting a business idea to investors, but ultimately, they’ll be looking at the detail behind the pitch when making their decisions. Once you’ve started your business and got a few customers, you should be looking at your business plan and preparing it for an investor. This seems early but is the right time because that’s how long it takes to prepare for investment.

Investors might not ask for a business plan straight away, often they’ll request to see this after a few meetings. Entrepreneurs often wait until they’re explicitly asked before creating a business plan, which isn’t setting yourself up for success.

In reality, a business plan is a living, breathing document, not just something you rustle up on request for the purpose of your funding application to an investor. Showing an investor, a rushed, poorly considered, or insufficiently detailed business plan won’t fill them with confidence.

A detailed and carefully considered business plan isn’t just important for impressing investors – it’s one of the most important tools in your arsenal as an entrepreneur, and when used correctly it can be incredibly valuable for planning ahead, making decisions and staying on track.

The business plan should work for the life cycle of the business, which is approximately 3-5 years. Consider the milestones you’ll reach and issues you’ll face within this timeframe. It should be a professionally written document that you and your team refer to time and time again, meaning that everyone is literally on the same page. It’s not static, and should be amended as you go along. This allows you the flexibility to adapt to new circumstances and continue planning ahead.

As well as your business plan, you also need a detailed, well-evidenced and realistic financial model. The first question to answer here is that of why your business needs funding in the first place. Where are you hoping the business will go in the next 3-5 years? What specifically will the funding be spent on? How have you arrived at these costs? How will the meeting of these needs lead to more growth and profit? Specificity is needed here, as investors awarding significant amounts of money will want to know exactly where that money is going, and how it contributes to their return on investment.

You also should be proportionate and realistic about the amount of funding you ask for. There’s no exact rule about how much funding to request, as it ultimately comes down to your planning, but you shouldn’t expect to waltz out of your first investment meeting with one million pounds. It’s speculative at the early stages, but you can come up with a good financial model that’s relevant to the type of investor you’re approaching if you take the time to look at the detail of your business. Seeking the guidance of a financial advisor is a good step to take here, as they’ll know the right questions to ask you.

When it comes to your business plan and financial model, sit down and spend a lot of time on these. This is why investors often prefer to back entrepreneurs who’ve already tried and failed, because they know the steps to take and the questions to ask themselves.

Read more from the Why Businesses Fail series:

 

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“I used my work as a kind of petri dish for everything that I explored in the classroom”

Roscoe Williamson, Creative Strategy Director and Partner at MassiveMusic reflects on how the Central Saint Martins Birkbeck MBA has helped him shape his career path.

Picture of Roscoe

With a twelve-year career in the music industry under his belt, you might be surprised to hear that Roscoe studied Chemistry as an undergraduate. Its hard to know what you want to do with the rest of your life at 18 years old,he explains, Chemistry was a bit of a slog, so I had a real hunger to go back into education later in life, to learn and expand my horizons around topics that genuinely interest me.

Roscoe was keen to develop strategic leadership skills to advance his business, but coming from a creative industry, it was important to find a programme that valued creativity: I was particularly interested in bringing creativity into business and applying design and systems thinking to the corporate world. I was interested in a few courses that took a creative approach to business education, but I chose the Central Saint Martins Birkbeck MBA because it had both the innovative outlook and the solid finance and strategy side.

The MBA focuses on three curriculum units: Provocation and Enquiry; Entrepreneurship in Action; and Effecting Change: Collaboration in Practice. The eighteen-month programme culminates in an extended live project or dissertation. I enjoyed most aspects of the course and the exploratory learning style that was encouraged,explains Roscoe, The whole experience was like tasting a knowledge cake with lots of segments. I left behind those I didnt like so much, while my final research project allowed me to really get into what I liked the taste of.

Roscoes academic dissertation explores how organisations can nurture, scale and grow creativity and innovation. His findings point to ways in which organisational creativity can be led by individual behaviours, teams dynamics and organisational structures. Analysing organisational creativity and innovation from managerial, psychological and sociological perspectives allowed me to identify gaps between academia and practice and understand how to get the best of both,he explains.

Roscoes dissertation is in the final stages, but the changes in his work have been felt already: I wouldnt have enjoyed the course nearly as much if I hadnt been working at the same time. As well as becoming more efficient at managing my time, I used my work as a kind of petri dish for everything that I explored in the classroom. Ive been lucky to have a really supportive business partner who gave me time to devote to the MBA he says he has seen a change in me and the business already. Through the MBA, I got partially interested in strategy and realised strategic thinking is something that we needed more of.

Completing the MBA with a new job title of Creative Strategy Director, it seems that Roscoe has wasted no time in implementing what hes learned to his business. In the future, he plans to create a content hub, where he intends on sharing his leanings to the wider world.

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