Last week was Global Entrepreneurship Week, the world’s largest celebration of entrepreneurs who are helping to boost the economy and are the employers of the future.
Building and growing businesses has been my passion for as long as I can remember. There’s nothing like the rush of watching a business you started from scratch grow and succeed. I love to strike a great deal and I get a real buzz from selling. Being your own boss can be extremely rewarding. I would love for entrepreneurialism to be seen as a viable and respected career option, in the same way other professions are. Fortunately attitudes are changing. According to the Office for National Statistics, 15% of the UK workforce are now self-employed - around 4.6 million people - and half the population would like to start a business. But people are still nervous about making the jump.
The Global Entrepreneurship Index released figures last week that showed the UK had climbed five places to number four in the world for entrepreneurialism. We were only beaten by the US, Canada and Australia, three countries where enterprise is already embedded in the culture. In tough economic times entrepreneurialism tends to increase, when job opportunities are scarce individuals want to take charge of their own destiny. This can only be a good thing because the more businesses we have, the more jobs they will create.
Starting my own business was always a natural choice for me. My father started his own fashion firm in London’s East End after leaving Pakistan. He was a natural businessman who was constantly working which meant that I grew up with a strong work ethic and was exposed to the entrepreneurial spirit from a very early age. His aim was to provide for the family and to put a roof over our heads.
I first experienced the business buzz when selling his leather jackets in the playground - one day I went to school wearing one of the jackets and sold it for £10. From then on I was buying them at cost from my father and selling them for a good profit. It was the adrenalin I felt when doing the deal that developed my passion for business.
I’m not saying starting a business is for everyone. Even if it is your dream, you still need to ask yourself whether you have the passion, resilience, dedication, flexibility and drive to succeed. But if you believe you have what it takes, now is the time to make your business dream a reality.
When I was asked to be the chairman of Start Up Loans two and a half years ago, it was a no brainer for me. I get to witness the appetite for self-employment from people of all ages and backgrounds, with fantastic ideas. Since Start Up Loans launched we have lent over £119.5 million to more than 22,500 businesses.
Running a startup isn’t a 9 to 5 job and it takes up a huge amount of time and energy. But you should never overlook the thrill, satisfaction and pride it offers. I still get that same thrill when I invest in an early stage business as I did at the beginning of my career.
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