The romance of owning your own business & being the master of your own destiny is an appealing prospect to millions each year. But how can you succeed in a world where there are so many others doing the same thing as you? How can you stand out from the crowd? What do you need to survive in the diverse & dangerous waters of self-employment?
“Much to learn you still have …this is just the beginning!”– Yoda. How can Star Wars be an analogy for setting up & running a successful business? Virtually Smart Ltd explores this notion.
Starting your own business & becoming self-employed is no mean feat. Becoming a business owner is both liberating & terrifying in equal measure & not something to go into blindly. The romance of owning your own business & being the master of your own destiny is an appealing prospect to millions each year. But how can you succeed in a world where there are so many others doing the same thing as you? How can you stand out from the crowd? What do you need to survive in the diverse & dangerous waters of self-employment?
“I had already decided to write an article about my insights into running a business & what considerations need to be taken into account. However, it was while watching ‘Star Wars: A New Hope’ again recently, that I started to consider how the story really does capture the core of what it is to run your own business.
George Lucas so very nearly did not bring the iconic ‘Star Wars’ series to life. Yet, since it’s release in 1977; the ‘Star Wars’ stories have captivated generations of fans. But what is it about this particular story which has spurned so many sequels/prequels, books, graphic novels? By it’s very title, there lies a clue – “A New Hope”
‘Star Wars: A New Hope’ explores the many depths of humanity & George Lucas’ vision created a story in which the farm boy, became the hero: the scoundrel & the Princess fell in love, hope is restored through The Rebellion, trust in instinct through ‘the force’ is a palpable notion & The Dark Side is always there, waiting for a fall, waiting for a crack to appear in the fearless & the fierce.
When you consider what it takes to start up & run a successful business, you only have to look to some of the corporate kings to see how the ‘Star Wars’ analogy rings true. When you consider the musings of the young Luke Skywalker, always looking to the stars, as he knows he is meant for greater things; the mythical ‘force’ is what helps him strive.
Yoda, the Jedi Master has watched the young Skywalker from afar. His words ring true to the perseverance & commitment a business start-up will need to thrive.
“A Jedi must have the deepest commitment, the most serious mind. This one a long time have I watched. All his life has he looked away…to the future, to the horizon. Never his mind on where he was. Hmm? What he was doing.” — The Empire Strikes Back
‘The importance of hope and believing in what you can’t see
When Luke Skywalker longs for change in his life, and gazes into the twin suns of Tatooine, the audience is presented with a powerful theme: we must have hope. The future Jedi senses there is more to life, and that just beyond what is known is something greater. The scene is a favorite amongst Star Wars fans, and for good reason. Having hope, and trusting that there is something to believe in that can not be seen with the five senses inspires optimism, creativity, and hope. It is no wonder this moment has captivated so many generations of moviegoers.’
An example of this in real terms, is Sir Richard Branson. Branson struggled at school with chronic dyslexia, but with an entrepreneurial mindset; he overcame these difficulties & through sheer grit & determination, he gave life to the Virgin Group of companies & is now a multi-billionaire in his own right.
When you consider the analogy of ‘The Rebellion’, you only need to look at the many companies which have fought to remain in the public interest. An example of this can be seen in the ‘Apple’ story. From the humble beginnings in 1976 of a group of programmers working from a garage, with Steve Jobs & Steve Wozniak fighting their way into Silicon Valley, to the global success of the iPod, iTunes, the iPhone, iPod Touch, & the iPad. The resolve of the ‘Apple’ brand to succeed in a world of ‘Microsoft’ dominance, rings true with the virtues, self-sacrifice & determination that ‘The Rebellion’ brings to the ‘Star Wars’ story.
So how does this help with the notion of a business start-up? Virtually Smart Ltd have prepared a non-exhaustive exploration into some of the considerations it takes to start & succeed in the business world. This week we will look at the initial considerations for starting your own business.
Who are You? What do you have that others might not?
So, you’ve decided you want to start your own business. You’ve realised your talents are wasted in your current employment situation & you want to go it alone. Before you run head long in to a decision, you will need to do some leg work & consider what it is you have, which others may not.
Your business name will need to memorable. Consider your use of language choice when deciphering your name. How many syllables does it have? Too many & it won’t be ‘catchy’ enough; too few & it might slip between the cracks & disappear out of sight. Has someone else already used this name? Be wary here, as you could fall foul of a copyright lawsuit before you’ve even begun. Is your business name alliterative? Coca-Cola is memorable for just this reason.
What skills do you have that others in your chosen sector don’t? How does your skills set stand out from the crowd? Do not be complacent, nor allow initial successes to breed complacency. Running a business is a constant learning curve. Every single day, you will need to reflect on what you have achieved & learnt & how this help you continually strive for greatness.
“Always with you what cannot be done. Hear you nothing that I say?…You must unlearn what you have learned….Try not. Do. Or do not. There is no try.” — Yoda, The Empire Strikes Back
Be unique
Following on from the above, you need to ask yourself, what unique quality do you bring to the world of business? Once you’ve decided to start your own business, it makes sense to research what your competitors are doing & rather than copy their ideas; look to your own strengths & embellish & enhance those. Be unique, stand out from the crowd, rather than blend in.
“In a dark place we find ourselves, and a little more knowledge lights our way.” Yoda, Star Wars
Check legislation, insurances, terms & conditions
One of the less romantic notions of running your own business, is firstly ensuring you understand the legislations which bind you as a business owner. Some of the more basic underpinning policies you will need to ensure you cover are:
· Have you got the right insurances to cover your business & your customers/clients?
· Have you written terms & conditions & had these checked by a legal advisor or VA?
· Do you have a contract you will use to agree works between you & your customer/client?
· Have you got a GDPR compliant invoicing system in place? (See GDPR section below for more information)
· Do you know what rights your customers/clients have & how this legislation covers you as well?
Consumer rights act – Know you & your customer/clients rights
Have you considered what might happen if a customer/client takes to social media to leave a negative review? The Defamation Act of 2013 is there to protect you. Do not think that social media means people can post what they want. You are protected by Law in this matter & you need to know your rights.
Defamation Act – Protect your business
GDPR – How will you store customer details? Are your systems GDPR compliant? What should you do if you have a data breach?
Although the GDPR is very similar to previous data protection guidelines, the GDPR became a regulatory necessity for all companies who deal with personal data from May 2018. The most significant difference to the GDPR regulations is the power it gives to the individual about how their data is stored & it’s appropriateness within the company who has it.
A VA can help you undertake a GDPR audit to ensure your systems are all GDPR compliant. Is your invoicing package GDPR complaint? Where do you store customer telephone numbers, addresses, email addresses, financial details? The GDPR is much wider reaching than the previous data protection laws. Companies need to ensure things like some of the IT apps which are free to download, are from a GDPR approved country. With this legislation now being in place, companies will not be able to plead ignorance in the face of a data breach.
Collaboration
One of the great things about being a business owner is about working collaboratively with suppliers & other businesses. Reaching out to others in your sector to offer services which could enhance yours & theirs, is an element of business some start up’s may find counter intuitive. Here we come back to the Star Wars analogy.”
‘People of different backgrounds can work together to produce great results
Another important theme in Star Wars is the power of coming together to realize a common goal. History provides many examples of individuals and factions from different geographic backgrounds and diverse ideologies embracing differences to unite against a common foe. In A New Hope, this is made manifest in the form of Princess Leia Organa, Han Solo, and Luke Skywalker. The princess, the scoundrel, and the farmboy all have different histories, but the same destiny: to unite against the Empire, and become more as a whole than they were as single entities. This is also evident in the presentation of the Rebellion. In difficult times of war, oppression, and wrongdoing, Star Wars reinforces the power of difference, and the benefits of working together to manifest a better tomorrow.’
by Katy Jane on behalf of Virtually Smart Ltd.
