Advice on Running a Business I Oxford Open Learning


    Advice on Running a Business

    Did you know that the UK boasted nearly six million businesses in 2018? Compared to the year 2000, that’s a whopping 63% increase. The country is experiencing an entrepreneurial renaissance. I also run my own business, and have done so for ten years now. For those of you considering studying the subject, or wondering what could lie ahead of you beyond a university course, then, here are some things I have learned.

    Running your own business can be the best form of personal and professional development. Working for a large organisation, you can easily lose sight of the bigger picture and lack ownership of your work. When you manage your own enterprise, you are primarily the one to praise or the one to blame. When the business thrives, your self-confidence flourishes. Like a skilful gardener, you sow the seeds of hard work, practise strategic thinking and nurture your customers. As a result, you are proud to see the fruits of your labour.

    When you run your own business, you learn to embrace change. Whilst you enjoy celebrating your successes, you are aware that change is just around the corner. You hold on in challenging times, knowing that these shall not last forever. You develop a more light-hearted approach.

    Creating your own success is great. But things will not always be easy. Many moons ago, a friend called Adam asked me about how he could grow his business. Adam spent long weekends glued to his computer, desperately trying to get more customers. He had been sinking into dark despair about his enterprise over the last few months. He was neglecting his family and friends.

    I advised Adam to take some time out and re-evaluate what he had been working at so far for his business. I also encouraged him to stop staring at the screen all day hoping for new orders to arrive and suggested he take a step back in order to take a step forward. Adam subsequently decided to slow down and to come up with a refreshingly new direction for his business. In addition to thinking more strategically, he took some time to reinvigorate and recharge the batteries. As a result, his enterprise has taken a brand new shape and form. He now has more customers than he ever dreamt of!

    When you are energised, you make better decisions. When you are grounded, you see exciting opportunities which you would otherwise ignore. Take a step back, re-evaluate, plan strategically and recharge. Your business will soon flourish!

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    Henrietta Nagy is a seasoned portfolio worker with over 10 years’ experience in the UK education sector. Henrietta writes educational content, designs academic courses, delivers university lecturers, mentors entrepreneurs, and provides career development coaching. With 9 years of higher education studies internationally (including an MBA), she has worked with CEOs, academics, scholars, managers, women entrepreneurs, academic administrators, and other consultants.