Ask Neeta Patel - Chief Exec of New Entrepreneurs Foundation

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See my earlier responses. You need to decide if you w ant to run a business part time which will probably mean that it will always be a small business or do you want to grow and run a really large business, which requires your absolute and undivided attention

Reply 41

Neeta Patel

I am not very familiar with the current business studies courses in the UK and so can’t really comment on this. I did my MBA many years ago and it was a good course to prepare me for senior management in a large company at that time. It suited the business environment in the UK at that time but it certainly wouldn’t be suitable now.
The world of business has changed. Many more people want to be entrepreneurs and business courses need to incorporate training around that. I am not sure that many courses do that well.

Reply 42

Neeta Patel

Original post by Frank8494

After doing a business related degree and not being able to find a reasonable job in management, would you recommend setting up your own business or spend more time searching for a job - Which is less risky?

Frank, that's really your decision. If you have a business idea that you think you can launch successfully, just do it and don't try and get a job at the same time. I don't think launching your business is an alternative to a job as it's a difficult path to take.

If you don't have an idea and know how to go about launching it, it might be safer for you to look for a job but continue to work on your idea at the same time! Good luck :smile:

Reply 43

Neeta Patel

Original post by Aarushi Menon

What age do you have to be to start a buisness or to simply buy and sell thing, in a simple retail sort of way?

How often are hardships faced and what kind?

Does it always pay off?

You can start a business at any age but in order to ‘trade’ sell things for money in a public environment, you will need a bank account and facilities to pay for goods. I think you can open a proper checking account once you are 16 but check with your bank
People starting face quite a few hardships until their business starts to make money. You will need to feed yourself and pay your rent and other things and your business may not make money for quite a long time. You need to think about where you can get the support whilst you are launching your business. Friends and family can certainly help.
And, it does not always pay off. Some businesses do really well, they take off and make their owners a comfortable income, and other do not.

Reply 44

shooks

TSR Community Staff

Hi Neeta,
Can you tell us a little about how your foundation can help young people interested in starting their own businesses?

Reply 45

Neeta Patel

Original post by dragonkeeper999

What made you decide to switch from Chemistry to business? Did you find that you gained transferable skills from your Chemistry degree that helped you in business? How long after completion of your degree did you go into business/ did you start your first business while at uni?

I switched because I didn't really want to teach chemistry or go into research and do a PHD, so I looked around for a job in something else. I think the key skills that doing an MA in Chemistry taught me was around structured thinking, testing hypotheses, working really hard as we had lectures and tutorials every day (which meant working full time wasn't such a trauma for me!).

Most of the transferable skills were developed in activities outside Chemistry! I ran the college bar, got involved in student politics and was President of the student body, got involved in events and sports. This was great experience as it teaches you about finance, working in teams, selling your ideas and getting funding and delivery skills.
We do not select any candidates for the NEF programme unless they can demonstrate that they have done these type of things whilst at Uni.

Reply 46

htotheizzo

Do you thinks it's worth going to university to study business if your goal is to be an entrepreneur or should you invest those 3/4 years into working on your business?

Reply 47

shooks

TSR Community Staff

Original post by Neeta Patel

You will also need to be resilient as the path to success is going to be rocky and you’ll need to be able to carry on even after failures.

Is this resilience something you can develop over time, or do you think successful people are just born with it?

Reply 48

Neeta Patel

Original post by Olympiad

In your opinion, what are the most important characteristics to have as a person to lead and run a business successfully?

What inspired you to fulfil a career in business?

Would you suggest somebody gets into debt in order to start a business or save up?

What is your ultimate goal in life?

Posted from TSR Mobile

What inspired you to fulfil a career in business?

Would you suggest somebody gets into debt in order to start a business or save up?

What is your ultimate goal in life?

Hi these are four detailed questions and I don't have much time to answer all of them but I will try and answer one or two. Hope that's ok.

I have always enjoyed the idea of business - all aspects of a business from developing great products and persuading people to buy them so that we make a profit. It seemed like a natural career choice for me.

I think it's always better to fund your venture yourself if you can afford to do that. Getting into debt can be stressful as you are always aware that you have to pay the money back some day. Most people don't have the money to completely fund their business so will ask friends and family at the early stage of the business, and will then seek funding from other places as the business grows.

My goal in life is to develop hundreds of young entrepreneurs who are going to build the successful large businesses of the future. That's why I love my job at The New Entrepreneurs Foundation. I would love to see the next Google, Facebook, John Lewis or Dyson come from one of our candidates..... or one of you guys! I'll be watching...

Reply 49

CodeJack

Original post by Neeta Patel

If you’re in the tech field or really any field,the best way to raise your profile is to join online groups related to your specialism and participate in discussions. Ask questions, answer questions and offer to help people. Also attend seminars and conferences (you can always get free tickets or student discounts on tickets). Network actively with people when you go to these events. Have a business card made with your name and contact details and follow up with people by linking with them on LinkedIn. If people have offered to help you, follow up with a nice note the next day and offer to meet them for a coffee.
Write a blog about your subject and offer well known bloggers a guest spot. All this will help.

Thank you

I'll put this to use

Reply 50

Neeta Patel

Original post by Maccees

I have an idea but I'm not really sure where to go with it. It's going to take a lot more money than I can raise myself, and I've no idea where to start in terms of developing and then manufacturing some of the products I want to sell, which will co-exist with an online service. I've already made a very basic online service, but to actually go anywhere and be able to make money it really needs the physical products and people with more knowledge than me in some areas.

Where can I go for help, or what other advice would you give me? Sorry it's a bit vague.

I'm not sure that I understand clearly what you are asking but I suggest that you start joining online discussion groups around new products. Ask for help from people who know. Are there companies who you admire or who may be making similar products? See you someone in that company can help you.
The government's small business web site has a lot of resources on places to go for help and advice. Sorry, I can't be more specific than that. :frown:

Reply 51

Neeta Patel

Original post by LukeM90

What would your advice be to someone who wants to start a business and is brimming full of ideas and creativity but lacks alot of the professional skills to use most of it myself ?

Basically I'm an ideas person

Partner with someone who can give your ideas structure and logic! Sounds like you need to find a co-founder who has skills that can complement your ideas and vision. Try and attend some 'hackathons' or free evening and weekend seminars. StartUp Britain run many across the UK. You'll meet like minded people, and who knows, you may find a co-founder with whom you can make your ideas a reality.
Good luck!

Reply 52

Neeta Patel

Original post by gooner4ever

What are the best ways to secure funding for a new business and to help gain contacts?

I always advise the NEF candidates to take all opportunities to network and meet people. So go to events, launches, conferences, free seminars and make sure to meet and talk to people.
Make connections and keep in touch with them. Ask for introductions to potential funders if you have a business venture and you're looking for funding.

Don't forget to ask your family and friends both for funding and for introductions to people they might know.

Reply 53

Neeta Patel

Original post by shooks

Hi Neeta,
Can you tell us a little about how your foundation can help young people interested in starting their own businesses?

We select 30-40 candidates each year (from nearly 1000 applicants). Once selected they get 4 things:
1. A one-year paid placement with a fast growing company so that they understand what it takes to run a company
2. Alongside the placement, they attend an intensive training programme (about 30 days over the year) where they learn the tools of starting a business, from ideation and reserach to business planning, testing and pitching for funding.
3. We give them networking opportunities through events
4. each candidate gets an executive coach and access to a business mentors panel.

Applications for next Class will open in October, so look out for the announcement on out facebook page.

Reply 54

Neeta Patel

Original post by jibberish

If the business you want to start is a new idea, when do you think is the best time to disclose your idea and if it matters at all?

A friend and I have an idea that we think can bring unique benefits to our industry but we need expertise from outside but are not sure where we can find this and if it makes a difference to our business if we let our idea known.

I would advertise for people with the skills you need without fully disclosing your idea. I don't know what networks you use but Linkedin is a good source of specialist skills, other job sites might also be good or just tell your friends on Facebook that you are looking for people who can do x, y or z.

Reply 55

Neeta Patel

Original post by shooks

Is this resilience something you can develop over time, or do you think successful people are just born with it?

You can develop resilience over time and with some training and guidance. However, some people are born with it and they're the lucky ones!

Reply 56

htc one s

What do you think is the best degree to start an entrepreneurship in technology? (Chemistry, Computer Science..?)

Reply 57

hasan4life

Original post by CJ

Fancy being your own boss one day? No matter how bright your entrepreneurial spark, there’s no doubt that running your own business is a huge challenge.

That’s why we’re delighted to welcome the chief executive of the New Entrepreneurs Foundation, Neeta Patel, to The Student Room for this Thursday’s Q&A.

Neeta has spent the last 20 years launching new ventures and turning around existing businesses. She has held senior positions at Thomson Financial (Reuters), Legal & General, Financial Times Group and at the British Council.

She holds an MA in Chemistry from Oxford University, an MBA (Marketing) from Cass Business School, and a Sloan Fellowship in Strategy and Leadership from London Business School.

Neeta will be on TSR from 2pm – 3pm on Thursday 13 June to answer any questions you might have about business and entrepreneurship. Post your questions below ready for Neeta on Thursday :smile:

The New Entrepreneurs Foundation is an organisation that offers 30 placements each year to outstanding entrepreneurially minded young people. Find out more on the New Entrepreneurs Foundation site.

oh man i only saw this now, will there be another chance to ask questions?

Reply 58

Runninground

Original post by Neeta Patel

Thanks for the replies, it was an interesting read :smile:

Reply 59

TSR Group Staff

Original post by hasan4life

oh man i only saw this now, will there be another chance to ask questions?

Hey dude,

I'm afraid I think Neeta has signed off on TSR for now.

Depending on what you question is, it might be answered on their FAQ's page on their site, otherwise they have a contact email as seen here: http://www.newentrepreneursfoundation.co.uk/contact-us :smile: