Loughborough University
Leicestershire, UK
LE11 3TU
+44 (0)1509 263171
Loughborough University

Careers and Employability Centre

Enterprise….developing your business ideas further

Higher Education can prove a very inspiring environment where ideas are generated and aspirations sparked to pursue a personal business venture. For students and graduates there are many events and activities available which can help you develop your skills and ideas, and also many sources of advice and support.

Please note that non-EU nationals on a student visa are not able to become self-employed whilst studying.  For self-employment after your studies please check the Working in the UK website.   

The type of venture you pursue can vary from self-employment, co-operatives, franchises, freelancing, social enterprises, partnerships, sole-traders etc., and all have the potential to lead onto successful business ventures. Interested? Then call into the Careers and Employability Centre to look at the publications and resources we have available, contact the Student Enterprise Officer and access the Prospects website Self Employment pages.

Even if you work for an organisation, employees can often use an ‘enterprising’ capacity to take on the risk for organising and managing new business ventures and introducing change.  For individuals seeking to make change, without necessarily increasing personal wealth, social enterprise has provided a good living with the added personal satisfaction of making a profit to improve the world through business ventures focusing on social, environmental and sustainable aims. To find out more access the Social Enterprise East Midlands

Destinations for 2010 Loughborough 1st Degree graduates show that 4% of those in employment considered themselves self-employed six months after graduation (Destinations of Leavers in Higher Education (DLHE) Survey). In addition, 1.4% of postgraduate taught graduates, considered themselves self-employed six months after graduation.  Nationally, 3% of graduates in employment in 2010 were self-employed six months after graduation. Recent research conducted on Loughborough University entrepreneurs and the influences on them, makes interesting reading:- www.lboro.ac.uk/research/theview/articles/millionaire/#article.

Many Loughborough graduates and researchers have become successful entrepreneurs. Read about them on the student enterprise website www.enterpriselufbra.co.uk and other researchers on: What do researchers do? Career profiles of doctoral entrepreneurs 2010 www.vitae.ac.uk/policy-practice/291911/What-do-researchers-do-Career-profiles-of-doctoral-entrepreneurs-2010.html 

But have you got what it takes?

Starting a new business venture will always include an element of ‘risk'. Success often only comes if you have the right personal qualities, are willing and able to develop the right skills, and keen to source enterprise information, advice, funding and support. And remember….if you're not in business for fun or profit, why are you doing it?

A bit of reflection and self-analysis will establish whether you have the skills and qualities required to become an entrepreneur. 

Try this quick checklist:

If you find self-analysis hard, then register with EMIN and use their Business Skills Assessor Tool. They also provide other services for new-start businesses in the East Midlands. Alternatively, check out your enterprise potential by using The General Enterprise Tendency Test .

If you want to develop your skills, unpaid or paid Work Experience can help to hone those you are lacking.  Amazingly, 99.9% of business enterprises in UK are small to medium sized (Department of Business Innovation and Skills). Obtaining work experience in this sector can provide a valuable insight into developing a business and help with your own personal development. To obtain work experience it is best to identify a named contact at the company you are interested in and then send them a CV and Covering Letter, mentioning your reasons for requesting work experience and what you would like to gain experience in. 

For ideas and information on work experience access:

For Graduates and Research Students seeking work based opportunities access:
The Graduate Gateway programme, based at the University, offers local graduates 26-week, paid, company-based assignments

For Penultimate-Year Undergraduates, or Graduates, also consider:

Any student at Loughborough can become involved in many enterprise events and competitions.  Activities like these develop your skills and also help you build networks of contacts.  Here are some links but also read more about activities in the next section on Loughborough University Support.

Do you think your idea is viable?

Once you have generated your business idea you will then need to check its viability i.e. who will buy, where, when, how and will it be profitable?  Your Business Plan will be the ‘key’ to outlining your ideas.  You can get help writing this from the Loughborough University Student Enterprise Manager .

Other useful resources include:

Have you really considered the risk?

Not all new businesses succeed at first. Many have setbacks, but learn from these and with support eventually succeed to develop profitably. If you do need to close, help is at hand on the Business Link website.

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