What does it take to become a business owner?
Entrepreneurship is for people who want to put their ideas into practice and learn new things. Entrepreneurship is not an innate characteristic, but a set of skills that can be developed. The best qualities for aspiring entrepreneurs include a desire to create something, passion and the courage to try new things. Entrepreneurs need to have initiative and tolerance for uncertainty and they need to be resourceful and curious.
Where should you start when setting up a business?
The first step is to clarify the business idea: what problem are you solving and for whom, who will want to pay for it and why? Once this is clear, you can build products and services that customers will prefer over other offerings. Passion is important, but it needs to be backed up by evidence of demand and a realistic understanding of the competitive situation. You should also assess your own resources, available time, skills and finances, and make use of your networks. At its best, entrepreneurship is a team effort. It pays to really understand the financial figures associated with business early on: revenue, expenses and margins.
What forms of support does Business Helsinki offer entrepreneurs?
Business Helsinki provides free advice, training and networking opportunities for start-up entrepreneurs from founders to growth company owners. We help start-up entrepreneurs hone their business idea, business plan and calculations, and provide training according to their needs. For start-ups, we offer coaching from the business idea to maturity for raising funds along with connections to investors and innovation ecosystems. Where possible, existing businesses can test new solutions in a real urban environment. Our goal is to stand by each and every entrepreneur and identify networks, partners and knowledge and find the courage to grow.
What are the risks associated with entrepreneurship?
There are always risks, some of which you can prepare for. Changes in the market, pricing errors, unexpected costs and the entrepreneur’s own ability to cope are common concerns. Many entrepreneurs do not invest enough in sales and marketing, even though they are the lifeblood of business. It is important to analyse profitability, learn about the industry and discuss plans with specialists. Risk management can be learned. Support is available from Business Helsinki, entrepreneur networks and other experts. It is vital to concentrate well in the beginning. It's better to focus on a few things at first than to work on a hundred things at once.
What kind of city is Helsinki for businesses?
There are more than 80,000 businesses in Helsinki, most of them small with fewer than ten employees. They are part of the fabric of daily life in the city; barbershops, restaurants, digital agencies and start-ups. Businesses come in all shapes and sizes. An international air runs through everything: more and more entrepreneurs have moved here from elsewhere, enriching urban culture with new ideas and flavours. Helsinki wants to be the best place for businesses – a city where experimentation, growth and networking are part of everyday life.
What would you like to say to entrepreneurs or would-be entrepreneurs?
Building a business is a marathon, not a sprint. Success requires taking care of your own wellbeing. I encourage you to think boldly. What if your business grew exponentially, say to 10 or 100 times the size of your original idea? What could business be at its best? Growth is not about going it alone, but often comes from partnerships and asking for help. When entrepreneurs work together, their impact exceeds their size.
