How to be big in business

Dame Helena Morrissey, Head of Personal Investing at Legal & General, shares her advice on how young women can get ahead in business

Dame Helena Morrissey, Guest blogger
09 November 2018

It's a great time to be a woman in business

The My Future Business competition is really exciting. We’re inviting Guides, Rangers and The Senior Section units to send us their best business ideas, to be in with a chance of winning £1,000 for their unit.

Sometimes we need a little direction when it comes to getting started, and all the information out there can seem overwhelming. But don’t despair – here are my top ten tips for getting going, coming up with a plan, and setting up your own business.

  1. It’s ok to have a dream or wild and wonderful idea, but you should make sure you clearly communicate what the idea is supposed to do or achieve. Have a vision and get your vision across!
  2. Have a structure so you know how your business would work and so that the benefits are easy to identify.
  3. Tells us what sets your idea apart. What could give it an edge?
  4. Solving problems is big business. If you can find a way to meet a need or address a problem, try to show this.
  5. Businesses can have many impacts but balancing making money with making a difference is something many companies struggle to achieve. Think about how your idea could make a profit, and a positive impact.
  6. Being financially responsible is an important part of setting up or leading a business. Make sure you don’t require more than the initial amount of money to get your idea off the ground.
  7. …but at the same time, don’t exaggerate how much money you can make!
  8. A good business woman will think ahead. Don’t just think about spending the profits – how could you reinvest the profits into something useful?
  9. There are so many businesses out there in the world that do so many different things. Don’t worry about not fitting a mould or not being ‘mainstream’.
  10. Believe in yourself – that can be half the battle!

Good luck! I can't wait to receive your entries.

 

Share your business idea to win £1,000 for your unit

If you've got a bright business idea enter our competition with Legal & General and you could win a £1,000 for your unit.