Partner Article

Building a business out of life experience

Bdaily has entrepreneurship in the spotlight in our latest focus week. James Hardy, Head of Europe at Alibaba.com, describes how life experience can shape business.

A growing number of young people are taking life experiences and turning them into business ideas, allowing them to combine personal and social interests with work and build an exciting career for themselves.

The so-called Generation Z have a wealth of experiences to draw upon, such as gap years, university and social activities along with diverse upbringings. Youth entrepreneurialism has led to the emergence of a new category of business success stories.

One such start-up, The Lazy Camper - which sells full camping kits for festivals - was born when its founder, Jacob Hill, spent hundreds of pounds on camping equipment to use at a festival for just a few nights, only for the kit to be ruined at the end of the experience. The company started in his bedroom and, two years later, The Lazy Camper has links with a number of UK festivals and is going from strength to strength.

Similarly, a gap year trip to Asia was the inspiration for Aaron Jones’ company Fikay - which produces and sells ethically-made recycled bags. The company supports villages in India by providing jobs and a fair wage. For every bag that is bought, the company donates 50 bricks to school building projects in countries such as Cambodia.

Travel was also the catalyst for brothers Rob and Paul Forkan’s flip flop company Gandys, which they were inspired to set up after a family trip around the world ended in tragedy. A percentage of Gandys profits are used to help build orphanages in India.

For anyone wanting to follow in these budding entrepreneurs’ footsteps, here are some tips on how to turn your experience into an exciting business venture:

1 – Make use of technology: Generation Z is the first to have grown up with the internet and online shopping as the ‘norm.’ Taking advantage of these tools can help people create a successful business without having to outlay substantial funds early on. For example, The Lazy Camper products are only available online, while Gandys uses Twitter, Facebook and Pinterest as a prominent part of its marketing mix.

2 – Find a mentor: Many young people who turn their life experiences into a business don’t have any formal experience in the corporate world, meaning a mentor can be invaluable. A mentor doesn’t even have to be in the same sector; just available every few months or so to monitor progress and offer guidance. The Forkan brothers held Dragons Den Style auditions to find their investor and mentor.

3 – Exploit publicity opportunities: If your business venture has an interesting story behind it – such as Fikay’s charitable and eco credentials - shout it from the rooftops. The free publicity will save you significant amounts on marketing.

4 – Take a professional approach: Even if your business was born out of a hobby, it’s important to be professional at all times if you want to make a career out of it. A good quality website and logo are essential and worth investing in immediately. Sites such as Elance.com are great for finding freelance designers and developers. It’s also important to approach your paperwork and finances in an organised and timely manner.

5 – Be persistent: It can take time for a business to get off the ground so be persistent and keep trying, even if things are slow at first. The companies which succeed are the ones that don’t give up. When The Lazy Camper was turned down for a loan by the bank, founder Jacob took his business idea to friends and family who helped him raise the start-up cash.

The Lazy Camper, Fikay and Gandys use the Alibaba.com platform to connect with vendors and suppliers and source materials. Employing such resources can help remove a lot of the stress for small companies and save valuable time and money.

This was posted in Bdaily's Members' News section by Alibaba.com .