You can set up a business on the basis of professional expertise gained in paid work, a hobby, or studies. In this case, special skills, competence or a viewpoint that others do not have form the company’s competitive asset.
If you are establishing a business on the basis of a hobby, this may introduce a desired change of direction to your life, enabling full-time work with something that is important to you. When drawing up your business plan, however, you should carefully examine the industry associated with the hobby, as well as the competitive environment, for instance.
If you already have work experience in the field, you have the advantage of understanding the required practices and have formed contacts with various actors and customers, familiarised yourself with the technologies related to the field, and have an appreciation of the most typical problems.
As an entrepreneur, you should continuously develop your professional skills, maintain competitiveness and find new business solutions. Further and supplementary education in your business area provides new perspectives. Various short-term courses, for instance in enhancing the use of IT applications, are relatively easy to take while working.
Once you become an entrepreneur, you not only need solid professional expertise in your line of business, but entrepreneurial skills, too. Entrepreneurial skills may include, for example
knowledge of business and related requirements
skills in developing the business idea
preparation of a business plan
management of project-like working methods
management skills or
practical skills, from using office applications to accounting.
You can also obtain a vocational qualification or specialist vocational qualification in entrepreneurship. Training enhances knowledge and skills and influences attitudes. Study may therefore lower the threshold for becoming an entrepreneur.