Anyone planning to set up a business should not be put off the tough economic conditions. The timing could not be better, says an award-winning entrepreneur
There is never a right or wrong time to start a business, but starting one in today’s economic climate could prove beneficial in the long run.
That’s the view of entrepreneur Professor Michael McQuillan. As one of the leading figures in the Northern Ireland hospitality industry, Prof McQuillan is co-founder and managing director of the Streat Cafe chain and Streat Franchising Ltd.
He was speaking at the University of Ulster’s Belfast campus where he delivered the Ulster Business School’s latest Celebrating Business Enterprise lecture. During his address, Professor McQuillan outlined the three main things needed to succeed in business.
“The most important things to help you succeed are courage, we need courageous people to take the first steps; clarity of purpose in what you want to achieve; and investment, people to invest in the dreams and focus of other people,” Prof McQuillan said. “There is never the right or wrong time to start a business. When I started, I jumped in with a vision of what success looked like.
“Every time can be the right time to start, but if a business gets established now or within the next couple of years when interests rates are low and deals with landlords can be made, then when the economy kicks in again these businesses will be in buoyant phase.”
Prof McQuillan’s franchise concept has attracted national acclaim by being the only franchise to win the prestigious UK National Training award.