Meet the ULMS graduate empowering young entrepreneurs
Katie Bowater, a Class of 2023 Business Management graduate from the University of Liverpool Management School, reflects on valuable lessons learned during her studies and her mission to support and connect young entrepreneurs.
Why did you decide to study Business Management at the University of Liverpool Management School?
I believed that a degree in Business Management would provide a valuable foundation for me to start my career. Having started my first business at 18, I always knew I would be a young entrepreneur, so I wanted to prepare myself as much as possible for entering the business world.
What were some of the most valuable lessons or skills you acquired during your studies?
During my studies, I acquired numerous valuable lessons and skills, but the two modules that had the most significant impact were Digital Business and Marketing. For my Digital Business module, I had the opportunity to analyse one of my own businesses, Katie Bowater Ltd, a property sourcing company, for my assignment. This project enabled me to delve into and propose a digital business strategy aimed at developing a competitive advantage by enhancing efficiency and meeting customer needs more promptly. This was a great opportunity to really analyse the effectiveness of my business and propose changes.
In my Marketing module I discovered how to create and implement marketing campaigns that resonate with target audiences. Understanding market segmentation and consumer psychology enabled me to develop personalised marketing strategies, by tailoring content to the specific needs and preferences of different customer segments. The course also emphasised the importance of building a strong brand identity. I have since focused on developing clear, consistent branding across all my business ventures.
Since graduation, you have founded the Young Entrepreneurs Club, a business support hub for both existing and aspiring entrepreneurs between the age of 18-35. What inspired you to start the Young Entrepreneurs Club?
As a young entrepreneur myself, my networking journey started four years ago at the age of 18, when I set up my first business. I was and still am consistently the youngest person in the room. I received so many amazing opportunities which led to me wondering why other young entrepreneurs didn’t come to the same events and access them too.
After some market research, the answer became apparent – many felt intimidated and lacked confidence, or believed they needed to be successful already to come. This is what inspired me to launch Young Entrepreneurs Club. I aspire to create a space where every young entrepreneur feels valued, supported, and empowered to pursue their dreams, regardless of their background or level of experience. We want to bridge the gap into you gaining the confidence to attend other networking events. We do this by hosting monthly social networking events where you can meet like-minded individuals and make some business friends, together with business masterclasses to top up any gaps in your business knowledge!
You’ve started a TikTok page to answer questions and give advice. What role does social media play in promoting and growing your businesses?
Social media is an incredibly important tool for growing and promoting a business, especially for startups, because it is both highly effective and free. Creating and maintaining profiles on major social media platforms costs nothing, while paid promotions and ads can be tailored to fit any budget, making it a very flexible marketing tool. Social media has extremely clever algorithms which help target specific demographics, ensuring that your content reaches the most relevant audience out of millions of subscribers, so it has played a crucial role in helping me to grow a likeminded community. Replying to comments, messages and questions develops relationships and has helped me to build a loyal community. It also offers opportunities for networking with other businesses, industry influencers, and potential collaborators. You never know who is going to see your content!
What are some key mistakes you made early on in your entrepreneurial journey and what did you learn from them?
One of the key mistakes I made early in my entrepreneurial journey was not valuing my time enough. Initially, I didn't fully grasp how limited and precious my time was, leading to several issues that hindered my productivity and growth.
Additionally, I didn’t organise my schedule efficiently because I often prioritised what was easiest for others. I especially felt the need to accommodate businesspeople, assuming they had more to offer and therefore should dictate the meeting details. This resulted in me frequently traveling back and forth to similar locations, wasting valuable time. Now, I allocate one day a week to meetings, scheduling them back-to-back, and I meet people halfway instead of always traveling to them. This change has significantly improved my productivity and freed up a lot of time.
I used to spend too much time with individuals who didn’t contribute positively to my business. I would say yes to every business meeting without clarifying its purpose, often ending up with people trying to sell me something with no benefit to me. Being selective about who you spend your time with is vital. I now carefully choose my interactions and focus on developing relationships that add value to my business and personal growth.
What are your future plans?
My ultimate dream is to expand the Young Entrepreneurs Club all over the country, ensuring that every young entrepreneur has a local hub to meet other like-minded individuals. These hubs would provide essential help and advice, foster connections, facilitate collaborations, and support the growth of their businesses. I am on a mission to make entrepreneurship a less lonely venture.
Entrepreneurs often neglect their personal well-being due to their never-ending to-do lists, often leading to burnout and fatigue. I am planning to launch a series of monthly well-being events where they can take a few hours out of a day every month to relax and rejuvenate to maintain their productivity.
Moreover, I will be organising some more social events like Christmas and summer socials. As someone who is self-employed, I miss out on the traditional office holiday parties, so I’ve decided to host my own! These events will be a nice way for entrepreneurs to celebrate their achievements and build a sense of community in the same way other people get to do at their jobs. We are building such an incredible community - I am so excited for the future of this Club!
And finally, what advice would you give to students and recent graduates who are considering starting their own business?
1) Don’t fear failure. Failure is a natural part of the learning. Don’t even look at it as failure, look at it at redirection. It’s inevitable you will make mistakes, but each setback is an opportunity to grow and improve.
2) Just start. There is no such thing as the right time so don’t wait for it. Nokia started as a paper mill, Tiffany & Co started selling stationary, Nintendo started by selling playing cards. These examples illustrate that every great business must start somewhere. Your business will transform and develop over time, just as these renowned companies did, but it can only happen if you begin.
3) Surround yourself by people who are where you aspire to be. Your network is indeed your net worth, so it's essential to step out of your comfort zone and actively seek out those connections. Don't hesitate to ask questions, pick people's brains, and even be a bit cheeky by requesting meetings with those who inspire you. A strong network can open doors and provide opportunities that you might not find on your own.