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Content of this unit
Put your circular idea into action
In the previous units, you have learned about the circular economy, the use of circular solution in business and how to develop a circular product or service. The focus of this unit is to help you to develop your ideas into a business plan.

Specifically, this unit is about developing your knowledge and understanding of the challenges, risks and responsibilities of running your own circular micro enterprise. On completion of this unit, you will be able to:

  • Develop a business or product/service idea;
  • Establish the need for new or improved products and/or services;
  • Understand the risks involved in setting up a micro enterprise.

This unit explores the ten steps you need to take when setting up your own circular micro enterprise and the skills you will need to set up and run your new enterprise. It also introduces you to several potential risks your new enterprise will face that you will need to assess and then manage to ensure you sustain your business in the medium and long term.
5.1 Setting up your micro enterprise
5.1.1 Step 1: Do your research 5.1.2 Step 2: Write your business plan 5.1.3 Step 3: Plan your finances 5.1.4 Step 4: Choose a business structure 5.1.5 Step 5: Pick and register your business name 5.1.6 Step 6: Get licenses and permits 5.1.7 Step 7: Choose your accounting system 5.1.8 Step 8: Set up your business location 5.1.9 Step 9: Get Your Team Ready 5.1.10 Step 10: Promote your small business
5.2 Skills for setting up a micro enterprise
5.2.1 Project management 5.2.2 Finance and accountancy 5.2.3 Leadership 5.2.4 Presenting and communication 5.2.5 Delegation and managing people 5.2.6 Sales and marketing
5.3 The cost and risks of setting up a micro enterprise
5.3.1 Product or service risk 5.3.2 Market risk 5.3.3 Financial risk 5.3.4 Health and safety risk 5.3.5 Poor management risk
5.4 Educational film
5.5 Additional resources
5.6 References