Various Variables

Employment may be difficult to find for some newcomers to Finland. One of the ways to make sure that your skills continue to develop or are utilised is to become an entrepreneur. There are different kinds of entrepreneurship in Finland. Many factors will determine if you want to try entrepreneurship, but it is always worth considering even if it is not your first choice. As mentioned, there are different forms of entrepreneurship; the two most common forms are a sole entrepreneur (toiminimi in Finnish) or a limited company (Osakeyhtiö in Finnish). Other options exist as well such as becoming a light entrepreneur and a freelancer. Each have their own rules and regulations. For more specific information on these forms of entrepreneurship, you can visit the Uusyrityskeskus (New Business Centre) in your city, or you can check out more information in the yearly guidebook that the Uusyrityskeskus creates. All of the initial information that you will need to consider becoming an entrepreneur is included in this comprehensive pdf guidebook. It is also available in Swedish and Finnish. The 2019 version of the guide is also available in Russian, Arabic, Chinese and French on the Uusyrityskeskus website. These will still be helpful because the information does not change too much year on year. Remember to always double check it – especially if it is about taxes, pensions, or anything that you need to pay. These numbers can change yearly. What Will I Sell? There are different ways to become an entrepreneur. In this section, we will look more closely at four different ways to become an entrepreneur. Your own situation and skillset will determine which route you take. You can have an idea that you have created yourself, you can decide to create a consultancy to sell the skills that you already have, or you can even purchase a business that already exists. Consulting Others A consultancy is when you take the skills and education that you already have and sell those to customers. A consultancy is a service business which means that you provide expert services for customers. Consultancies, in general, do not sell products. Buying an Existing Business As current entrepreneurs wish to retire, there are more and more businesses in Finland that require new owners. Purchasing an existing business is a solid way to become an entrepreneur if this is what you want. The companies already have customers and there is a defined market for them. It is also possible that a fresh pair of eyes will find new ways to make the business grow and modernise. This is sometimes referred to as Business Transfer or Business Acquisition The Federation of Finnish Enterprises (Suomen Yrittäjät) has a unit dedicated to this specific way of becoming an entrepreneur. They even run some information sessions about it. You can see all the information that they have on this topic on their website. Your Own Idea You may even have your own idea of what you can do. This can be a café, an import/export business, selling crafts that you make, etc. The possibilities are endless. You can even decide if you want to do this entirely online or in a physical shop. Possibilities exist to do this by yourself or partnering with someone else. Often this kind of entrepreneur is called self-employed. Create a Startup A startup is a term that has been confused over the years and is sometimes used to describe starting any kind of company. But this would be incorrect. A startup is a company that is intended to be scaled pretty quickly. Most likely, this means that it is a tech-based company. Finland’s capital area, which includes Helsinki, Espoo, and Vantaa, is well known for its startup ecosystem and has produced quite a few tech startups. Finding an Idea There are many ways to find an idea for starting a business. Below I have listed five ways to begin exploring how to find your idea. The outcome of this brainstorming will fit into one of the four categories in the previous section about what to sell. 1. Let Go of Originality There is a place for original ideas, but it is rare to have one. Someone somewhere will have thought of the same thing either in part or as a whole. That is ok. Having ‘competitors’ means that there is already a market for that service or product you are considering. Google was not the first browser and Apple was not the first phone maker. 2. Use Your Skillset As mentioned above, you have a bunch of skills that can be utilised. You just need to thoroughly analyse them to identify how you might package them. What do you know well that others do not? What can you do easily that others need help with? These types of questions will help you to understand what your unique selling point is. 3. Solve a Problem or Identify Underserved Needs We walk around every day being irritated by things that we feel do not work well or are not fit for purpose. Are any of these things fixable by you in a way that you could monetise? Use your irritation to create a sellable solution. The same principle can be applied to underserved needs. Can you see that a certain product is missing that you have seen other places? As someone coming from outside the country, there are places where you can imagine a different way or product for doing something. Different cultures solve problems differently and this new perspective could help to find gap in the market. This gap may be filled using something that you know about that others do not. A great example of this is the Finnish astiankuivauskaappi (dish drying cabinet). It even has its own Wikipedia entry. 4. Build on Products or Services That Already Exist Sometimes you see a product or service that could be extended or improved with an independent addition. When iPhones started coming out, independent retailers began to provide all kinds of covers for them. This was something that they could see that people would need since they were very expensive and needed protection, but it also allowed people to personalise their phone as a statement. You could be an expert in Excel spreadsheets and you could decide to sell courses in how to increase productivity with that tool, or you could create an e-book that has a glossary of ‘hacks’. 5. Ask Family and Friends Asking family and friends what they think you do well or even analyse what it is that they ask for help in from you is a great place to start your exploration. Sure, you may help them for free because they are your family and friends, but would there be a market for turning those skills into something you can sell. Maybe you create simple websites for your friends so that they can display a portfolio or even for their business. Support for Entrepreneurship Once you have come up with your idea, it is time to start thinking seriously about testing your idea and figuring out how you will create your business. Some decisions will be about what kind of funding you will need to make it happen. In the beginning, it is a good idea to ‘bootstrap’ which means to try to make it with as little outside funding as possible. But that does not mean that everything should be done on your own. The Startup Grant (StarttiRaha) Even though the name seems that it is only for startups, the Startup Grant, can be used for almost all types of companies. There are some types of companies that they will not give the grant for, but you should check with the Uusyrityskeskus to find out if your company idea is eligible. The Startup Grant is intended for helping new company owners cover basic needs during the starting up phase of the company. This means that if you receive it, it is approved for 6 months and then you are able to apply to have a second 6 months. It is important that you do not register your company before you are given approval for this grant. Help to Become an Entrepreneur There are many organisations out there that want to help entrepreneurs. Many times, the help is providing information, but it can also be with things such as: Registering the company Giving advice before and after you have started it Industry specific advice Mentoring Idea development and more There are many organisations that can help: Business Helsinki Business Espoo Yritys Vantaa Suomen Yrittäjät Startup Refugees The Shortcut Kiuas For more information about organisations that can support your entrepreneurial development, you can check out this previous blog post by Vejay Nair & Marika Antikainen. Becoming an Entrepreneur as a Student There is even a way to get help if you are a student. At many universities and universities of applied sciences in Finland, you will find courses and units that focus on helping students to become entrepreneurs. At Metropolia, this is the Turbiini pre-incubator programme. This course allows students to earn credits for developing their ideas and for learning the skills needed to become an entrepreneur. In 2023, 175 students went through the Turbiini course and already in 2024, there are 118 students signed up for the course in the first half of the year. The course is run in Finnish and in English. If you are not an official Metropolia student, then you can apply to take the course through Metropolia’s Open University. Blogger Pamela Spokes works as a Service Designer in Metropolia’s RDI team. Originally from Canada, Pamela has years of experience in university admin focusing on international recruitment, marketing, and the international student and staff experience. With a Bachelor’s degree from Canada, a Master’s degree from Sweden, an MBA in Service Innovation & Design from Laurea UAS, and her AmO from Haaga-Helia UAS, she is well-versed in being a global citizen. She has lived in Finland for more than 15 years and is also an entrepreneur.