Starting a business during wartime: A practical guide for aspiring entrepreneurs.

Starting your own business is always a challenge. This is especially true in times of war, when instability and uncertainty have become part of everyday life. At the same time, entrepreneurship offers a chance to provide for yourself and your family, discover new opportunities for growth, and make a contribution to the country's economic recovery. But where do you begin? How can you find startup capital? How should you develop a business plan?

These and other questions are addressed in the free online course "The Right to Business: How to Attract Resources for Your Own Venture," developed by the Charitable Foundation "Right to Protection" in collaboration with the Prometheus platform.

RBC-Ukraine, in a special project with course experts, has gathered practical advice to help aspiring entrepreneurs find answers to these questions and take their first steps toward establishing their own business.

The First Step — Find a Business Idea

Finding a business idea is the foundation of the entire process. This is the moment to understand what you are genuinely interested in doing, why you want to start your own business, and what could be beneficial for your potential clients. In times of economic instability, it is crucial to choose a direction that not only aligns with your passions but also has added value in the market. Moreover, a business does not have to be solely about profit; it can also involve socially oriented projects.

"Socially oriented businesses are those that create jobs, help solve social problems, or improve the quality of life for people in difficult circumstances, develop social services, and foster innovation," says Artem Kornetsky, co-founder of the Ukrainian Social Venture Fund and one of the lecturers for the "Right to Business" course.

The advantages of socially oriented businesses include access to grants and support programs, customer loyalty, investor trust, and the ability to attract talented employees. The social component not only strengthens the business but also opens up new opportunities for growth and partnerships.

The Second Step — Assess Your Resources and Capabilities

Before starting your own venture, it is essential to objectively evaluate your capabilities and resources. Do you have experience in this field? If not, perhaps you should consider taking courses or finding a mentor?

Additionally, you need to clearly define the amount you are willing to invest in the business. Are you prepared to risk your own savings?

The Charitable Foundation "Right to Protection" emphasizes that at the start, the key is to know your strengths and have a clear understanding of what resources you already possess. Your resources include not only money but also knowledge, skills, and connections.

Knowing your strengths contributes to future success. For instance, a well-chosen team, partnerships, knowledge, innovative technologies, or even networks of contacts can be decisive for the success of your project. Before focusing on financial matters, analyze your needs and determine what resources you already have. Use the algorithm: identify what you will do, what resources are needed, and where to find them. This approach will help avoid the common mistake of thinking that a business is impossible without significant financing.

"Starting a business without experience is possible. The main thing is to learn, not be afraid to try, and adapt. Look for courses and training that will help you understand the fundamentals of entrepreneurship, and don't hesitate to seek help from experienced individuals," emphasizes Valeria Sekisova, head of the "Economic Inclusion of Internally Displaced Persons and War-Affected Populations" program at the Charitable Foundation "Right to Protection."

Certified business and project management trainer Olga Malikhatko also advises that before starting a business, you should ask yourself: "Why do I need this?" "If you are considering this as a way to relieve stress or escape a crisis, think about whether entrepreneurship is truly the best solution. A successful business begins with a conscious goal and clear motivation," notes the expert.

Only after this analysis should you move on to financial attraction questions. You have several options: seeking grants, collaborating with investors, partnerships, crowdfunding, and obtaining loans. Each has its advantages, and they can also be combined. But remember, non-financial resources are often just as valuable for your business development.

The Third Step — Create a Business Plan

A business plan — is the foundation of any successful business. It not only helps assess risks but also outlines specific steps to achieve your goals.

Any business plan should answer the following questions: What exactly are you offering, and what problem does your product or service solve? Who are your customers? Who are your competitors, and how can you stand out? What will the expenses be, and how do you plan to generate profits? How will you attract customers? Additionally, it is important to foresee an action plan for crisis situations. Understanding potential risks will help you respond more quickly to challenges.

"A clearly defined business plan is not just a formality. It is your roadmap to success. Study the market, analyze risks, and be prepared to make adjustments at every stage. Without a realistic plan, you risk facing difficulties that could have been avoided," explains Elena Shilobrid, deputy head of the "Economic Inclusion of Internally Displaced Persons and War-Affected Populations" program at the Charitable Foundation "Right to Protection."

The four main parts of a basic business plan are:

• The business concept describes the company, product, or service.

• The business and market analysis includes a SWOT analysis (strengths, weaknesses, opportunities, threats), competitors, demand, and the formation of a unique selling proposition.

• The implementation plan details the marketing strategy, organizational structure, key steps to bring the product to market, and operational processes.

• The financial calculations cover startup costs, revenues, expenses, break-even point, return on investments or loans, and profits. By making quality calculations, you can assess the profitability of your business.

The investment budget (for example, expenses for repairs, equipment, or document processing) should be supplemented with calculated operational expenses. This includes employee salaries, marketing, and costs during the initial stages of operation. Planning these expense items will help avoid cash flow gaps, which can become a serious problem. This is explained in detail by Alexander Valigursky in the online course "The Right to Business: How to Attract Resources for Your Own Venture."

The Fourth Step — Find Funding

One of the biggest obstacles for beginners — is the lack of startup capital. The topic of attracting resources, not just financial, is a primary focus of the online course. Many people fear starting a business due to insufficient funds. However, if you carefully plan your business and utilize available support tools, you can achieve success even with minimal resources.

"To attract external funding, it is essential to understand the difference between grants, loans, investments, and other financial instruments. Grants offer support without the need to return funds, but they often have a social component or specific conditions. Loans involve repayment with interest, which should be taken into account in your business model. Investments, in turn, mean that you share part of your business in exchange for financial support. By understanding these nuances, you can choose what best fits your idea," notes Artem Kornetsky, co-founder and head of the School of ME, and one of the lecturers for the "Right to Business" course.

The main conditions for external financing typically include targeted use, competitive basis, and reporting. Study the program conditions, ensure you meet the criteria, and carefully calculate your budget. Show how grant funds will help your business grow and achieve results.

"The question of where to find money and resources is indeed the biggest fear and challenge for many aspiring entrepreneurs. But courses like this help clarify things. It’s an excellent opportunity to understand your business better, view it from a different perspective, discover new paths for growth, and attract additional funding," shares her experience course graduate Elena, owner of a tattoo studio in Kharkiv.

It is worth noting that these topics are covered in five modules of the online course from the Charitable Foundation "Right to Protection." The program also includes real examples of successful resource attraction and practical advice on collaboration with investors and financial institutions.

The Fifth Step — Use Resources Efficiently

Attracting funding — is just the beginning. To achieve success, it is crucial to manage the available resources wisely. You need not only to plan the budget but also to continuously analyze expenses, utilize modern marketing tools, and create long-term partnerships with customers and suppliers.

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