Young people starting their own business is on the increase - Ricky tells us why
Ricky Shah (pictured), YES Project Enterprise Officer tells us why more and more young people are starting their own business and how you can too.
One in five 18-34 year-olds already have a business idea. Young people nearly three times more likely to be unemployed than the rest of the population – the highest level in 20 years – and the volume of new companies rising each year, starting a business is becoming a more popular option.
The number of self-employed young people has risen dramatically since the start of the economic crisis.
Don’t be like me! Who had an idea when I was 20 but just did not have the belief to even look into it, never mind starting it. With YES Enterprise – you have support to not only look into it but also get it off the ground.
Whatever your own motivation, if you are going to start a business, there is an ideal time to do it – while you are still in your youth. Why is that? – Well here are 5 Reasons!
1. It’s not all about the money but it helps!
It’s not all about the money but if you are enjoying your hobby/interest and can turn it into something that can help meet your financial needs then you will have an opportunity to really make it a success.
Imagine being in control of your day to day routine, unlimited earning potential and also being able to employ others. So whether it’s a financial or social goal you are trying to achieve starting a business may just be the right choice for you.
If you set it up in the right way and can move with the times then this could be perfect for you. As it is not always easy to guarantee employment for 30-40 years. However, with the right idea you could ensure you are employed for a long period and you are the Boss!
2. Risk and Reward!
Not every idea is successful but without risk there is no reward. You do need to be realistic and also be aware of the effort needed to start up and sustain the business.
You will bear significant risk in your time being taken up. That does not mean you cannot enjoy it. It is an exciting time and once you are set up right, you will be in a great position, to make the most of it.
When you are younger, you may have less responsibilities but more time on your hands to spend on making your business a success. With less responsibilities, this could mean less financial outgoings, allowing you to take more a chance in starting a business especially if you are faced with low start up costs.
3. Tired? No Chance I can sleep when I retire at 40!
It takes a lot of energy and motivation to start a business. Don’t forget that is definitely isn’t easy but the rewards are definitely there.
I guess you have heard of the saying – You get out what you put in or the harder you work the more rewards will come. This is completely true for Self-employment!
Though not written in stone, the general rule is that younger individuals have more energy, motivation and enthusiasm than their elders.
Also you are much more resilient and also have time to look at a Plan B. The energy and drive needed to run a business is as vital as having a good idea.
Put the effort in now at an early age and you could end up growing an empire. So do you have an idea? Don’t just sit on it – Join up to YES Enterprise and explore it!
4. I can deal with change!
Younger people tend to be more adaptable and resilient. Part of the reason is that they have had a shorter amount of time to be exposed to the norms and rules, of the professional world. They are also full of fresh ideas, creativity and the ability to question.
An even larger part of the reason is our reliance on technology and the only way for companies to survive is to adapt and integrate these new technologies.
Being youthful means you are already using many of these technologies already and are comfortable in using them. This means whilst technology develops so does your business. So, start a business while you are more nimble, and you will be able to brave and overcome these ever-changing times.
5. Why have one when you can have many!
Individuals who truly love entrepreneurship end up starting multiple businesses, becoming serial entrepreneurs. As once they gain knowledge of how to make one of their businesses a success they try replicate this again and again.. It is as if they enjoy the buzz, of starting on a new adventure, which they are in control of. Every business an entrepreneur starts should be used as a learning experience whether it is a success or failure.
Starting early means you have a longer timeframe to start other businesses!
None of these reasons is meant to imply that you cannot start a business later on in life but the skills and experience you pick up whether you succeed or fail at a young age – actually makes you more employable!
Starting a business is not for everyone and it is certainly not easy, but the support available has certainly never been so good. Speak to Ricky at YES Enterprise to find out more Either by email: [email protected] or mobile: 07393 147104