Young Entrepreneurs By Boohema Boohene (21/02/2014)

                      

 “An entrepreneur is a person who exercises initiative and benefit of an opportunity and is a decision maker. He or she supplies risk capital as a risk taker, and monitors and controls the business' activities as a manager. The entrepreneur is usually a sole-proprietor, a partner, or the one who owns the majority of shares in an incorporated venture”. – Business dictionary.

Starting up a business is very hard work. It is time consuming, demanding and can be very stressful attempting to balance it alongside other commitments with your goal. However new jobs are being created daily, and there is always space in the market for new ideas, or reconstructing what already exists. 

As a result of the alarming redundancy and unemployment increase during 2009, people were forced to create their own means of survival from the ‘comfort’ of their own homes. As a result of this initiative shown by the UK public, un-employment rates are at the lowest of 7.5% (BBC, 2013). Entrepreneurship has become a more appealing way for people to live their lives especially for young people. There are many push and pull factors which are leading youngsters to become their own boss.

 Being able to work around your own timetable to start, is very appealing to students, full time single parents, or those who have passions to peruse yet alternative career paths to make ends meet. Instead of having restricted times working for an employer, many young people with determination to achieve, and stand on their own two feet are likely to start their own business.

 Money is a key component when starting a business, without it, many doors seem closed off, however there are various establishments who’s primary focus is to enable young people to get the training and funding they need to get their businesses up and running.  Not only do these schemes aid with the financial aspect of building a business but also:

·    Advertising

·      Networking,

·      Legal advice

And much more to ensure young people are starting businesses that last. They may also offer a consultant to guide the entrepreneur in making the right decisions for their business. Those who have made use of such opportunities are part of the reason free enterprise has increased over the years.

Background and lifestyle also plays a big part in entrepreneurship. According to research female businesses are more community based; they are also more likely to be successful. For example a female is more likely to start up a charity from scratch as it will benefit the community and offer a service. They are likely to also get funding and help from friends and family. In such cases, success is measured by service. Men on the other hand are more likely to have a business on a regional, national or global scale. Funding is accumulated more traditionally from companies, and success is measured by growth and profit.

Overall becoming a Young Entrepreneur is empowering, as you are able to offer a unique, innovative product or service to the world, which nobody else has. Owning your own business can be stressful however if you order your priorities it is possible for almost anyone to start something they can take pride in.

Here are a few tips to help get you started.

1.  Find a gap in your market field and see how you can fill that gap

2.  Research on your product or service find the benefits the disadvantages and the risks

3.  Get started!

4.  It is fine to do a business alone, however if you are young you may lack knowledge in certain areas which will cause you to make mistakes. Therefore talk to a specialist or someone who has an established business similar to your own to get ideas.

5.  Start networking and building relationships with other business owners, as they may be able to help or contribute to what you are doing.