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Young Entrepreneur: Is now the time to start your own business?

entrepreneur-001“If you want swashbuckling action in your life, become an entrepreneur and give it a go.” Richard Branson

And right you are Richard Branson. Starting up your own business can be action filled, risky and exciting – which is why the idea appeals to so many young people. And for those currently out of work, the idea of a money spinning new venture can be even more appealing. After all, who wouldn’t love to be their own boss? With the government ploughing money into start up loans and advice, there has never been a better time to go it alone.

Even David Cameron is on board. Recently he suggested that “…by backing our entrepreneurs and championing small business we can drive forward and grow the economy, and equip this country for the highly competitive era we are in.” If you’re planning on following the advice of Branson, Cameron and co and are thinking of starting up your own business, here are some simple tips to help you on your way to world domination:

Be innovative

Bindi Karia who has devoted much of her career in and around the start-up business ecosystem recently did a Ted talk on ‘What makes an entrepreneur’ in Athens and told them “Don’t be scared to ask questions and don’t let the nay-sayers get you down.” Of course there will be people who will tell you your ideas won’t work, or that someone else ‘has already done that’, but if you have an idea that you’re sure people will buy into then believe in your idea. It may be a success or a failure, but either way you will learn and progress. Not everyone makes it lucky on their first dip into entrepreneurship but many of those who did didn’t give up after their first try failed.

Take risks

Bindi Karia thinks entrepreneurs “have no fear, they are willing to take any risks and have a dogged determination and focus.” All of these qualities; risk, determination, and focus are key in starting up a business, especially if you are starting completely from scratch. Young entrepreneurs often actually have an advantage in that their life is better adjusted to take on risk. Youngsters have less responsibilities and assets they can lose if it all goes wrong. Often young people also find it easier to learn from mistakes and can adapt and improve their business idea as time goes on.

Don’t worry about the recession or financial tasks

The recession and financial woes of the UK should not hinder your dreams of becoming your own boss. Many people, including Julie Meyer, the founder of First Tuesday, Ariadne Capital and Entrepreneur Country, think that the rise in young entrepreneurs will help the UK out of the recession – and the more budding business owners think this, the more it’s likely to happen!

Many young people are put off by the financial disciplines of running a business such as accounting and planning. Thankfully, we now live in an age where the internet can supply us with whatever we need. There are countless business apps that can augment the traditional resources of an experienced accountant plus the advice of any business owners among friends and family.

Get help

Never has there been a time, when so many institutions are trying to help start-up businesses. The government’s Start Up Loans Scheme has increased its age bracket this year (from 24 to 30). It has also put an additional £30 million into the fund so more young entrepreneurs between the ages of 18-30 have access to low-cost loans and first-class mentoring. A staggering 85% of people who took a nationwide poll agreed that these changes in the loan structure would help young businesses start and grow. So why not take advantage of it?

 

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