Young Academic prides itself on giving students up-to-date and relevant news. Now students can read how other students after graduating have struggled to find work but when they have been audacious and starting their own firms they have seen the rewards. Harry Whitworth brings you the first in a series of comprehensive career guides and case studies.
The highest rate of unemployment between 21-24 year olds for 15 years is now, making 1 in 5 graduates unemployed. Even with this being the case entrepreneurship has seen a steady rise. Surprisingly non-graduate unemployment is 3% lower than graduate unemployment, and therefore graduates are becoming ready to take the risks and create their own enterprises.
Huge percentages show that there seem to be three main attractions of being an entrepreneur; 84% prefer to be their own boss, 83% are attracted by the freedom and 79% believe they are bigger earners having their own business. These statistics come from Business Link where 500 new entrepreneurs were surveyed.
Business Link provides two services to aid new entrepreneurs to start their new businesses. These are called, The Start-Up Service and Growth and Improvement Service, and therefore these services attempt to buck the trend of young people fearing to start their own enterprise. It is surprising that this is the case as 1 in 4 people believe that there are good start-up opportunities in their area.
Top Tips for new entrepreneurs
Decide if you’ve got what it takes to be your own boss: This tool helps people see if they have the skills and characteristics to work for themselves: a quiz helps them see if they’ve got what it takes, while a myth buster shows what it really means to run a business.
Create your business plan: Creating a business plan is key to any new business, and the business plan template can be used as an outline to get started, along with a step-by-step video which covers everything that should be included in plan.
Develop your business idea: This tool shows people how to develop an idea from that ‘eureka!’ moment right through to a fully fledged business. Plotting goals against current positions, the tool helps identify the challenges ahead; making sure each business idea is built to succeed.
Easy access to grants and support schemes: The updated Business Support Finder provides details of publicly-funded grants, loans or offers of expertise that individuals may be entitled to, as well as information on publicly or privately-funded business recognition awards.
Access to business advice: For entrepreneurs looking for sources of business advice, the improved Events Finder can put them in touch with local networking, training, and peer support opportunities; while the new Mentorsme.co.uk service can help businesses across theUK to find a mentor.
Understanding regulation: The new Business Link services can help start-ups to understand the regulatory environment, collating all relevant information on legislation and regulation so they are up to speed with the things they need to know. It is now possible for a start-up enterprise to carry out all their necessary interactions with government in one place, such as accessing and registering for relevant taxes; and incorporating their company online.
Deputy Director of Business Link, Mark Pacey, said:
“The results from our poll show just how varied benefits of setting up a business can be; from finding satisfaction in being your own boss, to having more freedom to fit work around other aspects of your life. By improving our services we want to help people, including graduates, who have toyed with the idea of setting up their own business but not acted on it.
“Amongst other things, My New Business provides potential entrepreneurs with tools that can help them to work out whether they can work for themselves; see if they have what it takes to be their own boss; and find links to financial help or expertise they may be entitled to. The first step is the toughest, but we’re here to help guide people through the start-up process, and ensure they have the information and support they need to help their business succeed. Visit www.businesslink.gov.uk/newservices for more information.”
An example of how these services have had a great success is shown with young entrepreneur Sabril Islam (20) who took his fate into his own hands after being sacked as a web designer at the age of 14. He is on of the many people who believe that young people should not be daunted to start their own business as he started his own firm, Veyron Technology only two weeks after losing his web designing job. Now at the age of 20 he is seeing his risk taking reaping in the rewards and wants to aid young people to have the confidence to do the same.