The great news is that there is no minimum age requirement to set up your own business. But how do you start?
In today’s rapidly evolving world, young people are increasingly drawn to entrepreneurship. The combination of technological advancements, a desire for independence, and the ability to quickly adapt to new trends makes the youth of today well-suited for starting businesses. Whether you're just finishing school or looking to pivot from a traditional career path, now is a great time to explore your entrepreneurial potential.
Advantages of Starting a Business as a Young Person
- Adaptability and Learning Agility: Young people tend to be more adaptable and open to learning new skills. This flexibility can be a significant advantage in the fast-paced business world.
- Fresh Perspectives: Youth brings fresh ideas and innovative approaches to traditional industries. Your unique viewpoint can help you identify gaps in the market and create novel solutions.
- Technological Savvy: Growing up in the digital age means you’re likely comfortable with technology and social media, essential tools for modern businesses.
- Energy and Enthusiasm: The energy and passion of youth can be powerful drivers. This enthusiasm can help you overcome challenges and stay motivated.
- Risk Tolerance: With fewer financial and personal obligations, young entrepreneurs can often afford to take more risks, which is a crucial component of business success.
Disadvantages to Consider
- Limited Experience: Lack of experience can be a hurdle. Navigating business complexities without a solid background requires extra learning and mentorship.
- Financial Constraints: Securing funding can be more challenging for young entrepreneurs with limited credit history or savings.
- Credibility Issues: Younger business owners may face challenges in being taken seriously by potential clients, partners, or investors.
- Knowledge Gaps: Running a business requires a wide range of skills, from financial management to marketing. Young entrepreneurs may need to quickly acquire this knowledge.
Practical Steps to Starting Your Business
- Identify Your Passion and Market Need: Your business should align with something you are passionate about and a market need. Conduct thorough market research to understand your potential customers and competitors.
- Develop a Business Plan: A solid business plan outlines your business idea, target market, competitive landscape, revenue model, and financial projections. This document will guide your strategy and help attract investors.
- Seek Funding: Explore various funding options such as personal savings, family and friends, crowdfunding, small business grants, or angel investors. Some organisations specifically support young entrepreneurs.
- Build a Strong Online Presence: Establish a professional website and leverage social media to build your brand and reach your target audience. Digital marketing is crucial for visibility and growth.
- Network and Find Mentors: Connect with other entrepreneurs, join business networks, and seek out mentors who can offer guidance and support. Learning from others’ experiences can be invaluable.
- Acquire Necessary Skills: Invest time in learning essential business skills. Online courses, workshops, and reading can help you develop competencies in areas like financial management, marketing, and customer service.
- Stay Resilient and Adaptable: Entrepreneurship is a journey with ups and downs. Stay resilient, be willing to pivot when necessary, and continuously seek improvement.
Motivating Examples
- Ben Francis: Founder of Gymshark, Ben started his fitness apparel company in his parents’ garage at the age of 19. Today, Gymshark is a global brand known for its innovative marketing and strong community.
- Mikaila Ulmer: At just 11 years old, Mikaila founded Me & the Bees Lemonade, a business inspired by her great-grandmother’s recipe and her passion for saving bees. Her company has grown significantly, securing deals with major retailers.
- Nick D’Aloisio: At 17, Nick created the news summarisation app Summly, which he later sold to Yahoo for a reported £19 million. His story highlights the power of leveraging technology and innovation at a young age.
Useful Websites and Resources
- The Prince’s Trust: Offers support to young people aged 11 to 30 who want to start their own business, including funding, mentoring, and resources.
- Startups.co.uk: A comprehensive resource for aspiring entrepreneurs with advice, guides, and success stories.
- Shell LiveWIRE: Provides support, funding, and resources for young entrepreneurs in the UK.
- Young Enterprise: Aims to inspire young people to develop business skills through practical learning experiences.
- Gov.uk Business Finance and Support Finder: Offers information on available grants, loans, and support for businesses in the UK.
- Federation of Small Businesses (FSB): Provides resources, advice, and networking opportunities for small business owners.
- Entrepreneur Handbook: Offers practical advice, guides, and resources for starting and running a business in the UK.
- Coursera: Offers online courses from top universities and companies to help you acquire business skills.
- LinkedIn Learning: Provides a vast library of courses on various business-related topics, including entrepreneurship, marketing, and finance.
Remember, age is an asset, not a barrier! With the right mindset and support, you can navigate the challenges and build a successful business. Set out on the journey with confidence and enthusiasm, and you’ll find that taking control of your own destiny can be both exciting and rewarding.
Andy
