Less than 10% of business start-ups in the UK are by twenty-somethings, because the continuing trend is for men and women in their later 30s and early 40s to set up a small business once they have support behind them. But this doesn't mean that young entrepreneurs are unimportant. With not only the enthusiasm of youth but also their relative lack of responsibilities, they can often afford to try their hand at business, without worrying about whether they will be able to pay hefty mortgage instalments and support children.
Famous young entrepreneurs include Sergey Brin and Larry Page, founders of Google. As well as creating a billion dollar company, they have entered the cultural mainstream ? 'to google' was recently added to the Oxford English Dictionary. It was whilst studying for a doctorate at Stanford University that the two men began to develop a small business, which would then develop into the goliath we know today. It was surely an advantage that their studies had immersed them in the very latest technological innovations. There are also plenty of small businesses run by twenty-somethings, which are successful, but not in a spectacular manner.
Emma Clark set up Maxcleavage, a lingerie and swimwear company, when she was twenty-five. After leaving school at seventeen, she had worked and accrued savings and contacts. Many young people, specifically graduates, also turn to freelancing. Freelancers are actually small businesses; they typically pursue a profession without a commitment to any one employer.
Freelancing is particularly common in certain professions, including journalism, design and computing. Encouragement for young entrepreneurs has improved in recent years. The National Council for Graduate Entrepreneurship launched four years ago and there are a growing number of competitions aimed at inspiring young entrepreneurs, including Bizcom, organised by the Mercia Institute of Enterprise. Keen entrepreneurs can also gain valuable advice and knowledge by studying at Science and Enterprise centres and departments.
It is also possible that hit shows like The Apprentice and Dragon's Den have given young people a more favourable view of business, by making it seem not only 'trendy' but also possible. Sir Alan Sugar, as he is keen to remind people, started out as a young entrepreneur with plenty of nerve, but little capital. However, of crucial importance to budding young entrepreneurs is to seek small business advice before they set up, and indeed when their small business is already trading.
There is plenty of information online, thanks not only to the traditional portholes such as Business Link, but also to the proliferating blogs by businessmen and businesswomen, which can provide hands-on advice and stories. These sites often exhibit a pleasing camaraderie ? it is not easy running a small business, so support or simply understanding is often welcome. Publications such as Real Business can also be helpful and surprisingly readable, as can setting up a meeting with one of your bank's business managers. Disclaimer: This article has been written for information and interest purposes only. The information contained within this article is the opinion of the author only, and should not be construed as advice or used to make financial decisions.
Expert financial advice should always be sought and any links contained within this article are included for information purposes only.
Adam Singleton is an online, freelance journalist and keen gardener. He lives in Scotland with his two dogs.
