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Each year many learners leave school or college and progress onto university, apprenticeships or apply for jobs. However, there are a small number of students who have big plans in mind, ‘entrepreneurs.’
Some school leavers may train whilst they make big plans for their future business and others may dive straight in at the deep end. Making this leap isn’t easy. An entrepreneur will want to succeed in what they do and therefore need to be resilient, know exactly what they want to build and why as well as being self-motivated.
Why do young people want to become entrepreneurs?
Learn Now Distance Learning College
has spoken to many potential and current entrepreneurs with most having similar reasons for wanting to secure their future, even stating the following:
“When you go through major changes in life such as recessions and pandemics, you realise no job is safe.”
“Major companies can collapse that no one could have predicted. Some individuals will feel more secure in something they have built themselves rather than relying on other companies as security.”
Other individuals value control and would prefer to be their own boss. This allows them to set their own schedule and priorities. Entrepreneurs will know that the sky is the limit and therefore, can make a substantial amount of money in comparison to a fixed salary.
Finally, an entrepreneur may have an idea they really want to bring to market. They may have strong beliefs about something or want to manufacture a product they feel would make a difference.
Key skills entrepreneurs need
If a school leaver wants to maximise their chances at becoming an entrepreneur, they would normally possess the following skills:
Basic business knowledge
Financial knowledge such as understanding profit, loss, pricing, costs and budgeting. Also having an accounting background can be beneficial. The individual would need to set goals, carry out market research and understand the customer that they are targeting. They will also need to have some legal knowledge such as registering the business and completing tax returns.
Digital skills
Digital skills are constantly changing but many business owners require websites or ecommerce platforms. This is another area of knowledge anyone running an online business will need to fully understand. They will also need to run social media and online marketing campaigns. The internet can open up business opportunities not only in the UK but also internationally.
People skills
If someone is building a successful business, they will most likely need to employ staff members. Therefore, good leadership skills are essential. Keeping customers happy is also important and so communication and problem-solving skills are required.
Overall, the business owner will need to be highly self-motivated, constantly developing their skills and a risk taker.
Support to build a business
Even possessing all the above skills, it can be hard starting a new business. It helps to have some sort of support such as:
Mentorship
A mentor could be someone who has built a business themselves. It could be a similar business and therefore they can share their knowledge and help an individual to understand their industry or niche better.
Business hubs
There are various business hubs about, and some are run by local councils. A business hub can be a place to take yourself and work from a desk. There are normally people in a similar situation doing the same thing who you can chat with and bounce ideas off. Workshops are another great idea to gain some knowledge around your business.
Grants and financial support
Sometimes grants are available such as the SWEF start-up grants for 18–30-year-olds. Other grants include the government-supported programme – start-up loans and ‘The Kings Trust Enterprise Programme.’
Training and education
Some individuals will want to complete a course specialising in their business idea and others may take a Business Start-Up course which normally provides the help required to begin a business and gives them a kick start.
Others may want to complete a degree and will complete a level 3 qualification such as A Levels in order to meet the necessary entry requirements. It is important to choose the relevant A Levels in relation to the degree course being pursued.
Other courses that can be beneficial are Functional Skills in English and Maths.
Problems that can appear because of being an entrepreneur
Financial risk is a big problem for entrepreneurs. Most will take risks without savings or a safety net as a backup. Others can face negative attitudes from family and friends as it isn’t seen as the most traditional route for a school leaver. There can also be discrimination problems, for example, some individuals may be judged based on their age and it could be hard for the individual to get their foot in the door. Other problems to consider is someone’s mental health. Taking on a new business with all the stress can take its toll on someone’s mental health. Especially when you must abide by regulation, compliance and tax.
It is clear from this article that being a young entrepreneur will bring its challenges. It is important that individuals stay self-motivated through ups and downs and possess the skills required in order to become a successful entrepreneur.
