Despite the general economic doom and gloom, bank lending and business outlook – now is exactly the right time for budding young entrepreneurs to start their own business.
Here are 7 reasons why every young person should consider starting their own business:
Part time income vs. Part time job
If you are fortunate enough to find a part-time job, chances are you will be rewarded at the national minimum wage which in the UK £3.68 per hour (under 18s) or £4.98 (under 21s). That’s something like $6 – $7.50
Working 15 – 20 hours per week is barely going to cover your essential expenses, let alone help you save for anything more substantial.
If you applied those 15-20 hours per week into your own business, do you think you may be capable of generating more than the £60 – £100 ($100- $150) you are earning now?
Follow your passion
Your own business can give you the opportunity to follow your passions. Do you have hobbies or pastimes where you can literally lose yourself for hours? Would earning money from these ever really feel like work?
OK you may be thinking but can I really make money from video games or collecting football cards? You may not be a pro athlete or future rock star, but you can write a blog about it, produce an eBook on their training schedule or create a website or fan page.
Ask yourself this question, has anyone ever earned money from doing what I love? If the answer is yes, look for ways in which you can do something like that too.
Amount of Information Available
With the popularity of TV shows like the Apprentice, Dragons Den and Shark Tank there has been a real increase in access to advice, tips and inspiration to start your own business.
There are more websites, books, TV programmes, podcasts, videos and courses available today than at any other time in history. Chances are your local library has more business advice than you could ever read – for free!
Low Cost – Low Risk
There was a time when starting your own business involved high start up costs for premises, vehicles, machinery or other equipment. Banks wanted collateral or security on loans, which meant that aspiring young entrepreneurs either needed money behind them or had to put up assets such as a home to get started.
For many this risk was too great and crushed dreams before they could really begin.
The internet has been a real game changer. Businesses can be started online for pennies, ran from bedrooms, kitchen tables or even coffee shops. The internet allows businesses to trade worldwide 24 hours per day, while free services such as YouTube, Facebook and WordPress allow you to get your message out to a potential audience of millions.
Running your own business can be great fun, but is also likely to involve some effort. The payback is not only financial but can also be measured in your own development. Skills of communication and financial awareness together with qualities of perseverance and self-reliance are by-products of the business process.
These life skills will be of benefit whether you chose to stay self-employed, employed or enter higher education.
Allied with personal development will be the mindset you develop as an entrepreneur. The can do attitude, the openness to try new things, take risks and explore new possibilities will be of great value to you, both as an individual and to any potential future employer.
It was once felt that the entrepreneur was a bit of a maverick who didn’t fit well into corporate life. More recently however big business has realised that the flexible, innovative, can do approach is exactly what they need to move the company forward.
Recent research reveals that entrepreneurs are happier and more optimistic than previously when in employment
Little Acorns – Mighty Oaks
Everything big was once small. By starting your own business you are launching something which one day may be the next Google, Facebook or Apple. You don’t need to wait until genius strikes or come up with the next amazing gadget or phone App. People have achieved substantial business success in every conceivable area. The one thing they have in common was that someone had the courage to begin.