There was a record number of over 600k new start-ups last year, which is expected to be surpassed in 2016. As Lord Young expressed in his 5 year report on small businesses in the UK, ‘we are in a golden age for small firms’. It is not just well established professionals starting their own businesses, but internet savvy students are also turning their backs on the corporate life after their studies and setting up their own companies.
Students are taking advantage of the ‘golden age’, knocking down barriers that have, until now, been difficult to breach. This is fuelled by the number of graduates who are struggling to secure a professional role after their studies, with the Higher Education Statistics Agency reporting that a fifth of students are in this predicament. It is therefore not surprising that students leaving university are exploring the idea of going it alone. In the UK Young Entrepreneurs are leading the way with innovative businesses, encouraging likeminded entrepreneurs to follow suit.
We have outlined 6 reasons why starting your own business after University might be right for you . In typical SPD style we have added a few quotes from leading entrepreneurs, starting with Emil Motycka “The earlier you start, the more time you have to mess up.”
1)New technology has made it easier for entrepreneurs to start a business with very little initial capital. In a world ruled by technology, the internet has created a global shop window that small business can exploit, simply by creating a website. The rise of social media has made customers more accessible than ever, and small business even more competitive. As social media guru Gary Vaynerchuck puts it, “There has never been a better time in the history of time than right now to start a business”.
2)“Changes of scenery…can lead to all sorts of new ideas” is a quote taken from hit book Remote: Office not required, written by Jason Fried. He explains that we are going through a transition period spurred on by new technology, whereby there is no longer a need to be rooted in an office from 9-5. We are living in a 24 hr marketplace. Great for young entrepreneurs who lack the start-up capital to open an office and wish to create work-life balance.
3)A traditional career path tends to begin from the bottom of the ladder and, as time passes, you become more exposed to how the business operates as your responsibilities grow. Starting your own business fast forwards this process, allowing you to gain a holistic overview from the very beginning. “I find it best to dive right in and learn the hard way.” Pete Cashmore, Mashable.
4)People take different paths as they leave university, some jet off around the world, others compete for exclusive graduate schemes, and even more take entry level jobs. Yet this is a stage of life where many have no mortgage, children, or credit card, the ideal time to try something new like starting a business. “If you start with nothing and end up with nothing, there’s nothing lost.” Michael Dunlop
5)Job security is never guaranteed, as an entrepreneur you’re in control. “Control your own destiny or someone else will” Jack Welch
6)Our final point is the sense of accomplishment you will get from taking the plunge and pursuing your passion. “All your dreams can come true if you have the courage to pursue them” Walt Disney
There are a seemingly endless number of pitfalls to consider when starting businesses, which are bound to place doubt and uncertainty in any budding young entrepreneurs mind. These include thinking of that one great idea, the inconsistent income, the isolation and pressure of working alone, the burden of student loans, pressures to conform, and lacking the capital to get off the ground.
Do you have entrepreneurial instinct, but don’t feel you have the required skills or tools to act and pursue your business venture? last week SPD launched a brand new course, titled ‘The Entrepreneurs Training Programme’. The course is ideal for would-be entrepreneurs wanting to take the next step and realize their business aspirations. If you have a business idea, want to be your own boss or are leaving university and don’t think the traditional career path is for you, this course could be the answer.
Join ONECPD and not only take advantage of 10% off the ‘The Entrepreneurs Training Programme’ but also receive exclusive industry insights from leading professionals.