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Mar 20, 2017 · The King's Trust helps young people aged 18 to 30 who want to set up their own business in England, Scotland, Wales or Northern Ireland.
- Be inspired and learn from others’ mistakes. Read the start-up stories of others on websites, in books, or at events for people starting a business. Every successful entrepreneur makes tons of mistakes and they’re often prepared to talk about them with the benefit of hindsight.
- Get some experience. Gain an intimate understanding of the sector you plan to launch a business into. In his early 20s Nicko Williamson, the founder of eco-friendly private car hire business Climate Cars, worked in the call centre of an established private car hire company.
- Know your customer. Researching the market that you are thinking of entering is essential and will tell you if you are on the right track. Talk to people within your customer demographic and get an idea of how they would react to your product or service.
- Know your competition. Market research also enables you to get to grips with your competition. What other products and services like yours are out there already?
- Find your passion. The most successful startups are founded by people passionate about what they do. So what are your passions? Whether you love kayaking or music, the things you’re most interested in can be a great source of inspiration for entrepreneurial ideas.
- Know your market. Failing to understand your market is one of the top reasons new businesses fail. If you want any chance of success, you must thoroughly research your target market before launching your business.
- Get your finances in order. While many startups enlist the help of angel investors to get up and running, you can’t assume you’ll get that type of financial help.
- Prepare to make sacrifices. There’s no such thing as an overnight success. Even the multimillion-dollar startups that seem to pop up out of nowhere were the result of countless hours of hard work before they started making headlines.
Dec 15, 2021 · Are you a young entrepreneur looking to carve their path in the world of business in the UK? This article provides a definitive guide for young entrepreneurs to give you the know-how to start and develop a successful business.
- Anita Naik
- Decide what business to start. The key to helping your child launch a business is to make sure they are passionate about what they want to do. This means letting them develop a good idea so they will be motivated and more likely to stick to it when it feels hard.
- Create a business plan. A business plan is a written account of your business idea. It allows your child to focus on what it takes to plan out a business idea.
- Access materials and training they’ll need. The aim of starting their own business is not just to make money but also to teach kids new skills, including financial ones.
- Give honest feedback and suggestions. As encouraging as you want to be, you need to be willing to give constructive feedback so your child can use their money and time effectively.
Can you start your own business if you’re under 18? Yes, you can. You will have extra challenges ahead of you, because until you’re 18 you’ll have barriers to setting up your own business bank account, getting credit and raising business finance.
Mar 1, 2021 · And around 44% of young people think starting their own business is more attractive since the pandemic, according to a survey of 16 to 25-year-olds commissioned by the Prince's Trust.
