The word “entrepreneur” according to the dictionary simply means “a person who makes money by starting or running businesses, especially when this involves taking financial risks”. People have always developed creative and unique ways to earn an income and make a living for themselves.
Becoming an Entrepreneur after leaving education is a direct path to self employment. Whether it is a family-owned business, home-based office, or a corner-shop, proper management is crucial for your financial survival. You not only need a proper business plan with solid financial structure, but also knowledge on how to run the business to ensure its success. Starting a business might seem impossible but if you are geared with the necessary skills and a clear vision, success is within your reach.
Universities offer Entrepreneurship degrees that usually requires GCSE Maths and English. These degrees takes 3 to 4 years to complete and is a sure fire way to understand all aspects of Entrepreneurship. It will give you the confidence and expertise to succeed at your business venture.
Another path to consider if you already have some knowledge of the industry you want your business to venture in is to go with an organisation that offer tailored support, funding, and mentorship specifically for young people aged 16–30.
1. Refine Your Business Idea
Start by identifying a problem your business can solve or a unique way to offer an existing service.
Market Research: Speak to your target audience to gauge interest and refine your offering.
Skills Building: Use free platforms like Google Digital and Youth Employment UK to develop essential skills in marketing, sales, and money management.
2. Access Young
Entrepreneur Support
Dedicated programmes can provide the roadmap and confidence needed to start your business and to ensure it is set up to make a success. EPIC: Provides a three-month mentorship and support programme specifically for those aged 16–25.
3. Secure Funding and Grants
Funding options vary based on your age and business stage. Grants (Non-repayable):
Some funds provides grants of up to £2,000 for young people not in education or employment to cover essential costs like equipment. UnLtd: Offers awards of up to £18,000 for socially conscious businesses through their Funding Futures programme. Government-Backed Loans: Start Up Loans: You can apply for a personal loan of £500 to £25,000 at a fixed interest rate, which includes 12 months of free mentoring.
4. Legal and Formal Setup
Once your plan is ready, you must choose a legal structure and register your business. Sole Trader: The simplest structure where you are the business; you must register for Self Assessment with HMRC.
Limited Company: A separate legal entity from you, requiring registration with Companies House.
Bank Account: Open a separate business bank account to keep personal and business finances distinct.
Entrepreneurs in the UK earn around £58,800 annually, which is approximately 57%-60% higher than the average UK salary. While average salaries often fall between £42,000 and £60,000, income varies widely by experience, with ranges typically spanning from £26,000 to over £100,000 for seasoned founders, with roughly 60% of owners paying themselves dividends
