Sales and Marketing

Subtitle

What young people have taught me about starting a business

BY: GUEST AUTHOR

TAGS: Finance

I’m a year into my new job with The Prince’s Trust Enterprise Programme, based in Stevenage, supporting young people aged 18 – 30 as they explore enterprise and self-employment. It seems like a good time to reflect and take stock.

As someone old enough to be their parent (and, dare I say it, I could be their grandparent) there’s a temptation to think that the wisdom of age and experience trumps all other knowledge. Of course it doesn’t - I never stop learning. So what have I learnt over the past 12 months from the young entrepreneurs?

Many of the young people I meet expect to be told what to do and castigated when they don’t (or can’t) do it. The Prince’s Trust Enterprise programme is not about pushing young people to start their own businesses – it’s about enabling them to make informed decisions about where they want to get to in the world of work, and how they might get there. Self-employment is just one possible destination.

A lot of the young people are surprised by this laid-back approach. It’s a fine line between encouragement and more assertive guidance but, in reality, if they can’t motivate themselves to develop their business ideas they’re unlikely to succeed. And if they want a regular boot up the backside, I suggest to them they find someone else to do the kicking.

It’s easy to make achievement one dimensional – as if only what can be counted counts. Yes, it’s important to celebrate success and statistics about new business starts, number of loans made, and mentors matched; these are tangible and easy to compare year on year. But the real progress may be far less visible. Given the complicated lives of some of the young entrepreneurs, arriving at a meeting at the right time and place can be a major achievement in itself. Many are trying to set up a business against all odds – and there are some remarkable successes, even within some ‘failed’ businesses.

Passion is not enough. TV talent shows have created this myth for young people that if they want something badly enough they’ll succeed. This is unfair, it sets up unrealistic expectation in the young entrepreneurs – their business idea may be a bad one and/or they may simply not have what it takes. Managing expectations calls for sensitivity and sometimes, as with parenting, you have to bite your lip and allow young people to make mistakes and, hopefully, learn from them.

A final lesson I’ve learned from these young, sometimes inspirational, entrepreneurs is that setting up a business is often their ‘plan B’. Plan A is to get someone else to pay you to work 9 – 5 with limited responsibility and certainly with someone else working out Tax and National Insurance.

And that’s where The Prince’s Trust can also point to success.

A large number of young people may not be successful business owners but, after attending a four-day ‘Explore Enterprise’ course, mentoring, and developing a business plan, they’re more confident and employable. And a good number then get work – job done!

If you’re 18-30 and want to explore the possibility of starting your own business, The Prince’s Trust Enterprise programme is for you. It’s free and available both face-to-face and online, visit www.princes-trust.org.uk/enterprise to find out more.

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