This is especially the case for University graduates, where unemployment rates are 3% higher than non-graduates . Enticed by thoughts of job satisfaction, freedom and personal success, more and more graduates and young people are taking the plunge and starting up their own businesses.
The personal and professional benefits of entrepreneurship were highlighted in research released today by Business Link, where 500 entrepreneurs spilled the beans on what they enjoy most about working for themselves .
When asked about the benefits of self-employment, ‘satisfaction’ was the most highly valued benefit, with 86 per cent of entrepreneurs agreeing that they gain more job satisfaction than they would if they were working for somebody else. 84 per cent believe they are more successful being their own boss, over 80 per cent cited ‘freedom’ as one of the biggest attractions and 79 per cent said they think they ‘earn more money’.
However whilst a quarter of the working population believe there are good start-up opportunities where they live, a fear of failure could prevent one in three from starting their own business .
To help people to overcome these fears Business Link has launched two new online services to help people to start-up and grow their businesses.
The Start-Up Service, called My New Business, which has been launched alongside the Growth and Improvement Service, is for budding entrepreneurs in the beginning stages of starting their business.
The service provides a list of recommended start-up tasks to guide people from the first inkling of an idea, right through to running and managing their own business. These tasks can be filtered to create a personalised list of key tasks, specific to each individual, which can be listed by priority and given due dates.
People considering starting-up on their own, will find a number of tools on the Start-Up and Growth and Improvement Services which will help them to think through the options and get started.
Decide if you’ve got what it takes to be your own boss: This tool helps people see if they have the skills and characteristics to work for themselves: a quiz helps them see if they’ve got what it takes, while a mythbuster shows what it really means to run a business.
Create your business plan: Creating a business plan is key to any new business, and the business plan template can be used as an outline to get started, along with a step-by-step video which covers everything that should be included in plan.
Develop your business idea: This tool shows people how to develop an idea from that ‘eureka!’ moment right through to a fully fledged business. Plotting goals against current positions, the tool helps identify the challenges ahead; making sure each business idea is built to succeed.
Easy access to grants and support schemes: The updated Business Support Finder provides details of publicly-funded grants, loans or offers of expertise that individuals may be entitled to, as well as information on publicly or privately-funded business recognition awards.
Access to business advice: For entrepreneurs looking for sources of business advice, the improved Events Finder can put them in touch with local networking, training, and peer support opportunities; while the new Mentorsme.co.uk service can help businesses across the UK to find a mentor.
Understanding regulation: The new Business Link services can help start-ups to understand the regulatory environment, collating all relevant information on legislation and regulation so they are up to speed with the things they need to know. It is now possible for a start-up enterprise to carry out all their necessary interactions with government in one place, such as accessing and registering for relevant taxes; and incorporating their company online.
Mark Pacey, Deputy Director, Business Link said: “The results from our poll show just how varied benefits of setting up a business can be; from finding satisfaction in being your own boss, to having more freedom to fit work around other aspects of your life. By improving our services we want to help people, including graduates, who have toyed with the idea of setting up their own business but not acted on it.
“Amongst other things, My New Business provides potential entrepreneurs with tools that can help them to work out whether they can work for themselves; see if they have what it takes to be their own boss; and find links to financial help or expertise they may be entitled to. The first step is the toughest, but we’re here to help guide people through the start-up process, and ensure they have the information and support they need to help their business succeed. Visit www.businesslink.gov.uk/newservices for more information.”
Sabirul Islam is a young entrepreneur who benefitted from shaping his own career path. At the age of 14, he was fired from his job working as a web developer for his cousin and decided to set up his own website design company. Within two weeks he had set up his own company, Veyron Technology, taken on his first two clients and made over £1,000. Now, aged 20, his vision is to inspire young people on a global scale and prove that starting a business doesn’t have to be as daunting as it initially appears.
Sabirul Islam said: “Young people face so many set-backs before they even enter the working world; it’s no wonder so many people are finding it difficult to find the job they want, especially with the job market as it is. From my personal experience I can highly recommend the entrepreneurial route and Business Link’s new services bring everything together to help entrepreneurs to get their business idea off the ground. You have everything from links to financial support to tips on employment and legislation rules, all of which are invaluable when starting your business.”