It is difficult to succeed in starting a business at any age. But for those under 25, it is particularly hard.
More and more TAFE or University graduates are considering self-employment. For some, this is part of their chosen profession, like a vet, dentist, doctor, lawyer or accountant. For others, it may mean starting or acquiring a small manufacturing, service or retail business – either on their own or in a partnership.
A large number of tradespeople also end up running their own businesses, whether as a builder, plumber, electrician or painter. Recent graduates with ‘general’ qualifications have started or bought into enterprises as diverse as renting mobile phones, consulting to museums, organising conferences, running travel agencies, restoring furniture and operating a fast food franchise – the list is long.
Young entrepreneurs possess new ideas, enthusiasm, drive and education. However, the lack of practical experience running a business presents a challenge.
There is one big advantage young people have in starting a small business and that is a unique understanding of the market and the specific needs of their potential customers.
When Sir Richard Branson started Virgin Records he was just 16 and at school. Music and bands were a part of his everyday life and his future customers were all around him.
Industry & Investment NSW has a number of activities to assist young entrepreneurs to develop and grow their businesses: