Last week, teenage millionaire Nick D'Aloisio made the headlines when he sold his company Sumly to Yahoo! This has made us think more about the rise of younger business owners that are emerging today and that there is more and more support out there for youth entrepreneurs as they become more fearless and think even more innovatively as they grasp modern technology quickly and easily.
Recent reports have suggested that in the past year, the number of young people starting their own business has almost doubled in the past year. Figures by The Prince’s Trust, who run programmes to help young people start their own business say that applications have gone from 800 to 1,400. In addition The Start Up Loans Company have already backed over 1,000 businesses in the past month.
In early 2012, youth unemployment was at a worryingly high rate with more than two million 16-25 year olds unemployed. It was suggested that this increase was a result from a lack of jobs for the under 25s. Society and media highlighted this issue a lot and saw this demographic as a “lost generation”. But reports and statistics show that the younger demographic is fighting back and taking the initiative to create jobs for themselves.
Start up campaigns were in abundance last year with the likes of @UK’s very own Start up 2012, along with others such as Start Up Loans, The Prince’s Trust and Rockstar Youth, all encouraging people to become self starters. These initiatives have all tried to make starting a business easier, affordable and realistic. These initiatives all help towards creating Britain’s very own entrepreneurial generation and help boost the economy.
A boost in the number of start ups is actually a common trend among recessions. As other businesses close down or freeze employment, it leaves a large number of perfectly employable young people to take risks and go it alone. As a result, we have a generation of self starters and new businesses owned by people in their early to mid twenties and generating newer and innovative business ideas and utilising modern technology to help their venture.
There’s been a real push to help the economy grow and there’s a surge in helping organisations out there that can assist in your business start up, from forming to finance to selling channels, so there’s no reason why anyone thinking of starting their own business can’t.