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Are you ever too young to start a business?

24 Aug 2017

 

With the GCSE results coming out in the UK today. I thought I would ask the question. Are you ever too young when it comes to starting your own business?

 

I always notice cases popping up in the news about the latest child business prodigy. They have usually developed a new app or piece of technology.

 

A great example is that of 17 year old Mihir Garimella. Whose many projects include; a kit to make RC cars self-driving, a device to diagnose concussion on the side-lines of sports games, and a robotic violin tuner.

 

Last year he was noticed by Fortune for his low-cost drone, Firefly. This intelligent drone can be utilised by first responders to check out potentially dangerous environments.

 

Though Mihir clearly has some amazing tech skills. We all know that this is not going to be the case for all entrepreneurs. There are also young bloggers like Alex Fraiser (16) that are making waves in the blogosphere. Or the story of Savannah Brit who became the world’s youngest magazine publisher at just 14.

 

These inspiring stories will give the new GCSE graduates something to think about.

 

The risks

 

Whether you are young or old. There is always going to be a risk when starting a business. Failure holds heavy over many entrepreneur’s heads.

 

A big question for the young is, if failure occurs, are they equipped to deal with the consequences?

 

There is some research from digital agency, Deep Focus, that suggests they just might be. 71% expect significant failure and 40% believe that it is a chance to start again.

 

These sound like some mighty wise words coming from the younger generation. If they are already expecting it, then their ability to deal with it will surely be greater.

 

What about their ability to manage money? Have they learnt the skills necessary to efficiently manage business accounts?

 

Apparently so. This article by Student Loan Hero argues that they might be the most financially savvy generation yet.

 

Tick and tick.

 

How entrepreneurial are they really?

 

I mentioned a few examples of some young entrepreneurs earlier. But every generation has these. Generation Y are the ones who created the tech boom. Can Generation Z compete with this?

 

72% of them would like to start a business someday. So maybe.

 

Wanting to start your own business and actually starting your own business are different things.

 

Well 3% already run their own business and 42% have plans to do so. Not a bad start, don’t you think?

 

Couple this with the fact that 58% have shown an interest to develop skills to help them start their business, and you might have the makings of the most entrepreneurial generation yet.

 

A message for GCSE graduates

 

Starting a business is tough but you already know this.

 

Keep investing in the skills to make those dreams a reality and through your grit and determination you will realise your dreams.

 

If the above examples are anything to go by, sooner than many of us might think.

 

Share this if you think we should expect some great things from the next generation of entrepreneurs.

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