My Column

Be your own boss.... its the best job ever

  • Date: Monday 7th January 2013
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Welcome to 2013.

It’s the start of the new year, the time when we all vow to make the big changes which will transform our lives for the better.

Some want to quit smoking and get fit, others see it as the perfect time to start looking for a new job.

It’s also a time when people think about starting their own business.

Giving up the regular pay-packet and going it alone can be a daunting prospect, a thought which paralyses many of us and prevents us from jumping off the high-board.

But for those budding young entrepreneurs brave enough to make the leap, your timing couldn’t be better.

As Prime Minister David Cameron announced last week that the government is expanding its start-up loans scheme, which offers young entrepreneurs loans of about £2,500 to help them start businesses.

The scheme had originally been aimed at 18-to-24-year-olds, but is now being expanded to those aged up to 30.

To cater for the wider age band, the funding available for start-up loans will rise from £82m to £112m.

The scheme has received some criticism as it has so far only lent out £1.5m following its launch in May last year.

However the relatively slow start has been blamed on the time taken to set up local partnerships and the target is to lend all £112m by April 2015.

New business creation will be at the heart of our economic recovery and this start-up scheme will play a significant role in the future prosperity of the UK, creating wealth and jobs.

Seed funding has been difficult to come by and some may argue that the banks should be doing more to drive start-up activity.

I agree with this to an extent, but the government also has a responsibility to encourage more start-ups and create the right conditions for growth.

I’m glad they are on the front foot with this as young people need all the help and support they can get at the moment.

School leavers and graduates have limited opportunities just now and many have to work for free or do unskilled work.

I meet young people up and down the country and they just want to get on the career ladder – they certainly can’t be accused of lacking ambition or drive.

I have a good mate who is pushing on with one of the big four accountancy firms and he said he is glad he isn’t up against today’s graduates.

They are now coming in armed with PhDs and significant work experience as they try secure a graduate opportunity with his firm.

Despite these efforts to get a job, I still think that more young people should be thinking about setting up their own business.

Being your own boss and growing your own business is the best job in the world.

But don’t mistake it for being easy.

You need to have a good original idea first, and don’t take your family and friends’ word for it.

Do plenty of market research and make sure there is a demand for your product or service.

And then it is about putting in the long hours to launch your business – anything less than 70 hours a week shows you are not taking things seriously, you have to live and breathe your business.

One thing that struck me last week during the announcement was that only 3,000 people have applied for the loans so far, but if the target is to be met then almost 45,000 entrepreneurs will have to take out the loans.

The problem is clearly down to a lack of awareness, the way the scheme is being delivered and maybe not enough young people thinking about starting their own business.

So at a time when young people are complaining about a lack of opportunity, I urge you to take this one, and think seriously about being your own boss.

It could change your life for the better.

 

Related Content Video: My Journey As An Entrepreneur - How I Started

 

 

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