With youth unemployment at record highs, one way for young people to get a job is to start their own business.
Instead of waiting for someone else to hire you, why not set up a company and employ yourself?
But how do you launch a business during an economic downturn?
Peter Day, presenter of Radio 4’s In Business, has interviewed generations of young start-up entrepreneurs over the years, and here he summarises the words of advice they have shared with him on taking the DIY route.
LESSON 1: HARD TIMES ARE GOOD TIMES TO START A BUSINESS
The way the start-up entrepreneurs tell it, it is tricky to start a business at any time – not just during a recession – but their particular business idea is so niche, so focussed, and so special that they shrug off the gloom and just get on with it.
The upside of starting a business during a downturn is that things can only get better as the economic climate improves, and you will have learnt an awful lot in the difficult times that you can use in the easier ones.
Steve Barnes of the start-up internet fast food delivery service Appetise.com says he has only known economic gloom, but that has not stopped him.
“I don’t know what a boom feels like, to be honest. I don’t really know what to expect.
“When you’ve got such a small start-up business I don’t think it is really going to be affected at all. There’s plenty of opportunities in a recession.”
But what should your business actually do?
LESSON 2: FOCUS ON THE IDEAS STARING YOU IN THE FACE
Lots of people go about finding their niche by using business school tools such as market analysis or sector research. Clever, but remote.
Why not start a business based on a need you yourself have, that is not properly addressed by existing suppliers?…Continue Reading
Source: Bbc.com Retrieved from (http://www.bbc.com/news/business-16595152)
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