Lack of jobs and higher university tuition fees have led to a growing number of teenagers and young people aspiring to be their own boss, according to new research by PC World Business. With A-level and GCSE results recently published and a sixth of young people classed as NEET (not in education, employment or training), there is a new trend emerging of young people looking to set-up their own business.
Nearly half (44 per cent) of young people are looking to set up their own business and are using technology to supercharge their business ideas and get them off the ground. Forty four per cent said they could run their whole business using just a laptop and internet connection, leading to them being dubbed the Generation Y Not? entrepreneurs.
These budding entrepreneurs are not waiting around to start their enterprises. Eight out of 10 16-year-olds have had a business idea for two years or less (some since they were only 14-years-old) and nearly half (46 per cent) are aiming to set up on their own in the next two years. Now is the perfect time for young people to think about setting up a business. Technology can really support them when setting up and it is vital that any young entrepreneur gets the right advice first time round to save time and money.
However, there are barriers to setting up your own business. A lack of funding is the biggest hurdle for young people looking to be their own boss (42 per cent) and 29 per cent said they did not know where to start.
Help is out there but it is just about knowing where to turn to. Technology offers many businesses the opportunity to stay ahead in a competitive market in a cost effective way. Small business owners and start ups do not have to spend a fortune on expensive technology to set up their business.
To enter the Generation Y Not? competition or for more information, visit www.pcworldbusiness.co.uk/gen_y_not