beyond school
Enterprise
Getting started
More than one in three young people want to start their own business, at some point. Their perception is that careers advisors only rarely suggest or acknowledge this as a suitable option for them.
Links with real business people
If your child has done a businessdynamics programme in school, they will already have an idea about how businesses work.
If they are particularly interested in starting their own business, see if they can get a place at one of the Blue Skies shows.
Blue Skies puts young people face to face with young entrepreneurs in a lively, interactive event. To check on availability visit the Blue Skies section of the businessdynamics website.
businessdynamics' The Little Book for Big Ideas is also a good starting point, with lots to think about, and information and links for aspiring entrepreneurs.
Your child can also test ideas online, by taking part in the e-business challenge which businessdynamics has developed in association with Deutsche Bank. The site has lots of information; including case studies and a business plan template, and great prizes!
Young people won't be taken seriously unless they have knowledge and experience of the subject, so the first stage is all about background research, contacting people in a similar line of business and even some small-scale market research.
An idea, which is specifically aimed at other young people, is usually the most promising area for a young entrepreneur. They can gather useful information and test out their idea on other students or young people. This is often a difficult age group for businesses to gain access to and they will look more favourably at proposals in this area.
An excellent starting point is the Shell Livewire programme. www.shell-livewire.org has basic information about getting started in business, and some prize money that will certainly appeal.
What sort of project?
From selling your own line of clothing on a market stall to visiting big companies with a new idea for internet security, the possibilities are endless. Most young people do find it hard to figure out if their idea has legs (will it run?). Most will need some support as they try to figure out a business plan. The chances are that whatever it starts as, it will have to adapt to fit in. Keeping detailed records of meetings and phone calls, a note of everyone's names and contacts and organising presentations is very hard work. Students will need support from a tutor or other mentor who also believes in the viability of their idea.
Funds and grants
The first port of call does not have to be the bank. You need advice and perhaps some other backing before you go to a bank, so that you can present the best possible outline to them.
The Prince's Trust www.princes-trust.org.uk has free self-help kits and advice lines, and offers assistance with forms and planning. They'll help you test whether your business idea is viable. If you are turned down for funding and you still want to pursue a business idea, you can also apply to the Trust for low-interest loans, grants, as well as access to mentors.
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