The amount of startups founded by young entrepreneurs under the age of 20 is rapidly on the rise. The latest teenage generation are the first too have grown up with the internet, and with the ease of access when it comes to starting a business online many bright entrepreneurs have emerged whilst still in their teens.

It is also more common place to see teens who have taught themselves code and are able to create innovative web apps due to the freedom they possess. As this generation have grown up along with social networks they know how to leverage these. What may start out as hobby/after school project can turn into a real business.

But how do you survive as a real business when you are just seen as a kid?

As a teenager you are left with less responsibility. No kids, mortgage etc… (Well most of the time)  to look after. The risks to consider for a teenpreneur are much less in this sense.

Often a lot of the larger organizations that are more established,  are seeing real competition from startups with young founders who are have grown up with a different way of thinking. As the world continues to change and the face of business changes as well, the mindset of the older organizations are different too those of the younger entrepreneurs and that is where the next generation of young entrepreneurs can gain a competitive advantage over larger corporations in older industries.

We as a younger generation take for granted much of what we see as being the norm, but in reality it is still very new. This is a new way of doing business, older generations grew up and learned a different way of business. As a younger generation comes through and spend ever increasing amounts of time online, businesses no matter what background are having to have an online presence, which may be more than just a website and actually have to offer their products & services online.

A big consideration whens starting your company whilst still very young, is how are you supposed to be taken seriously as a young entrepreneur? It can be harder when getting loans or trying to work with suppliers and partners. How about when trying to get funding? It’s obviously a lot easier when you can show that your business is making money and your model is working, but it can often take a lot of attempts to get there (also having a co founder helps). This is where the power of networking and building strong relationships can help, especially within your own industry.

Entrepreneurs these days have a greater network to learn from than before. It is so easy for anyone to get online and find networking events they can attend or just interact with others who have been through it already. Social networks are the main facilitators of this. Places like Twitter & LinkedIn have allowed young entrepreneurs to compete with the corporate world as they have been able to build strong networks with other young entrepreneurs and also gain knowledge from many others young and old.

I think that young entrepreneurs are not seen to be as much of a pushover as maybe they were previously. Many young entrepreneurs have made it in the past, just look at Bill Gates and Steve Jobs. But I think it’s only now that with the internet, that entrepreneurship has opened up for a lot of under 30′s to be able to take their ideas and go through with it. The barriers to entry are so much lower and the nature of many businesses have changed giving young entrepreneurs the advantage in many industries, except maybe manufacturing.

I think one aspect that is slowly changing is the acceptance of entrepreneurship as a viable career choice, especially when you are young and have no experience, but you have passion and an idea. Much of what we get taught in school is still a very old way of thinking. The education system can’t keep up with the way world and business is progressing and innovating.

Only now are universities offering entrepreneurship courses, but to be honest it’s not just offering a course at university. The entrepreneurial spirit is something you have inside you, it’s a way of thinking and it’s something you grow up with. What about before university, can we see that entrepreneurial spirit and let it flourish?

Starting your own business whilst still being young can be daunting, but surely it’s more daunting when you are older and potentially have more to lose. Big steps have definitely been made and with more media attention being put on the likes of Mark Zuckerberg, hopefully young entrepreneurs can make a bigger impact across many industries and not just in tech (online).

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Editor’s Note: This is a guest post by Andrew Jervis. Andrew is currently on the Masters of Enterprise at the University of Manchester. Brought up on the Isle of Man, Andrew went on to attend School and his Undergraduate education in the North of England. Andrew worked in a graduate position in an offshore bank before embarking on his enterprise journey. Currently he is involved in 3 enterprises each with their highs and lows: Check them out: www.quickvehicleparts.com, www.pieboyclothing.co.uk, www.andypie.co.uk

So you’ve got that amazing idea? Check! You know exactly how it’s going to plan out? Check! It’s going to make you a millionaire with in 18 months? Hmmmm….. Check!

Being (or aspiring to be) an entrepreneur is an amazing experience. It brings out a whole series of emotions – excitement, frustration, joy, worry, laughter, you name it! Inevitably you’ll meet a whole variety of extraordinary people.
You’ll more than likely have no money (or negative) in your bank account at some point and you may even think “what the hell am I doing?” Well if your reading this and you’ve started a business and are currently experiencing some or all of these symptoms, don’t sweat, its perfectly natural.

From a personal perspective starting out on my first business was a hugely exciting period, but one that was approached naively, yet became a great learning experience. With aspirations of having the world of wheel trims eating out of our hands in no time, my self and business partner at the time were ready to conquer the world. Our projected financials had many noughts at the end of the net profit line and we were already day dreaming about great success and riches.

The reality was quite different… We launched and well… the sales came but not by the amount we anticipated… by a considerable amount.

Being positive, ambitious and optimistic are all very important traits to be successful in business. Some people who launch with this enthusiasm hit the jackpot first time and very quickly (Mr Zuckerberg would provide a modest example of this), but as the stats show the majority of start-ups don’t succeed and many of those who do get through the first couple of years go on to make modest incomes.

The point of raising these sobering facts is not to be negative and dampen the fantastic enterprise spirit that has swept the nation but is to prepare people for their enterprise journey ahead. The road is long, fun and enthralling but you have to be prepared for hard work and setbacks. That’s not to say that the journey wont be rewarding as it definitely will be!

From a more practical perspective I thought it would be worth pointing out a few pearls of wisdom that have been passed down to me that I have found particularly useful blended with a little bit of my own experience. From the top and in no particular order:

Don’t settle on your first idea… You are potentially stumbling through 100’s of great business ideas everyday. A really effective way to find a great idea is to look at the problems you encounter every day. I’m pretty sure your problems are not just isolated to you, so if you can solve a problem for your self then you can solve it for whole bunch of other people.

Under take a feasibility assessment…. Undertaking a very basic feasibility assessment on your business can quickly find out if it’s a goer or not. What’s your cost price, what’s your sale price, how many units do you need to sell to break even, how many customers will potentially and realistically buy from you (everyone and anyone doesn’t count!)

Go niche… This is not necessarily a pre-requisite for a successful business but it can be an effective method to get trading in the early days. Find a small particular niche market that no one else is focused on and really deliver great results for your customers.

Be very good at one thing, not ok at 5… I can be very guilty of this, as can most entrepreneurs. With so many ideas flooding through your head it can be easy to get side tracked and before you know it, you can be doing an OK job with a few ideas but not really delivering to your full potential. This brings us back to don’t settle on your first idea…. Be picky and choosy and when you know you’ve found the right idea commit to it.

Network and drink green tea… Regular tea and coffee is OK as well but make sure you talk to other entrepreneurs or free lancers. Starting out can be quite lonely especially if you’ve come from a big organisation so speak with other entrepreneurs, go for tea and cake, share experiences and contacts and help each other out!

Get a mentor… Being able to get some one who’s been there and even got the t-shirt to give you pearls of wisdom along your journey can be priceless. Preferably get a mentor who is tied to your industry and walked your proposed enterprise journey before.

Learn from Failure… Failure is not bad. Infact, failure if used constructively can be a really good thing. Its much better losing a few hundred pound in the early days and learning a lesson, than losing £10,000’s later on having not learnt that lesson. Don’t be afraid to fail and if you do, dust your self off, learn what went wrong and try not to make the same mistake again.

Have fun, get passionate, work hard and play harder… Your enterprise adventure is certainly not going to be dull and it is certainly going to bring out all sorts of emotions. It’s going to be important that you will have to work hard when required to but it’s equally as important to enjoy your new freedom and play when you can. Most importantly enjoy what you do and get passionate about it!

I got a call from a friend of mine, who is currently working on his startup and had recently decided to expand his business by buying a camera to record music artists, artists, poets, basically everyone in the entertainment and art industry to showcase the importance of his business to the industry which i though was a smart move.

After he bought the camera, he started looking for someone to help him with the editing and possibly an interviewer to do the interviews, but time was running and with no luck in getting someone, he calls me.

We ended up talking about how we should work together as i had been talking to him about how i wanted to start the video section of YHP, but just din’t have the equipment, A win-win situation for both of us.

Then he talked about how he is going to start doing the interviews and editing himself because he couldn’t wait forever for someone to come onboard and needed to showcase some of his work which can hopefully give him the exposure he wanted for his business.

To cut the story short….

3 months later, he did his first music video and to be honest, it wasn’t that bad for someone that is just still learning.I had been watching his progress from afar, assessing how much work he was willing to put or maybe he was just one of those people that spent, talked and gave up when things got too complicated.

But rather, he was the opposite, As Lupe Fiasco says “The show must go on” he got the right editing programs with the help of friends and youtube, Oh the mighty youtube, he learnt how to use the camera and how to become better at editing.

In just 3 months, he has gone from someone that knew absolutely nothing about recording or editing,to someone that now has great work to show off in his portfolio.

So to when he called me…

Me:Hey dude, I can’t believe you are doing it, your editing is really coming along nicely.you know.

Him: Thanks man, i really appreciate it, I’m still learning you know, i got so much more to show.

And then he said: you know it’s nothing you know (Of course it is something, spending time going completely into a different industry you knew nothing about had to be something), but anyways that wasn’t the point, I’m sure he was only trying to be modest, he later then said: Joseph, It ain’t really about talent you know, i have just been working hard and learning how to do it you know.

I quickly remembered our last conversation, when we were discussing about just starting something and not spending time speculating or waiting to be perfect and he then agreed that he was going to put his work out there, open to criticism whilst trying to improve its craft.

I guess it just shows that starting something is really important, just as important as the efforts to make that decision to start worthwhile. Maybe spending time worrying and speculating, is giving ourselves Excuses – I mean reasons – not to start.

To put it out simply: Just start it, Just do it, start it today and work hard and keep improving on your work and eventually you will realise that hard work really does pay off.

Before I discuss the issue at hand, i just wanted to say, either you go to university or not, it doesn’t matter. what matters is understanding the reason why you’re not going or going. .

Each path have their advantages and disadvantages, both path requires a certain level of discipline, dedication, focus and passion.

I guess this article in some way is for those that are considering not going to university or can’t get into their preferred university because of the recent space issues.

I hope I’m able to show you there is no definite answer to either going to university or not, just a choice that seems right to you.

Ok now to the good stuff.

I’m sure most of you have read the article on BBC reporting that at least 150,000 students are set to miss out on a degree level place in university this year, even though students got a record “A-level” results.

With 27% of entries gaining As or A*s, can i also add that students starting this year are likely to graduate with an average debt of nearly £25,000.

Over half a million students have applied to universities in the UK (660,000 according to figures on the BBC website and in 2009 only 482,000 got places in university)

Why the sudden rise?

Huge number of job losses has prompted parents into re-applying for places at university to get additional qualifications, which means competition for the small amount of jobs available.
Nothing else to do, no jobs, why not apply? At least there is money in it! Student loans = Guaranteed money.

What is the point?

This got me thinking, what is the point of going quickly into the lion’s den? When you could just take your time to think if you will really want to go?

I say save you the stress of dropping out? Or screw it, just start a business?

I guess you could see it as a blessing in disguise, if it all doesn’t work out, you could always apply to go back the following year.

Most people that are unsure about what they want, end up going for the first year and then dropping out, this way at least they get a taste of what the hype is all about.

But then again, what is the point of them all going to university to graduate only to keep searching for jobs?

Why not start early? Give yourself a head-start, instead of spending 3-4 years of time getting a degree that could prove irrelevant to the rest of your life, you could actually spend time doing something you love and enjoy.

Unemployment rate is increasing and instead of creating jobs, most people are too busy trying to get all levels of degree and then what? Hang it on the wall and live with your parents.

Rather than creating jobs most are waiting for employment, so why not be of the few creating jobs?
The opportunity to focus on your business without any stress of coursework or exam weighing over your shoulders, you can actually focus on building a great business or product.

Networking and building contacts can also be useful, especially those through conferences and parties.

Should i just go to the university – The perks! Is it really that important to have a university degree with a debt of over £20,000?

By attending university, we all know after turning up half drunk to lectures; the next best thing is making contacts and useful networks during your time at the university, oh yeah, your degree as well.

Ok, i am not trying to put you off going to the university, far from it, as you know i love the university life.
I mean we have countless numbers of entrepreneurs that have also gone to the university, graduated and then gone onto building successful companies, so what are you really missing on Late night parties

• The independent life

• Lectures

• Getting a degree

• Getting drunk

• Building networks and contacts

• Having the time of your life

• Student loan debt

Ok i agree that sounds amazing! I would be pissed off if i was you as well.

So here is it again:

Some 660,000 students have applied to university in the UK.
Overall there are more places on offer this year, but the numbers are capped and universities face fines for over-recruiting. In 2009, 482,000 students got places.

If you didn’t get in, screw it, start a business now!

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I and a friend were having a chat on how we wished we started something together in our first year at university, I mean we were all creative, ambitious and had a lot of time on our hands.

We realised how much our business would have grown by now, the traction, the support it would have gotten, instead we spent our time partying away although i admit it was fun, going to bed at 7am and getting up at 5pm were the best days/highlights of my 1st year in the university.

Only if we knew how to balance our time things might have been different, we had enough people in my halls to start at least 10 good businesses, everyone had ideas, everyone wanted to be successful, but we lacked focus and drive and i guess we dint really have anyone who gave us that exposure into the world of entrepreneurship, perhaps we didn’t have the right attitude.

Experience and failure (Start Small)

As someone that started a company in the university, i believe it is always better to start small because it gives you the time to worry less about money but more about the products and services you’re offering, ways to improve and make sure it is going in the right direction.

I started my first company and spent a lot of money constructing the website, not that the website was not worth the money, but with what i know now, i am sure i could have invested that money into something else, probably would have built up the website with cash left to invest in other parts of the business instead of focusing on how fancy i wanted the site to look.

Time

You have 3-5 years to spend in the university, that’s enough time to build your start-up into something credible, by the time you’re ready to graduate, and you will only be worrying on how to grow the business, that’s if you worry at all.

You probably spend most of your time getting drunk, facebook, twitter, YouTube, clubbing, so taking some time to build your business is not that bad.

Your Network is your net worth

I met my co-founder at university and was able to do less, which was more productive and gave me time to focus on other things in the business.

You might end up meeting an investor or a co-founder, or someone that might have the right connection that will take your business to the next level.

If you decide not to continue with your business. You will already have a bunch of contacts that either helps you in a new start-up or perhaps you’re looking for a secured job, you just never know.

Don’t forget that any business you’re going into you’ll be going there with some practical experiences of running and managing a company.

Competition/Awards/support

You can get so much support from your university , if you’re business is cool, I’m sure your university will want to brag about your success, you also have the entrepreneurial society, NACUE, FlyingStartonline, Shell livewire, Enterprise UK, Which will give you some exposures to your company, assistances, workshops and training to sharpen your skills as an entrepreneur, they also give you the opportunity to network with other entrepreneur, you never know what investor might be reading your story.

Student Loans

In total, you probably get £4,950 (Maintenance loan) + £2,906 (Maintenance grant) + Bursary (900)

1st Year – £8756
2nd year – £17512
3rd year – £26268

That is enough money to start up a business or finish up a prototype.

I would encourage you to maybe get a part-time job, and if you have a co-founder or even two co-founders, that is a lot of money and enough money to get something off the ground.

Responsibility

You have fewer responsibilities, less concerns to worry about, which gives you time to build your business.
You have nothing to lose.

Experience

Owning and running your own business is an incredible way to gain experience, it will definitely help you mature, especially as you begin to read business books and self development books to help in growing as a person and an entrepreneur.

You get to learn more about yourself, especially life and business lessons that are not taught in the classroom, you might even get more clarity on modules to choose in the next year or in your final year.
You learn how to speak, dress and act in a professional way.

The University Platform

This is your first initial market where you can experiment, get feedback, get some user experience for your products/services; it gives you such a large network to people to showcase your business to, which is invaluable. You might be able to define your target market through this experiment.

You get free advices from your university professors and tips.

You will have access to different types of people with different skills, you want your logo design- go to the design department, you want a website development – go to the computing department, thinking of getting someone that can help with admin stuff – go to the business department, you get what I’m getting at, loads of resources at your finger tips.

Tip: Everyone loves the story of a kid that started a business in the university.