Five Woods Summer School at Storthes Hall Park discuss why creating a business at a young age can be a simple pathway to success.
It may seem unusual for young people to look at starting a business while still in education, however it can be viewed that the younger years of life are the prime time to use imagination, creativity and develop entrepreneurial skills to impact work and personal experiences throughout life.
Below are 5 reasons why young people make better entrepreneurs:
1. Less responsibility
In early life, the level of responsibility is much lower as young people don’t usually have to worry about circumstances such as having children or other dependents. The fact that there is less responsibility for younger people means that it’s possible to solely focus on passions and interests, and use these to fuel productivity. Having less to worry about allows more risk taking and less setbacks.
2. Less to lose
Young people generically don’t need money for mortgage payments or bills which means that there is less to lose when it comes to starting up a business. They might have a low income and savings which means they are investing less into their business idea and instead might seek more free funding. The fact that they are investing less with less financial responsibility means that again, they are more likely to take risks and further the chances of becoming a successful entrepreneur.
3. Knowledge of current trends & technology
Naturally, the younger generation have a better knowledge of trends and new technology; it is usually younger people that create and circulate these trends. Social media for example is a huge part of many marketing campaigns in the present day and certain platforms such as Instagram are heavily used by the younger generation. If young people use this platform daily, they are more likely to know what is trending and how to catch attention via the app. Younger people have a fresh and new perspective which is why they can make such good entrepreneurs – in an ever changing market it is important to keep up to date with new trends.
4. Spare time
Even though young people are in education, they generally have much more spare time than the older generation who are already in work. For example, besides their education, hobbies and social life, young people can use their creativity and spare time to come up with unique ideas, research and produce plans for starting a business. Additionally, young people have an average of 13 weeks off during the year compared to around 5 weeks for people in full time work. This abundance of time is ideal for young entrepreneurs to start looking at a business.
5. Starting a business for passion not money
Many entrepreneurs build a business with the vision that it will create an income – this is a rare case for younger entrepreneurs. Young people, especially teenagers, carry out tasks purely for fun and usually for no other motives. Exploring passion and interests are a fundamental part of growing up and therefore sustain the notion that young people would start a business for passion and not money – earning money from a hobby is just a bonus!
It is even more likely for younger people to succeed if they can develop their entrepreneurial skills at a younger age. This prepares them for later life both professionally and personally.
Five Woods Summer School is a bespoke leadership, management & entrepreneurship programme based at Storthes Hall Park in Huddersfield, West Yorkshire for 14-16-year olds. Students can spend a week taking part in workshops, activities and excursions whilst making use of the sites excellent facilities including a games room, cinema room and café.
A competition is also being held for students to have a chance at winning a free place at Five Woods Summer School – more information can be found here.