David Cameron has labelled it "the age of the entrepreneur", and in times of such limited graduate opportunities and high levels of competition for decent positions, it is no wonder that more and more graduates are turning to the idea of setting up their own business and becoming "entrepeneurs".
These ambitious, driven graduates cannot be blamed for believing that they stand a real chance of obtaining success, arguably more of a chance than by reluctantly accepting a graduate job in which they have perhaps very little interest and out of which quite possibly comes very little money, all in the name of avoiding that dreaded unemployed graduate status. A survey by Enterprise UK last month showed that half of Britain's teenagers would indeed like to run their own business, aware of the potential for glory as popularised by shows like Dragons' Den.
However, the reality is often very different. Take Simon McCann, a graduate who turned down a job with one of the UK's top accountancy firms in order to set up his own Fairtrade coffee business. Unfortunately, two years down the line he has had to attempt to sell the struggling business and hit the search for a job again.
Difficulty financing your own business, and the mere inexperience of youth, are labelled as the main reasons for young entrepreneurs' downnfall, assert The Guardian. Toby Reid, another who tried and failed with their own business, last year set up a website to help young hopefuls achieve their dreams of making a success of their solo business. The site highlights the key issues with entrepreneurship, allowing users to follow case studies and use the experience of others to help them. "The idea was born of my frustration at watching so many new business owners making the same mistakes," Reid explained.
Reid hopes that graduates consider obtaining a few years' experience before setting out on the rocky road to becoming an entrepreneur, whether in a job or an internship. It might be crucial as something to fall back on if an unrealistic outlook leads to a failure in the self-employed-businessperson field. If graduates wish to take Cameron up on his claim and set out to launch their own innovative concept, McCann urges them to follow a mentoring scheme which offers crucial advice and guidance, such as Reid's own website.
The age of the entrepreneur? Be prepared as McCann puts it, "being self-employed is tough".
Louise, GRB Journalist
