Recent research suggests that the number of teenagers who are setting up a business has risen 700% in ten years.
The research, carried out by OneFamily financial services provider, found that the rise in young people starting their businesses from 491 in 2009 to over 4100 has been driven by technology start-ups. Businesses run by teenagers are more likely to be focused on technology, clothing, make-up and accessories, entertainment, media, fashion, food and drink and health and beauty.
Why the Rise?
There are a number of reasons why teenagers today can embrace their entrepreneurial spirit and set up a business. According to the BBC, teenagers today have been inspired by the likes of Steve Jobs, Sir Richard Branson and Mark Zuckerburg. As a generation that grew up with the internet, they are quick to master the latest innovations in technology and social media, making it easier for them to research their business, build it and promote it.
Growing Up with Technology
Today’s teenagers have grown up with modern technology and learn at an early age their way around graphics, presentations, spreadsheets and social networking. They are able to do the creative side of promoting their business and the more technical side of analysing figures and accounts, understanding everything from using a PDF to Excel and knowing all the short-cuts to be able to convert one to another, such as using https://pdftables.com/.
To encourage young entrepreneurs, universities can sometimes have entrepreneurial funds to help young people set up their businesses. The government can also offer help and advice on how to access start-up loans and mentoring support.
With today’s teenagers focusing on good business ethics, sustainability and being passionate about climate change and networking, many see the advantages of taking control of their business rather than having to work for someone else. They enjoy being able to set their own goals and being able to make the right ethical choices, having the power to make sure they are getting everything right. It’s important to them that they achieve the right look and style but that they also consider the sustainability of their products and business.
In their well-connected world, through social media they can get their message out and easily reach like-minded peers to help their businesses thrive.