Startup - Help For Entrepreneurs Starting A Business In The Pandemic

Startup - Help For Entrepreneurs Starting A Business In The Pandemic

10 Mar 2021


Young entrepreneurs in the pandemic

Young people have been hit hard in the pandemic as work placements and graduate schemes dried up. Also, they tend to work in sectors like retail and hospitality, which faced some of the biggest job losses. But there is evidence that people in their late teens and early twenties have responded by getting entrepreneurial. Last year, 72% more 16 to 20-year-olds started a business than in 2019, according to a study by The Accountancy Partnership, which looked at people who had registered as sole traders.

 

And around 44% of young people think starting their own business is more attractive since the pandemic, according to a survey of 16 to 25-year-olds commissioned by the Prince's Trust. It found that a quarter would rather work for themselves than for a company, with 62% of young people agreeing it would make them feel more in control of their future.

How to Start, Grow or Develop Your Business

First, ask for help. You might join or start a peer-mentoring group with like-minded future or new business owners. You need a place to go and not be worried about saying something silly or something that sounds stupid or hire a business mentor early on.

It’s important to talk about your challenges. There is somebody else who may have had that same challenge already…You are not the first one.

When you’re in the planning stage, focus on three essential areas: customer — that’s desirability; infrastructure — that’s feasibility; and finance — that’s viability.

Put your ideas down on paper and  keep your ideas flexible and movable as you experiment or your understanding evolves.

Finally, do your research. If you already have social media accounts, follow your competitors and see what they and their followers are saying.

The idea of a business is your starting point, then comes a structure to make it happen. Kieran Perry is a trusted Business Mentor and Expert, contact him HERE to discuss your business. Get the help your business needs today