53% of young people in the UK are interested in starting their own business and this is on the rise. [source: Student Attitudes to Business 2005]. So what can they do to get started on their entrepreneurial journey? They could enter competitions, often as part of their studies, or glean inspiration from events such as Enterprise Week.
13-19 November is Enterprise Week in the UK. It includes thousands of events in schools, colleges and workplaces to inspire teenagers and twenty-somethings to turn their ideas into reality. This year includes Ideas at Work Day, Women’s Enterprise Day, and a Speednetworking extravaganza.
‘It [is] a great event, very inspirational. Toby and Shamir (former students, now entrepreneurs) shared their experiences and gave lots of great advice, the most important being that you have to start off by talking about your idea, and then you have to make it happen.’ Riad Huballah, student, University of Nottingham.
UK university students take part in this international motor racing competition. It helps develop their engineering skills, as they have to design and build single-seater racing cars. They also have the fun of competing against each other in races – the ultimate test of their designs.
Dr Howard Ash, from Oxford Brookes University, thinks Formula Student is an ideal way to launch a career in this area as it ‘gives students the chance to put theory into practice … in order to succeed, the students have to consider everything involved in the motorsport industry, including how to market themselves, and raise the necessary budget to compete.’
If you’re a young entrepreneur you might want to take a look at this competition. Finalists are chosen for their entrepreneurial spirit, creativity and business performance. This year they came from countries as diverse as Scotland, Barbados, Sri Lanka and Kenya, and run businesses ranging from sandwich shops to fake currency detectors.
The competition shows how entrepreneurism doesn’t mean just looking out for yourself. Sasha Hurrell, from the International Business Leaders Forum, says, ‘Many of the young entrepreneurs also help their own communities to flourish by employing local people, setting up projects for the disadvantaged, and inspiring and mentoring young people with business ambitions like themselves.’
So if you have an idea, find out how to act on it and get entrepreneurial!
Stella
November 2006
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