The Conversation
30 May 2023, 19:09 GMT+10
Getting your foot on the career ladder can be a challenging experience. Looking for the right role within the right organisation or sector is often competitive, uncertain and stressful.
These kinds of concerns may be partly what persuades some young people to strike out on their own instead - to pursue an entrepreneurial path that will allow their creativity and individuality to thrive.
But of course, that is not a path without risk. Entrepreneurs face a wide range of other obstacles and pitfalls. Without the safety net of an employer, they operate at the mercy of the market, and failure rates are high.
My research highlights some of the key attributes required to be a successful entrepreneur, particularly in the digital age, when social media makes any response from consumers immediate and intense.
Put simply, for an entrepreneur to succeed, they require a good idea, a well researched target customer, and funding. They also need the resilience and ability to take calculated risks, and a network which provides advice and support.
This article is part of Quarter Life, a series about issues affecting those of us in our twenties and thirties. From the challenges of beginning a career and taking care of our mental health, to the excitement of starting a family, adopting a pet or just making friends as an adult. The articles in this series explore the questions and bring answers as we navigate this turbulent period of life.
You may be interested in:
Trust is important if you want to succeed at work - here's how to build it
Why 'finding your purpose' matters - and four ways to find yours
So it's not easy. And in the UK (as with many other countries) the current economic climate adds further difficulties for entrepreneurs, including the ongoing cost of living, the costs of being sustainable, and supply chain issues.
These all make the role of the state even more vital in sustaining enterprising environments and entrepreneurial spirits. This generally happens through the provision of things like grants, loans and tax relief.
But the current government has come up with plans it hopes will make it easier for businesses to grow, which include a more manageable tax system (to allow small businesses to focus on their day-to-day operations) and new funding for research and development.
Post-Brexit, it is also keen to attract global entrepreneurs with a programme providing free mentoring, visa assistance and networking opportunities.
There are welcome moves as well to improve links between businesses and universities in England, Scotland, Northern Ireland and Wales. The idea here is for new firms to benefit from the specialist research and skills that universities can provide.
British universities have an important role in encouraging entrepreneurial activity and supporting small businesses. Between now and the end of the decade it is thought that they will provide over Pound 11 billion worth of guidance, advice and research. In the five-year period up to 2026, it has been estimated that around 20,000 businesses will be created through universities.
There are also related organisations such as the National Association of Colleges and University Entrepreneurs, Young Enterprise Scotland, Elevator, and Converge, which all support budding entrepreneurs, helping students and graduates to develop their business-building skills.
Research confirms that both the government and the university sector are vital parts of the entrepreneurial landscape. They have the resources and expertise to be a decisive influence on whether or not the UK is a place that truly welcomes and encourages entrepreneurship.
There is no question that it ought to be. Entrepreneurs are important in any economy, creating jobs and wealth, and increasing competition and quality in a variety of sectors.
After years of researching entrepreneurship, I am optimistic that despite the ever-present challenges, there is good support out there if you know where to look for it. And my main piece of advice for any young person seeking to set up a business is to find that support.
Once you've found it, learn from it, and be inspired by it. Don't assume that you will know the solution to every problem you encounter - instead, seek advice and expertise from as broad a network as possible.
Aside from that, always plan your next business move and be thorough in your research. Consider your unique selling point: how will your business enter the market, and what will keep customers interested?
For those with entrepreneurial ambitions, it is important to stress that it is never easy. They may be in for a rough (and often exciting) ride. But if you know where to find expertise and funding and are blessed with the necessary resilience and perseverance to navigate this volatile terrain, the opportunities for a fulfilling future are there for the taking.
Author: Robert Crammond - Senior Lecturer in Enterprise, University of the West of Scotland
Get a daily dose of Manufacturing Mirror news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Manufacturing Mirror.
More InformationTel Aviv [Israel], May 11 (ANI/TPS): The Israeli government on Sunday approved an NIS 3 billion (USD 840 million) benefits package...
Fully loaded container ships are seen at the port of Los Angeles, California, the United States, Oct. 29, 2021. (Xinhua) California...
New Delhi [India], May 9 (ANI): Tahawwur Rana, a key conspirator in the 26/11 Mumbai terror attacks, was presented before the Patiala...
This photo taken on May 7, 2025 shows the meeting on Czech-China cooperation in Prague, the Czech Republic. (Xinhua/Deng Yaomin) According...
New Delhi [India], May 8 (ANI): Sharing more details on the India-UK FTA, Union Commerce and Industry Minister Piyush Goyal said that...
White doves are released at the end of the commemoration activities marking the 70th anniversary of the victory of the Chinese People's...
WASHINGTON/BEIJING: U.S. Treasury Secretary Scott Bessent and lead trade negotiator Jamieson Greer are meeting China's top economic...
FRANKFURT/LONDON: BMW is anticipating a reduction in U.S. car tariffs starting in July, based on ongoing discussions with U.S. officials,...
BRUSSELS, Belgium: Tesla's sales in Europe nosedived in April, with sharp drops across multiple countries, including an 81 percent...
People learn about tea products from China's Jiangxi Province at Tea for Harmony: Yaji Cultural Salon, in Rabat, Morocco, May 9, 2025.(Xinhua/Huo...
New Delhi [India], May 10 (ANI): Honda Motorcycle & Scooter India (HMSI) on Saturday launched its middle-weight 650cc motorcycles--the...
A detailed look at the military vehicles and weapon systems showcased on Russias Victory Day Parade and how theyre performing on the...