5 good reasons why we should encourage young entrepreneurs

Daniel Britton

Daniel Britton is an entrepreneur and financial education specialist. He is the author of The Financial Fairy Tales series of inspirational money books and founder of the Personal Finance Academy which provides interactive, personalised financial education to young people. Daniel was awarded National Enterprise Tutor of the Year 2013 by HRH Duke of York and Peter Jones CBE.

Follow @financial_tales


Website: thefinancialfairytales.com Email This email address is being protected from spambots. You need JavaScript enabled to view it.

College, university, apprenticeships, full-time work… with many school-leavers unsure about what to do after their secondary school education, it’s important for teachers to consider each option carefully so that they might offer advice when needed. As we’ve seen in recent months, a lot of business professionals are encouraging entrepreneurialism in young people. Established entrepreneur and financial education specialist Daniel Britton gives his five main reasons why this way of thinking should be encouraged.

Teachers are in a great position to spot and nurture entrepreneurial talent. The life stories of successful entrepreneurs often reveal that they struggled with traditional education, but occasionally there was someone who believed in them, before they believed in themselves. Despite the uncertain economic climate, reluctant bank lending and unpredictable business outlook – now is exactly the right time for budding young entrepreneurs to start a business.

Here are 5 reasons why every student should consider starting their own business.

Part time income vs. Part time job

In a room of sixth form students, I asked how many had or were looking for a part time job. Unsurprisingly around 90% raised their hands. For those lucky enough to find one, chances are they will be paid at the national minimum wage - £3.79 per hour (under 18s) or £5.13 (under 21s). At those levels, working 16 hours per week is barely going to cover essential expenses, let alone help them save for anything more substantial. Furthermore, the hours necessary are likely to be evenings and weekends which can detract from their studies and important social or leisure time.

What would happen, if instead, young people put that time into their own business? Would they be capable of generating more than the £60 per week they are earning now, with the added benefit of choosing their own hours and planning their own schedules.

“Follow your passion”

Running your own business can give the opportunity to follow your passions. Many young people have hobbies or pastimes in which they can lose themselves for hours. Earning money from these would rarely feel like work.

But can people really make money from video games or collecting football stickers? They do not have to a professional footballer or future rock star, but could write a blog about it, produce an eBook on their training schedule or create a website or fan page. Thousands of people make a living selling items on Ebay or Amazon, and information on how to do it is readily available.

Amount of information available

With the popularity of TV shows like The Apprentice and Dragon’s Den, there has been a real increase in access to advice, tips and inspiration to start your own business.

There are more websites, books, TV programmes, podcasts and video clips about starting a business available today than at any other time in history. Chances are the local library has more business advice than you could ever read – for free! Not every student likes to read, but podcasts, TED talks or ebooks are a great way for them to get inspired.

Low cost – low risk

Not too long ago starting your own business involved high costs for premises, vehicles, machinery or other equipment. Banks wanted security on loans, which meant that aspiring young entrepreneurs needed money behind them, perhaps from savings or family.

For many, this risk was too great and dreams were crushed before they could really begin. The internet has been a real game-changer. Businesses can be started online for a few Pounds, ran from bedrooms, kitchen tables or even classrooms. The internet allows businesses to trade worldwide 24 hours per day, while free platforms such as YouTube, Facebook and WordPress allows businesses to get your products and services out to a potential audience of millions. The good news is that this generation of young people are the most tech savvy in history. They can set up blogs, post videos and share via Facebook before they reach secondary school. It’s a short jump to encouraging them to start thinking about these internet activities as tools for business.

Personal development

The payback for young people running their own business can be financially rewarding, but can also be seen in their personal development. Skills of communication and financial awareness plus qualities of perseverance and self-confidence are by-products of building a business or running an enterprise project.

These life skills will be of benefit whether they choose to become self-employed, have a job or go into higher education. It was once felt that the entrepreneur was a bit of a maverick who didn’t fit well into corporate life. More recently however, big business has realised that a more flexible, innovative, can do approach is exactly what they need from their young people in the information age.

Little Acorns – Mighty Oaks

Everything big was once small. By starting their own business they just may be launching something which one day may be the next Google, Facebook or Apple. They need not to wait until genius strikes or come up with the next amazing gadget or phone App. People have achieved substantial business success in every conceivable area. They all had one thing in common which was that someone, sometime had the courage and encouragement to begin.

Register for free to continue reading
Registration is a free and easy way to support us.
When you register, you'll join a grassroots community where you can:
• Enjoy unlimited access to articles
• Get recommendations tailored to your interests
• Attend virtual events with our leading contributors
Register Now

Latest stories

  • How to handle stress while teaching in a foreign country
    How to handle stress while teaching in a foreign country

    Teaching English in a foreign country is likely to be one of the most demanding experiences you'll ever have. It entails relocating to a new country, relocating to a new home, and beginning a new career, all of which are stressful in and of themselves, but now you're doing it all at once. And you'll have to converse in a strange language you may not understand.

  • Is Learning Fun for You, Teacher?
    Is Learning Fun for You, Teacher?

    Over the weekend, my family of five went to an Orlando theme park, and I decided we should really enjoy ourselves by purchasing an Unlimited Quick Queue pass. It was so worth the money! We rode every ride in the park at least twice, but one ride required us to ride down a rapidly flowing river, which quenched us with water. It was incredible that my two-year-old was laughing as well. We rode the Infinity Falls ride four times in one day—BEST DAY EVER for FAMILY FUN in the Sun! The entire experience was epic, full of energizing emotions and, most importantly, lots of smiles. What made this ride so cool was that the whole family could experience it together, the motions were on point, and the water was the icing on the cake. It had been a while since I had that type of fun, and I will never forget it.

  • Free recycling-themed resources for KS1 and KS2
    Free recycling-themed resources for KS1 and KS2

    The Action Pack is back for the start of the brand new school year, just in time for Recycle Week 2021 on 20 - 26 September, to empower pupils to make the world a better and more sustainable place. The free recycling-themed resources are designed for KS1 and KS2 and cover the topics of Art, English, PSHE, Science and Maths and have been created to easily fit into day-to-day lesson planning.

  • Inspire your pupils with Emma Raducanu
    Inspire your pupils with Emma Raducanu

    Following the exceptional performance from British breakthrough star Emma Raducanu, who captured her first Grand Slam at the US Open recently, Emmamania is already inspiring pupils aged 4 - 11 to get more involved in tennis - and LTA Youth, the flagship
    programme from The LTA, the governing body of tennis in Britain, has teachers across the country covered.

  • 5 ways to boost your school's eSafety
    5 ways to boost your school's eSafety

    eSafety is a term that constantly comes up in school communities, and with good reason. Students across the world are engaging with technology in ways that have never been seen before. This article addresses 5 beginning tips to help you boost your school’s eSafety. 

  • Tackling inequality in EdTech
    Tackling inequality in EdTech

    We have all been devastated by this pandemic that has swept the world in a matter of weeks. Schools have rapidly had to change the way they operate and be available for key workers' children. The inequalities that have long existed in communities and schools are now being amplified by the virus.

  • EdTech review & The Curriculum Lab
    EdTech review & The Curriculum Lab

    The world is catching up with a truth that we’ve championed at Learning Ladders for the last 5 years - that children’s learning outcomes are greatly improved by teachers, parents and learners working in partnership. 

  • Reducing primary to secondary transition stress
    Reducing primary to secondary transition stress

    As school leaders grapple with the near impossible mission to start bringing more students into schools from 1st June, there are hundreds of thousands of Year 6 pupils thinking anxiously about their move to secondary school.

  • Generation Z and online tutoring: natural bedfellows?
    Generation Z and online tutoring: natural bedfellows?

    The K-12 online tutoring market is booming around the world, with recent research estimating it to grow by 12% per year over the next five years, a USD $60bn increase. By breaking down geographic barriers and moving beyond the limits of local teaching expertise, online tutoring platforms are an especially valuable tool for those looking to supplement their studies in the developing world, and students globally are increasingly signing up to online tuition early on in their secondary education schooling. 

  • Employable young people or human robots?
    Employable young people or human robots?

    STEM skills have been a major focus in education for over a decade and more young people are taking science, technology, engineering, and maths subjects at university than ever before, according to statistics published by UCAS. The downside of this is that the UK is now facing a soft skills crisis and the modern world will also require children to develop strong social skills as the workplaces are transformed by technology. 

In order to make our website better for you, we use cookies!

Some firefox users may experience missing content, to fix this, click the shield in the top left and "disable tracking protection"