Entrepreneurship is vital to the UK’s economy and the enterprise sector is a booming place to be. Figures from Start Up Britain earlier this year report that the number of start-ups hit a record level in 2014, with more than 580,000 new businesses registering with Companies House. Early signs indicate that the figures for 2015 will show a rise too.
And it seems that a lot of students are making their mark in this area. A survey by Direct Line Business Insurance reports that 15% of undergraduates are planning to start their own company after graduation. However, 52,000 already operate their own enterprises even while studying for their degree. Starting a business these days is quicker and easier – much of the technology to generate sales, keep accounts, market and promote the business, is widely available at relatively little cost.
Working as a self-employed person or creating an innovative new enterprise by exploiting a gap in the market, are powerful tools to create new jobs and power the economy. Using your creativity to not only generate an income for yourself, but also employ others in your business helps to drive the economic engine forward.
But being an entrepreneur is about much more than collating the tools and technology that allow business transactions to take place. It is about developing an entrepreneurial mindset, a range of skills, attitudes and behaviours that foster innovation and make connections. It involves instilling the drive to turn ideas from a concept into reality. Just like Nayan Patel, who developed the enterprising skillset needed with help from the University of Leicester’s resources.
David Docherty, Chief Executive of NCUB said:
“University is a good time to develop ideas, take advantage of the resources on offer and plan ahead for your move into dynamic entrepreneurship. It’s a time when you’re relatively free, many of you without a mortgage or children to worry about. And if you have already launched a business, you can use the time to experiment – see what works, what doesn’t work and dust yourself off if you make a mistake. A can-do attitude and the ability to turn failure into success is what will help you succeed.”
Keep an eye out for our new Starting a Business section which will contain resources, information on how to start a business and advice from students who have already taken the leap into entrepreneurship. If you’re an early stage entrepreneur, you may benefit from one of the free, interactive sessions held by City Unrulyversity.
Let us know if you are a student entrepreneur and we can add your story!