Jane Porter explains the psychology of success
Starting a business when you are young can be a hard aim to achieve due to the inexperience. Currently, youngsters have realised that they are the best placed people to exploit media and leisure markets just because they are living in them. These youngsters will rise the initial hardship to achieve benefits in a later stage. Jane Porter explains some steps to make your business success and she affirms the following:
“Starting a business is tough enough, and when you’re young and inexperienced, the challenge of building credibility is an added pressure. But you shouldn’t let your age get in the way.”
The need to be challenged. The need to be valued. A desire for financial independence. These are all powerful motivating factors for young people, an increasing number of whom are setting up their own businesses and making a success of it. But what drives young entrepreneurs? The Industrial Society has researched the views of 10,000 young people, aged 12 to 15, on attitudes on everything from work to the family. Its study, published under the Society’s 2020 Vision campaign, found a number of factors. The first is the legacy of the buoyant 1980s where people were encouraged to take risks. The youngest people in our survey will have only caught the tail end of Thatcher’s Britain but will have grown up watching their elders strike out on their own. A second factor is the change in the nature of work – the decline in long-term employment prospects and the rise in contract and freelance work. No more jobs for life. Many people have realised that the few real advantages of “employment” – occupational pensions, sick pay, company cars – are being eroded. They have seen people around them struggle to adjust to their lives in line with their changing work circumstances. And they have felt the pain it causes.
Ironically, the targeting of “youth” culture by everything from drinks companies to Nike is also influencing their attitudes. Young people are realising that they are the best placed people to exploit these media and leisure markets because they are living in them – they are in the thick of it. Some of the most successful young entrepreneurs exemplify this – they own companies which have grown out of their hobbies and leisure activities, such as computer games.
According to Hara Estroff a new “work ethic” is identified. It appears that many young people do not believe in buckling down to trade their time and skills for pay; they are unwilling to make someone else rich. They have a broader definition of “work” which includes doing something productive or beneficial. And for many young people their “ethic” includes not exploiting others.
They will put up with initial hardship in the hope that they will reap the benefits at a later stage. They are driven by their belief in their enterprise, their love of the industry or field in which they work, and their determination to have more control over their lives than they would as an employee.
“It’s time business realised that the very people it needs in order to compete and survive – creative, entrepreneurial youngsters – are choosing to work on their own, because they prefer it and because they can.”
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