It is widely regarded that small businesses drive the growth of any economy, creating jobs and providing important services. British teens certainly seem to think so, as was revealed by AXA’s latest European survey. According to the survey, 5% of young respondents in Britain dream of being entrepreneurs. While being their own boss undoubtedly appeals to the younger crowd, they are also keenly aware of the obstacles to success in their business ventures. Money, they say, is the number one barrier, others being direction and motivation.
Money is an important factor no doubt, but most start-ups begin small and then expand their business through funding or revenues. Accessing funds to set up a business venture is not a Herculean task – banks and private lenders offer business loans and lines of credit to new businesses. Of course, it wouldn’t hurt if the entrepreneur in question were a wealthy man or woman gladly willing to and much capable of investing a small fortune. But you don’t have to be well off to be an entrepreneur, say AXA’s young respondents. Just 30% feel that being rich is an added advantage for budding entrepreneurs.
The survey also reveals that 39% of the respondents are undecided about their career plans and a mere 1% aim to climb the professional ladder to become CEOs of leading companies. As far as the former statistic is concerned, it appears Brit teens need some more time to contemplate on their entrepreneurial dreams. For those who have made up their minds, the business landscape and the potential for success has never been better.