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*Youth employment is at a record high so it is not surprising that more and more youngsters are setting up their own business and becoming their own boss.
After 17-year-old British student, Nick D'Aloisio, has sold his app 'Summly' for an estimated £24 million, we want to show you what it takes launch a business.*
Steve Jobs in an interview said that one of the most important things when starting a business is passion because it is so hard that you must have perseverance. If you can find something you love and make it in to a business you are much more likely to succeed.
There is no point doing anything that has been done before. A business idea must be niche, focussed and special; and most of all, there must be a demand for it. Think of what you need yourself that currently isn't provided by any other companies.
Money is normally the main thing holding someone back, and unfortunately you do have to break a couple of eggs to make an omelette. Many start ups, even successful ones often don't start making money for a long period after getting off the ground. Put together a simple business plan and ask yourself the following questions:
For more help writing a business plan click here
Make sure you know exactly who your target market are. Speak to people who have already started a business and learn from their mistakes. Seeking advice from a variety of sources is absolutely essential.