Younger people or wanting a later second career - Business
Discussion
Do you aspire to have your own business?
I'm 46.5 now and when I was 20 all I wanted to do was have my own business (took me until I was 33 to find the right thing but I was always wheeler-dealing)
Since I started my business they introduced tax on dividends - contributory pensions - increasing minimum wage - constant battle against the cost of living and people's income being squeezed
Now we have huge increases in business rates - ever increasing red tape - Brexit (and absolute f
ker for business)
As I begin the slow process of tapering out of my main business I often reflect on the fact (as I see it) I don't think I would be able to get my business off the ground today. Rents have doubled on top of all the above challenges.
Am I just an old jaded car dealer? I am going onto other things and still have ambition but that raw hunger has been beaten out of me by the business I'm in - social media management just the day to day grind. I'm not burned out but I could do with a couple of logs chucking on.
If you are under 30 do you aspire to set up a business? In what sector?
I'm 46.5 now and when I was 20 all I wanted to do was have my own business (took me until I was 33 to find the right thing but I was always wheeler-dealing)
Since I started my business they introduced tax on dividends - contributory pensions - increasing minimum wage - constant battle against the cost of living and people's income being squeezed
Now we have huge increases in business rates - ever increasing red tape - Brexit (and absolute f
ker for business) As I begin the slow process of tapering out of my main business I often reflect on the fact (as I see it) I don't think I would be able to get my business off the ground today. Rents have doubled on top of all the above challenges.
Am I just an old jaded car dealer? I am going onto other things and still have ambition but that raw hunger has been beaten out of me by the business I'm in - social media management just the day to day grind. I'm not burned out but I could do with a couple of logs chucking on.
If you are under 30 do you aspire to set up a business? In what sector?
It really depends on the sector I guess. Knowing a few hospitality people (cafe, restaurant and etc..), they can not wait to get out, as it is impossible to find decent employees. (being on time, reliable and usual things). Obviously high energy prices killer for most types of businesses today anyway.
On the other hand, some other sectors (software, tech, science) can be actually effective, as there is still a good infrastructure here (good universities with decent research).
On the other hand, some other sectors (software, tech, science) can be actually effective, as there is still a good infrastructure here (good universities with decent research).
I'm not under 30 (I'm 58) but I like to think that by dint of my sector (media, marketing, advertising, etc), I retain a more youthful, open-minded, open-eyed view of things compared to many of my immediate peers. What I see is an environment abundant in youthful entrepreneurial sprit to levels I think we've not seen for a long time, if ever.
My Son's 26. He's a self-employed PT and Fitness Coach. I have no doubt that he'll end up owning his own gym at some point. His mate, also 26, is a self-employed Roofer with a couple of lads working for him. One of their school mates is making a tidy income flogging trainers online. A friend's son (22) has recently launched his own designed range of sports clothing, all off his own back with no help from Mum or Dad and doing well.
Then you have no end of kids setting themselves up as influencers and generating decent income as a result.
Looking back, the only person I knew who started their own business in their 20s was me!
For those of my generation, it's easy to become jaded and disillusioned with business life - even if business is good. We look at things like business rates, national insurance and everything else and consider these to be burdens that restrict enterprise. So when we look at those influencers or online fashion sellers of clothes we wouldn't polish our classic Rovers with, we consider it to be somehow 'not business' or seek to in some other way diminish their efforts. This is because our frame of reference is built over many years so we have experienced less burdensome and perhaps, more simpler times. We didn't need social media to make a profit.
The younger generation don't have that frame of reference. They're defining their own. Life is what it is. They can be like us old fogies and moan about it or ignore it and crack on!
The one difference I see is that young people starting a business today are doing so more out of need than desire. It is more difficult for young people to get jobs compared to the past so creating something yourself from which to earn a living is, for some, the only viable option.
More power to them I say, and I feel the older guard can learn as much from them as they can from us.
Hopefully that doesn't come across as patronising!
My Son's 26. He's a self-employed PT and Fitness Coach. I have no doubt that he'll end up owning his own gym at some point. His mate, also 26, is a self-employed Roofer with a couple of lads working for him. One of their school mates is making a tidy income flogging trainers online. A friend's son (22) has recently launched his own designed range of sports clothing, all off his own back with no help from Mum or Dad and doing well.
Then you have no end of kids setting themselves up as influencers and generating decent income as a result.
Looking back, the only person I knew who started their own business in their 20s was me!
For those of my generation, it's easy to become jaded and disillusioned with business life - even if business is good. We look at things like business rates, national insurance and everything else and consider these to be burdens that restrict enterprise. So when we look at those influencers or online fashion sellers of clothes we wouldn't polish our classic Rovers with, we consider it to be somehow 'not business' or seek to in some other way diminish their efforts. This is because our frame of reference is built over many years so we have experienced less burdensome and perhaps, more simpler times. We didn't need social media to make a profit.
The younger generation don't have that frame of reference. They're defining their own. Life is what it is. They can be like us old fogies and moan about it or ignore it and crack on!
The one difference I see is that young people starting a business today are doing so more out of need than desire. It is more difficult for young people to get jobs compared to the past so creating something yourself from which to earn a living is, for some, the only viable option.
More power to them I say, and I feel the older guard can learn as much from them as they can from us.
Hopefully that doesn't come across as patronising!
The difference between taking a risk and plodding has been significantly reduced in the favour of a plodding salaried employment.
Most people going the business route now will be necessity rather than choice.
I went the business route in 2013 and quickly got kicked in the nuts on dividend tax. Nothing positive has happened since and I can’t wait to pack it in.
Most people going the business route now will be necessity rather than choice.
I went the business route in 2013 and quickly got kicked in the nuts on dividend tax. Nothing positive has happened since and I can’t wait to pack it in.
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