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With university fees at an all time high, many young people are opting to start their own businesses
UNIVERSITY IS becoming expensive and even for those completing a degree course, the prospect of finding a decent job seems far-fetched.
Approximately 100,000 students will miss out on a university place this September according to recent figures by the House of Commons Library. And those who re-apply for next year will face a double blow as university fees will have risen to £9,000 per term.
Hindered by a shrinking job market, it’s no surprise that more and more young people are choosing to ignore the traditional employment route by taking their destiny in their own hands and starting a business. Recent figures by small business insurance broker Simple Business compared data from 2007 to 2010 and found a 6.5 percent increase in the number of young business owners.
This week, here! profiles six budding young people who have already taken the entrepreneurial leap.
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ANNIE BEATSON AND SONIA ELSEY, BOTH 24
GIRL POWER: Sonia (left) and Annie
FOR these two business founders, starting a money-making company was more of an afterthought. After years of using hair relaxers and hair gels, the girls realised how much damage it was causing their hair.
They began experimenting with natural products such as tea tree oil and conducted consultations with family and friends. When people began to ask the girls why their hair looked so shiny and healthy and how they could get the same look, they decided to start a profitable business.
Called TreasuredTresses, the company aims to impact and change the hair industry. It was created as a new, fun and young natural hair company, specialising in tailor-made services for people with all types of hair while specialising in all curly types of hair.
“You have to be focused and determined, then you can reap the benefits of your hard work later,” says business graduate Annie. “Perseverance is key.”
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AKIN COLE AND YOMI AKOSILE, BOTH 24
HERE COME THE BOYS: Akin (left) and Yomi
HARD-WORKING business owners Akin and Yomi believe they have to work even harder than their white counterparts, because being black and male can sometimes be a hindrance in the business world.
But, undeterred, the dynamic duo launched Teddy Bear Clothing Club back in 2003, selling logo-designed men’s clothing. They aim to be amongst the big names within the fashion industry and help others develop their business ideas.
“Our Inspiration came from our will to succeed from something that is ours,” says Akin who graduated with a BA in business management and finance. “We wanted to create a business we could be proud of and also make a statement that young black men can do more than what is expected of them.”
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AMINA JAIYESIMI, 17
MISSION: Amina
AMINA Jaiyesimi owns a small business called Min Fashionist, which sees her buying clothing from east London wholesalers and selling them at an affordable cost at markets and social events across London. The business offers a styling consultation service to all customers and anyone wanting general advice on what to wear for that special occasion.
“My mission is to fuse fashion with fun for everyone,” says Amina, who is studying for her AS-levels at Maria Fidelis Convent sixth form in Camden. “It’s about having fun shopping and feeling confident to wear stylish and nice clothing.”
As a child, she loved dressing up and telling her two elder sisters what not to wear, and her friends describe her as a trend-setter. But it was only during secondary school that Amina realised her passion for fashion was not just a teenage craze but a talent she was ready to turn into a thriving business.
“My business is growing and I am keen to expand even further. I’m studying accounts and business A-levels. I will continue with my studies because I feel the knowledge will help my business progress. I like the idea of working for myself and not being left with the burden of debt after university.”
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MICHAEL BERHANE, 23
MICHAEL started GiftsForMenAndBoys just three months ago, selling quirky gifts and novelty products for young men.
“I recently read Duncan Bannatyne’s book Anyone Can Do It, which wasn't too bad in the inspirational stakes.” says the law graduate.
INSPIRED: Michael
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Final thought…
Many young business starters have a similar attitude; believing in hard work and determination. Some young people can find it particularly hard to translate business ideas into a working reality but with the right approach, guidance and support, it is evident that young entrepreneurs can succeed.