It is no secret that today’s graduates are entering one of the toughest markets in British history and that having a degree no longer holds the same value it used to.
WNOL explores why new graduates have become the most likely candidates to take on the entrepreneurial world…
A graduate's age sometimes makes it harder for them to gain recognition. Photograph: Jenny Bamberger
To successfully set up a business requires flare, risk and most importantly, a fresh idea.
The University of Westminster’s Business lecturer, Richard West told WNOL: “It’s about improving what is already out there. Anyone can set up their own business, as long as they are willing to make things happen… Do students fit the typical profile of an entrepreneur? I would say that yes, they do.”
The Labour government has set up a number of schemes to help new alumni find paid work. But graduate jobs remain scarce, and job seekers allowances have been extended to those that end up on unpaid internships.
An incentive to start up a business
There has been no definite evidence to suggest that the economic climate has directly led to a rise in graduates setting up their own business. But when WNOL spoke to some of Britain’s newest entrepreneurs, it seemed this is perhaps a growing trend.
When Rebecca Hirst graduated in the summer of 2009, she, like many, found herself without a job.
She told WNOL: “When I finished university, I found it difficult to find a job as few graduate schemes were available. As I found myself with time on my hands when summer ended, I made a rather sudden decision to set up a business.
Rebecca is now the UK’s sole supplier for fashion’s latest-trend accessories for the bespoke Ugg boot, which she calls the ‘Boot hug’.
“I originally treated it as a project and something to do whilst I continued to search for a job. But it’s been so successful that I’m looking at it more long term and as a full time job,” she added.
‘Improving what is already out there’
Online restaurant takeaway creator, Joshua Magidson also found himself steered towards starting a business after graduating. “The initial idea came from a very common problem- a case of late night munchies and the inability to find a takeaway menu,” he said.
A similar case was that of Adam Zeitlin, who set up a “Kosher catering for lower prices”.
He said: “I’ve been involved in catering since I was 13. I saw that there was an opening in the market as Kosher catering has significantly gone up in price over the years.”
The risks
But becoming an entrepreneur is not without risks. Professor West warned: “ Whilst graduates have the ideal entrepreneur profile, they have further challenges. As they are still young, it’s sometimes harder for them to gain recognition and be taken seriously. And, like anyone, they have to overcome the fear of failure.”
“Most successful entrepreneurs have failed at least twice,” he added.
Ready for success
The founders of the famous sandwich retail chain ‘Prêt A Manger’ were graduates with an idea. Sinclair Beecham and Julian Metcalfe set up the business after finishing postgraduate courses.
It is easy to see why graduates are becoming the number one candidates for setting up businesses, especially as Britain pulls out of the recession.
With nothing to lose but time, which a lot graduates are finding in abundance, there has seemingly never been a better time to become an entrepreneur.
By Jenny Bamberger