1he ?

ouLh LnLrepreneur 1oolklL 1

1he
?ouLh
LnLrepreneurshlp
1oolklL
1he ?ouLh LnLrepreneur 1oolklL 2
?ouLh LnLrepreneurshlp: 1eachers ack
INDLk
1. uenluon of LnLrepreneur
2. ups and downs of belng an enLrepreneur
3. MyLhs around enLrepreneurshlp
4. Culck LnLrepreneurlal lacLs
3. ls 8uslness Cwnershlp lor ?ou?
6. 1he 8uslness lan
7. rlnces 1rusL
8. Case SLudy
9. useful conLacLs
1.Dehn|non of Lntrepreneur:
entrepreneur ntrprnnoun
a person who organizes and operates a business or businesses, taking on
greater than normal nancial risks in order to do so.
Someone who baslcally:
1. 8ecomes aware of a need (producL or servlce)
2. CreaLes a buslness Lo fulll LhaL need
uue Lo Lhe naLure of enLrepreneurs, Lhey cannoL be summarlsed ln one denluve way buL Lhey all
have common LralLs. 1hese are some of Lhe mosL common:
-
I|ex|b|e - able Lo work whenever needed
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Se|f Monvated - can mouvaLed Lhemselves Lo Lake acuon
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Good Common Sense - Can make [udgemenLs senslbly and accuraLely
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Good nm|ng - 8equlres pauence and know when Lo [ump ln and geL Lhlngs done!
1here are also muluple Lypes of enLrepreneur and Lhese can be broken down Lo Lhe acronym
'SMlLL'
S SysLem, someone who ls happy Lo buy a proven sysLem and use lL (eg. franchlsee)
M Money, someone who measures Lhelr success by Lhe number ln Lhe bank
I lnnovaLor, Lhe creauve among you who en[oy developlng new ldeas
L LlfesLyle, for Lhose who wanL Lhelr hobby as Lhelr [ob and Lo earn money from lL
L Lmplre bullders, Lhose who wanL power and lnuence and Lo see Lhelr brand
everywhere
1he ?ouLh LnLrepreneur 1oolklL 3
2. Ups and downs of be|ng an entrepreneur
ros Cons
Can make a |ot of money: Lhe rlchesL people ln
8rlLaln are enLrepreneurs of one buslness Lype
or anoLher.
k|sk: 1he nanclal rlsk ln sLarung up a company
does noL guaranLee a xed ow of lncome for
yourself or your loved ones aL rsL.
Independence: Many people don'L llke Lo be
answerable a boss and prefer belng ln conLrol
of Lhelr worklng llves. 1hey are leaders as
opposed Lo followers.
1|me: runnlng a buslness may be heavlly
demandlng on your ume.
ersona| Sansfacnon: enLrepreneurs can be
exLremely fullled wlLh knowlng LhaL Lhey have
made Lhelr own money and can even lncrease
self esLeem.
S|ow kate of keturn: ln Lhe rsL years mosL
buslnesses do noL make a masslve proL. 1lme
needs Lo be lnvesLed for a company Lo grow.
Iam||y: A loL of people become enLrepreneurs
so LhaL Lhey can balance Lhelr famlly llfe and
can Lake ume o Lo help wlLh Lhe famlly.
Not be|ng taken ser|ous|y: can aecL condence
and ablllLy Lo perform.
Soc|a| sansfacnon: Lhrough soclal
enLrepreneurshlp, Lhere ls a loL of communlLy
good, acuve cluzenshlp and well belng. lor
lnsLance, Lackllng a local problem by semng up
a group/servlce/buslness LhaL addresses LhaL
problem.
Lconom|c c||mate: may noL be sulLable Lo new
ldeas. WhaL ls happenlng aL nauonal and even
global level can aecL buslnesses negauvely.
Contro|: 8elng ln charge of how ume ls spenL
and oLher areas of work managemenL lead Lo
greaLer auLonomy and conLrol over llfe.
Iso|anon - many people sLarung Lhelr own
buslness may feel lonely of noL properly
supporLed. lL ls a dlerenL work culLure and
requlres a greaL deal of self mouvauon.
1he ?ouLh LnLrepreneur 1oolklL 4
3. Myth busnng
!"#$ &'()*+ ,
!"#$ &'(#$)#$'$*#+ ,-#' -# ./0$12 LnLrepreneurs are born, noL made. lL's ln Lhelr genes. 1hey all lnvenLed
someLhlng ln a garage when Lhey were 12, wear sLrange cloLhes Lo work and are generally unlnLelllglble aL
parues. 1hls ls Lhe nerd" Lheory of enLrepreneurshlp. 18uL or lALSL?
-*./#" &'()*+,
1he average enLrepreneur ls 33 Lo 43 years old, has 10 years-plus experlence ln a large company, has an
average educauon and lC, and, conLrary Lo popular myLh, has a surprlslngly normal psychologlcal prole. As
a group, Lhey look and Lalk llke you and me-a falrly average bunch.
!"#$ &'()*+ 0
&'(#$)#$'$*#+ /#$ -'34 5' ,*+5'$++ (- ./6$ .-'$412 1he enLrepreneur's overrldlng goal ls Lo be a
mllllonalre. Pe or she does lL for Lhe money, pure and slmple. 18uL or lALSL
-*./1#" &'()*+ 0
8esearch denles Lhls myLh. 8elauvely few enLrepreneurs ever earn Lhe klnd of bucks pald Lo CLCs Lhese
days. 1he enLrepreneur's real obsesslon ls Lo pursue hls or her cusLomer/producL vlslon. Money ls Lhe
necessary fuel Lo do Lhls. lnvesLors or lenders can spoL Lhe geL-rlch-qulck" Lypes and avold Lhem llke Lhe
plague.
!"#$ &'()*+ 2
!&'(#$)#$'$*#+ /#$ +7/04 87/#/8($#+9 #$/04 (- (/6$ 3$:/3 +7-#(8*(+ /'0 /#$ :$'$#/334 -' (7$ )#-;3 <-# +*86$#+
(- (/6$ /0=/'(/:$ -<>2 18uL or lALSL
-*./1#" &'()*+ 2
Compared Lo uneLhlcal buslness leaders feaLured ln Lhe news, enLrepreneurs don'L seem so greedy aer all.
ln such a sorry sLaLe of aalrs, Lhe Pondas and 8ransons and WalLons of Lhe world look more and more llke
salnLly proLecLors of old-fashloned vlrLue. 1he unhappy facL ls LhaL low eLhlcs and lllegal Lacucs seem preuy
well dlsLrlbuLed LhroughouL Lhe populauon.
!"#$ &'()*+ 3
!&'(#$)#$'$*#+ /#$ 75:7 #5+6 (/6$#+?#$/3 0/#( (7#-;$#+>2 18uL or lALSL
-*./1#" &'()*+ 3
LnLrepreneurs may be lnnovauve, buL LhaL doesn'L make Lhem foollsh. lL's Lhelr money Lhey're rlsklng. 1he
reallLy ls LhaL blg company execuuves regularly Lake greaLer rlsks wlLh shareholders' money Lhan
enLrepreneurs are wllllng Lo Lake wlLh Lhelr own. As Lo Lhe rlsk" of leavlng a secure [ob and sLarung ouL on
Lhelr own, all rlsk ls relauve. MosL enLrepreneurs belleve LhaL Lhe greaLer rlsk ls Lo leave your fuLure reward
and sausfacuon ln Lhe hands of a serles of corporaLe bosses, all of whom have Lhelr own agendas Lo push.
8emng on Lhe corporaLe louery for Lhe nexL 30 years ls a rlsk mosL enLrepreneurs aren'L wllllng Lo Lake.
!"#$ &'()*+ 45 @A'34 BC -< (7$ )-)*3/D-' -< (7$ EF 8/' ,$ $'(#$)#$'$*#+1@
Pere's Lhe laLesL one Lo hlL Lhe sLreeL: 1oo many enLrepreneurs spoll Lhe nauonal brew. Lveryone can'L go o
and [usL do hls own Lhlng." Who's golng Lo mlne Lhe coal, produce Lhe sLeel and make Lhe cars? Lvery
counLry needs lLs fooL soldlers Loo. 18uL or lALSL
-*./1#" &'()*+ 4
no one's suggesung LhaL everyone [usL do hls or her Lhlng or LhaL Lhe whole world should work ln a garage.
WhaL ls suggesLed ls LhaL everyone needs Lo become compeuuve, lncludlng Lhe folks ln glanL corporauons.
lor maverlcks and fooL soldlers allke, a sLrong dose of old-fashloned enLerprlse lsn'L a bad place Lo sLarL. 1he
unlLed klngdom as a socleLy belng dened by lLs pollucal parameLers as a caplLallsL merlLocracy encourages
free enLrepreneurlal splrlL and encourages lL Lo redlsLrlbuLe wealLh beLween larger corporauons and Lhe
people.
1he ?ouLh LnLrepreneur 1oolklL 3
4. u|ck Lntrepreneur|a| Iacts
MosL enLrepreneurs are a preuy average loL:
- 40 have secondary educauon or less
- Women succeed as oen as men
- MosL dld noL plan Lo own Lhelr own buslness, buL lL came abouL because of clrcumsLance
S.Is 8us|ness Cwnersh|p Ior ou?
8uslnesses fall lnLo Lwo caLegorles: Lhose provldlng servlces and Lhose provldlng producLs. As you
Lhlnk of becomlng a buslness owner, you musL become a creauve Lhlnker. 1hls means Lhlnklng of
Lhlngs you en[oy dolng and decldlng lf Lhese Lhlngs you en[oy can asslsL you ln maklng money. As
you Lhlnk, remember lL wlll be
lmporLanL Lo Lhlnk of Lhlngs you en[oy, noL [usL Lhlngs you do well.
7. r|nces 1rust
1he rlnces 1rusL ls an lnvaluable organlsauon oerlng help for Lhose who may wanL Lo sLarL up a
buslness
If you want to start up a bus|ness and are |n the fo||ow|ng c|rcumstances:
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aged 18-30
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unemployed or worklng less Lhan 16 hours a week
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llvlng ln Lngland, Wales or norLhern lreland.
1hen you qua||fy for a|| sorts of he|p |n your bus|ness enterpr|se from the pr|nces trust such as:
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A low lnLeresL loan of up Lo 4,000 (up Lo 3,000 for a parLnershlp)
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Cngolng advlce from a buslness menLor
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lree legal helpllne, sponsored by 8arclays.
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A granL of up Lo 1,300 ln speclal clrcumsLances (sub[ecL Lo local avallablllLy)
-
A LesL markeung granL of up Lo 230 (sub[ecL Lo local avallablllLy)
1he ?ouLh LnLrepreneur 1oolklL 6
8. Case Stud|es
Case Study - Lou|s Irank|and Star||nk Uk
6$.# 78 "8' 789
l'm a freelance web deslgner. 1hls lnvolves deslgnlng peoples webslLes, compuLer programmlng
and onllne shops Loo.
:8; 717 "8' 78 1#9
l LaughL myself how Lo do all Lhls when l was llule and Lhen aL abouL age 11 l LhoughL, hang on, l
can make money ouL of Lhls so l declded l would! l saw a gap ln Lhe markeL - aL Lhe ume, everyone
had elLher a prlvaLe consulLanL or had Lo do lL Lhemselves. l oered a cosL eecuve package.
l sLarLed my own buslness aL age 11 and a half. l creaLed brandlng for my company, wroLe a
buslness plan Lo keep on LargeL. 1hls ls needed for bank loans - noL LhaL l could geL one aL Lhls age.
l used blrLhday and ChrlsLmas money as caplLal. Markeung was done by word of mouLh - asklng
people lf Lhey needed webslLes. lrlday ad was a wasLe of ume - no responses aL all - Lhe wrong
markeL.
6$.# .+* #$* 7*(.<7=9
lL's ume consumlng. ?ou have Lo be able Lo work for no pay, do everyLhlng yourself - puL ln a hell of
a loL of hours ln Lhe early days. uon'L geL frlends Lo help. ?ou need Lo really be able Lo LrusL Lhem
and Lhls can lead Lo fall ouL. l don'L recommend lL.
?ou have Lo mouvaLe yourself and make sure you are rellable and dependable for yourself. ?ou
need Lo develop your self-condence and enLhuslasm or you wonL geL anyLhlng done. An overall
vlslon ls needed - you can'L go ln lL [usL for Lhe money. lL has Lo be someLhlng you en[oy. llnd
someLhlng you Lhlnk you can do and wlll en[oy. 1here wlll always be horrld blLs buL Lhere's a loL of
[ob sausfacuon.
now l am nearly 18 and my buslness has Laken of - sull done Lhrough word of mouLh. l earn a
comforLable amounL, beLween 2 and 4k a year. 1hls varys accordlng Lo my workload - l made a loL
more lasL year buL l'm aL college so wlll scale lL down Lhls year.
61// "8' $.>* "8'+ 8;< )'=1<*== ;$*< "8' /*.>* ?8//*@*9
l am sLudylng maLhs, physlcs, compuung and elecLronlcs. 1hls ls a fall back - lf Lhe buslness
crashes, l can geL a malnsLream [ob ln someLhlng l en[oy. Meanwhlle, Lhe courses l am dolng wlll
help me wlLh gemng Lo unlverslLy Lo do compuLer sclence. 1hls degree wlll help me as a person -
people wlll Lake me more serlously lf l have a degree. l have experlenced pre[udlce by adulLs. l
wenL Lo Mlcro8lz (a compuLer falr ln Porsham) aged 13 - an evenL for buslnesses and sLall holders
were lncredlbly condescendlng - Lhlnklng l was [usL Lhere for freebles! ?ou canL Lake Lhls Lo hearL
Lhough.
My long-Lerm plan ls Lo evolve Lhe buslness lnLo soware deslgn/englneerlng.
l lnLend Lo make enough money Lo pay for unl, plus Lake a gap year Lo help me develop my
company - www.star||nkuk.com
A'1?B .7>1?* #8 .<" "8'<@
-
uon'L leL oLher peoples negauve oplnlons geL ln Lhe way.
-
keep golng wlLh your vlslon.
-
PAvL lun!
1he ?ouLh LnLrepreneur 1oolklL 7
Worksheets
and
Activities
What!s included? Page
Entrepreneurial Test 8 - 9
Ideas and monetising them! 10 - 11
Writing a business plan 12 - 13
1he ?ouLh LnLrepreneur 1oolklL 8
Pave you goL Lhe skllls Lo Lhlnk of an ldea llke lacebook, ?ahoo, Coogle, 1wluer,
And 1urn lL lnLo a roLable 8uslness?
1ake Lhe Culz below and see how you raLe compared Lo Lhe prole of successful
enLrepreneurs.
Are Lhese sLaLemenLs largely 1kUL or IALSL for you?
1. ?ou are absoluLely obsessed wlLh a passlon for whaLever you do?
2. ?ou absoluLely haLe obeylng rules, followlng oLhers or worklng ln a Leam?
3. ?ou always see Lhlngs dlerenLly Lo oLhers, even when a chlld?
4. ?ou are very careful wlLh money waLchlng every penny?
3. ?ou are very lndependenL?
6. ?our goal ls Lhe hlghesL salary posslble?
7. ?ou are naLurally a rlsk Laker?
8. ?ou are always Cpumlsuc?
9. lallure has now place for Lhose desuned for success?
10. eople descrlbe you as sLable, rellable and llkely Lo succeed?
Are Entrepreneurs Born or Made?
Could you be the next Richard Branson?
LnLrepreneurlal 1esL
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1he ?ouLh LnLrepreneur 1oolklL 9
Now 1ake our Score
1hls qulz ls [usL Lo see how allke you are Lo Lhe mosL successful enLrepreneurs!
lL does noL mean LhaL lf you score poorly LhaL you cannoL sLarL a buslness!
1 Lo 3 are 1kUL
6 Lo 10 are IALSL
So how do you ne up w|th the rest?
10 ouL of 10 ?lppee and ?ahoo you are Lhe nexL blg sLory
8-10 Well on your way, [usL need Lhe rlghL ldea
6-8 need Lhe ldea and Lo develop some of your skllls.
4-6 CeL well qualled and do someLhlng on Lhe slde only
2-4 ?ou are desuned Lo be an employee, choose your career well.
0-2 Why are you even dolng Lhls LesL?
LnLrepreneurlal 1esL
1he ?ouLh LnLrepreneur 1oolklL 10
?ouLh LnLrepreneurshlp
Step 1 - G|ve up your paper round!
8aslcally, you wlll need a blL of ume. Lo make even more money
Step 2 - I|nd someth|ng you en[oy
1here ls no polnL ln dolng someLhlng you don'L en[oy!
Step 3 - I|nd a way to make |t happen.monenze |t!
Ask frlends and relauves abouL how Lhey would do lL and quesuon
Lhem lf you have an ldea. heck - sLand on Lhe sLreeL asklng people lf you
have Lo!
Step 4 - 1est your |dea
uL aslde some money (or borrow some from Lhe parenLs) and LesL
your ldea! Clve lL abouL a monLh Lo LesL, buslnesses usually sLarL slow,
buL once Lhe ball ls rolllng, move onLo sLep 3
Step S - kLAL MCNL!
now LhaL you have found a ldea LhaL appears Lo work, you need
some real money Lo make lL work, you can source Lhls from 1he rlnce's
1rusL" or from local buslness assoclauons (See reverse).
Step 6 - aperwork!
now you need Lo Lalk Lo a few lmporLanL people, don'L worry -
Lhey won'L Lake your money, Lhey [usL wanL Lo keep Labs on wheLher you
are worklng (See reverse).
Step 7 - roht!
?ou should have made some money now! uo wlLh lL whaL you feel
necessary buL may l suggesL re-lnvesung ln your own buslness or paylng
people back. lf people have helped you and you Lhlnk you have a rm
sLance ln Lhe buslness world (can work wlLhouL exLernal funds) Lhen pay
Lhem back!
CompllcaLed? nah, lL's your plan Lo make money.
1he ?ouLh LnLrepreneur 1oolklL 11
Check Sheet
ldea?
uo you en[oy lL?
Can you geL money from lL?
Pave you Lalked Lo frlends, famlly and/or bysLanders?
uo you have fundlng (lf needed) Lo LesL your ldea?
uld your Lesung work?
Are you ready Lo dlve ln and make money?
WrlLe a buslness plan (see worksheeL 2)
CeL more fundlng (lf needed) Lo sLarL properly
lnform lnland 8evenue
1hey keep Lrack of who ls worklng and lf you earn more Lhan around
4000, you mlghL have Lo pay Lhem some money. lf you don'L noufy
Lhem Lhen you could geL a ne so Lake Lhe ume Lo Lalk Lo Lhem.
lnform frlends
1ell your frlends, Lhey mlghL have ldeas and Lell your school or college -
Lhey appreclaLe belng ln Lhe know so Lhey can help (you can also have an
exLra excuse aslde from 'Lhe dog aLe my homework')
1haL's you seL Lo go - congraLulauons
1he ?ouLh LnLrepreneur 1oolklL 12
Wrlung a buslness plan
Step 1 - Wr|te what you are go|ng to do
WrlLe down, as clearly as you can, whaL you are semng ouL
Lo do and how.
Step 2 - Wr|te how your bus|ness |s go|ng to work
WrlLe down whaL ls golng Lo happen and whaL Lhe buslness
wlll achleve
Step 3 - Wr|te down who your target market |s
now be as speclc as you can - lf you are Largeung 23-33
year olds wlLh one leg longer Lhan Lhe oLher, Lhen say LhaL!
Step 4 - Who |s go|ng to be work|ng w|th you
1hls ls any lnformauon abouL who you are golng Lo be
worklng wlLh, lf any, and yourself.
Step S - I|nanc|ng
Pow wlll you aord Lo do whaL you are dolng? Sources of
funds, amounLs of funds and any useful lnformauon
Step 6 - k|sks!
1hls ls anoLher crlucal one, you have Lo llsL anyLhlng LhaL
mlghL aecL Lhe buslness badly llke school/college wlLh ume
commlLmenLs.
Step 7 - About you!
1hls ls where you suck your Cv and anyone assoclaLed wlLh
Lhe buslness dlrecLly.
1he ?ouLh LnLrepreneur 1oolklL 13
1
2
3
4
3
6
!usL auach your Cv of amazlng achlevemenLs, lL's Loo long Lo L ln!
My 8us|ness |an