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For a successful business, you need a viable business idea, the skills to make it work and the funding. Discover whether your idea has what it takes.

Forming your business correctly is essential to ensure you are protected and you comply with the rules. Learn how to set up your business.

It is likely you will need funding to start your business unless you have your own money. Discover some of the main sources of start up funding.

Businesses and individuals must account for and pay various taxes. Understand your tax obligations and how to file, account and pay any taxes you owe.

Businesses are required to comply with a wide range of business laws. We introduce the main rules and regulations you must comply with.

Learn why business planning is an essential exercise if your business is to start and grow successfully, attract funding or target new markets.

Marketing matters. It drives sales and helps promote your brand and products. Discover how to market your business and reach your target customers.

Some businesses need a high street location whilst others can be run from home. Understand the key factors from cost to location, size to security.

Your employees can your biggest asset. They can also be your biggest challenge. We explain how to recruitment and manage staff successfully.

It is likely your business could not function without some form of IT. Learn how to specify, buy, maintain and secure your business IT.

Few businesses manage the leap from start up to high-growth business. Learn what it takes to scale up and take your business to the next level.

What's stopping young people from starting a business?

26 November 2018

What's stopping young people from starting a business?New research has found that a fear of failure may be deterring young people - and particularly young engineers - from starting their own enterprises.

A study by the Royal Academy of Engineering Enterprise Hub has found that a fear of failure and a lack of business skills are the main stumbling blocks for young would-be entrepreneurs.

Four in ten young people (42% of 18-24 year-olds) say that a fear of business failure is preventing them from starting up, compared to 27% of 45-54 year-olds. The findings echo separate research from the Enterprise Hub that found that young engineers (21-31 year-olds) were especially fearful of failure; over half (56%) cited this as one of their main reasons for not starting a business.

The research also asked young engineers what support would help them to turn their ideas into innovations; 41% wanted to learn key business skills and 31% highlighted a need for advice on protecting their ideas.

However, the findings also suggest that young people may expect success to come more easily than their older peers, with just 27% of young people saying that persistence is important in turning an idea into a business success, compared to 43% of those aged 45-54 and 49% of over-55s.

And, despite the familiarity of Thomas Edison's assertion that success is 99% perspiration and 1% inspiration, young engineers polled said business success is 68% inspiration and 32% perspiration.

Ian Shott, chair of the Royal Academy of Engineering Enterprise Committee, said: "The UK is a world leader in innovation, and if we are to maintain this in years to come we must inspire young people to gain the confidence to have a go. Entrepreneurial business leadership and management is not a prescriptive standalone set of skills but rather something where many entrepreneurs will benefit from excellent mentorship providing thoughtful and appropriate support along their journey."

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