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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.

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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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