Business | Business: Academics think that student entrepreneurs need more support.




According to a renowned scholar, young entrepreneurs should be given more encouragement to get into business for themselves.


According to Prof. Dylan Jones-Evans, a specialist in entrepreneurship, more graduates and students are looking for self-employment and need assistance to do so.


Tesni Boughen, 24, dropped out of college and said she had to take a "huge risk" to launch a pop-up plant business.


Start-ups would be "essential," according to Economy Minister Vaughan Gething, in the post-pandemic economy.


It was only supposed to last for two months, but two years later, Tesni and I are still here, selling plants but no longer pursuing my master's degree.


She claimed that although she had always played around with houseplants, she had never imagined having the chance to make her pastime her business.


She started selling plant cuttings online after the pandemic interrupted her studies, keeping a supply in her mother's conservatory.


She placed a wholesale order using a £2,000 student loan from her final term because the initial sales were so successful.


She explained, "I figured if I don't make my money back, I can't go back to university anyway.


The former post-graduate made the pop-up permanent because she enjoyed it so much and gave up on her education.


She claimed that the epidemic caused her to start her own business and that she is now giving guidance to other prospective business owners who require encouragement.


She said, "The forms are so difficult; if you make one error, the grant is gone.


Making the most of the post-pandemic economy, according to Prof. Jones-Evans, requires providing student and graduate businesses with advice, assistance, and mentoring.


There is a tonne of opportunities as we leave Covid, he remarked. Universities must recognize this and offer the assistance required to make this happen, according to the author.


At the University of South Wales, the academic established Start-Up Stiwdio, which provides guidance, concept development, and company boot camps at its campus in Treforest, Rhondda Cynon Taf.


He admitted that potential investors can be wary of young entrepreneurs' enterprises and look for more seasoned leaders.


He countered that they should collaborate with aspiring businesses.


Compared to adults in their forties or fifties, "they [young people] grasp what new markets genuinely require," he remarked.


Therefore, as these new markets develop and mature, it becomes clear that they are in an excellent position to comprehend customer wants.


One of the major difficulties budding entrepreneurs confront is funding, the entrepreneurship professor stated.


However, in his experience, tiny sums of around £15,000 can make a significant difference.


He is a co-founder of a biotechnology and life sciences virtual reality training company.


We've been in business for almost a year now, he said, and are now seeking money. Our valuation is $2 million.


The 26-year-old acknowledged that running your own business can be "scary," but added that the University of South Wales would not have been able to help the company get to where it is today.


He claimed that during the epidemic, pals complained they couldn't access labs to get experience, which led to the concept of the company, which lets users access a virtual laboratory using a headset.


They were able to purchase new equipment and expand their network in San Francisco in March thanks to the funds they got.


People occasionally believe ideas are scarce, but in reality, they are all available, he continued, so there "absolutely needs to be a push right now for greater invention."


Re-design our economy


The Welsh government committed £5 million in June to "promote a new culture of entrepreneurialism among Welsh youth."


A new start-up award for young people up to £2,000 per firm, one-on-one business advice support, and entrepreneur mentoring are just a few of the resources available.


Encouragement of young people to start their firms, according to Vaughan Gething, will be "vital as we re-design our economy post-coronavirus."


More consistent offer


This was "a major area of strength" for Wales, according to the Higher Education Funding Council for Wales (HEFCW).


Welsh institutions represented 16.8% of graduate start-ups in the UK that has been operating for three or more years in 2020–21, which is significantly greater than the nominal 5% share that is typically used to represent Wales, it said.


In addition to managing the Research Wales Innovation Fund, which gives £15 million annually to benefit universities in this country, HEFCW claimed to have assisted in funding Start-up Stiwdio.


We may be happy that we have the highest percentage of graduate start-ups per capita in the UK, according to Universities Wales (UW), which represents the nine universities in the nation.


According to chair Prof. Elizabeth Treasure, there is always more that can be done, including making a "more consistent offer" and establishing more connections with nearby companies that can support start-ups.


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