Research

Who wants to be a millionaire? continued...

Rather interestingly, nearly every participant recalled being involved in entrepreneurial activity by the age 14 – one ran a web design business at 13 years old; another sold ‘push pops’ in the playground for a profit after buying them in bulk; and another ran an internet business.”

As they progressed into their first main ventures, James says that the majority made use of a ‘mentor’ – someone with considerable experience as an entrepreneur or in corporate business. “We shouldn’t underestimate the role these mentors have in helping the young entrepreneurs on their pathway to success. Over half eventually brought these mentors into their businesses as non-executive directors,” James says.

“It has become apparent from the results of the study that there is quite a strong network of mentoring in place for the young start-ups, with them going on to offer their advice and wisdom down the line.” The entrepreneurs believed that starting their ventures at a younger age was an advantage, as they had little financial commitment in the way of families or mortgages and therefore very little risk was incurred. The participants also felt they had the good health and energy to support them through the early demanding stages of launching a business.

“The sacrifice of leisure time was sometimes seen as a negative,” adds James. “However, the flip side to this was that after four or five years the hard work paid off, with more flexibility and financial benefits available being on offer than if they had been in someone else’s employment.”

And it seems there are no regrets, with all of the participants stating they wouldn’t want to work for someone else. Nor did they want to sell up and retire early.

“Some are now contemplating selling their business so they can concentrate on developing a new, and potentially larger, venture,” says James. “At the time of their interviews, many had started their second or third ventures which demonstrates how successful entrepreneurs often develop their skills and knowledge while running informal ventures and their first main venture before going on to build their biggest business.”