Starting your own business can be intimidating for anyone. Recent studies show that while many young people want to start their own companies, they face significant barriers. We asked a successful millennial entrepreneur for his advice on building a business.
Research indicates that fear of failure and lack of business skills are major reasons young people hesitate to start their own companies.
The Royal Academy of Engineering Enterprise Hub found that over two-fifths (42%) of young people see these factors as the main obstacles, compared to just over a quarter (27%) of 45 to 54-year-olds.
Similar research from the Hub shows that young engineers are particularly fearful of failure; 56% cited this as a key reason for not starting a business.
Since 2013, the Enterprise Hub has been working to discover, celebrate, and support the next generation of brilliant engineering entrepreneurs. One way they do this is through the annual Launchpad competition. This year, Rowan Minkley, co-founder and CEO of Chip[s] Board LTD, won the award. The 23-year-old was selected by a panel of experts and business leaders as a leading engineering entrepreneur.
Minkley’s innovation is a wood substitute made from industrial potato waste, designed to be an eco-friendly and robust alternative to MDF. You can read The Manufacturer’s full interview with Minkley about the product and process here.
He received a £15,000 prize, as well as access to training, mentoring, and a network of expert advisors to help him further develop the business.
How to Be a Successful Millennial Entrepreneur
What is the secret to being a successful millennial entrepreneur? We asked Minkley for his top tips on building your own business.
He shared two key pieces of advice: “Firstly, if you have an idea and you don’t try to push for it, then you’ll never know what it could’ve become.”
Reflecting on his own experience with Chip[s] Board, he said, “There have been many times when we were strapped for cash, hadn’t been paid in a long time, and thought maybe we should give up. But having that resilience will help you succeed.
“The other point is, if you come up against an issue that doesn’t have a solution yet, find the solution for it, and there’s no reason why you can’t build a business from that concept.”
Minkley sees even more potential beyond potatoes. He believes material science can greatly reduce waste, promote a circular economy among industrial businesses, and improve resource security.
“Our aim is to look for industrial by-products that can be transformed with material science. For example, we’re exploring other feedstocks we could use. We’ve started talking to international industrial manufacturers because there is so much waste we can utilize that is already in abundance.
“This is the future and what everything should be aligned to. We are currently using far more resources than the earth can provide us with. We really need to rethink our mindset.”
