Many graduates shy away from the prospect of opening their own business, but why?

When university draws to a close and graduates are left with the somewhat daunting process of looking for a job in the recession, many shy away from the prospect of opening their own business, but why?

There are record numbers of young people unemployed, and as a result, record numbers of graduates are applying for job positions, many of which are even struggling to gain an internship placement. A year ago MP David Willetts told The Guardian that graduates should start to reconsider their career paths, and so, many enrolled on masters and PhD courses, others settled for careers irrelevant to their degree choices and only a small majority found their dream job.

Time for a change

I've found many of my peers are currently glued to their computers, applying for 20-30 jobs per day, all to no avail, and I can only imagine that there are many other graduates out there doing the same. Perhaps now is time for a change, instead of waiting for someone to invest in your future, invest in your own.

There is a section on most people's CVs entitled 'Hobbies and Interests' or something similar, and on many occasions the hobby or interest that the individual possesses is something that can earn them a living; they just can't see it. Or, perhaps you have a particular aspiration that you feel will have to wait until you have gained 'life experience', my advice is don't wait!

Tips to starting up your own business

If you have an inkling that running your own business could be for you, here's some tips to help you in the right direction:

• As a graduate, or anyone looking to start a business, there is a lot of help out there for you. Business Link has over 200 videos and tutorials on all of the important aspects of running your own business; some of which probably wouldn't even cross your mind.

• A worry of many graduates is that they won't be able to afford a start-up business until they have been working for a number of years, this is sometimes true, but if you have a great business plan and a successful idea, many banks will consider you for a business loan. And remember; not all businesses need a lot of money to start up - if you are working from home and you don't have a lot of outgoings, your costs will be low.

• It's important to have a strong business plan, especially if you are hoping to be considered for a business loan. If you have little experience in writing a business plan, I would suggest enrolling on a business course, many evening classes are very reasonably priced, and many are tailored for start-up businesses.

• Ignore the negativity. It is natural when starting up a business at such a young age that there will be a number of people that advise against it, as long as you are well prepared and have meticulously thought your business through, you have a good chance of succeeding.

Do not fall to adversity

When you make the first important step and decide to start up your business, it is important not to fall to adversity. It is human nature than not everything will sail as smoothly as you thought it would, but the most admirable companies are successful because they tackled difficulty.

Take chances and make important decisions while you have less responsibilities, this will allow you to reap the benefits of your hard earned success in later life.