The word 'mumpreneur' was added to the sixth edition of the Oxford English Dictionary in 2011 - a tribute to the growing numbers of women in the UK who regularly don two hats, one as a business-owner and the other as a mum, usually with young families. According to research released last year, the UK is home to more than 300,000 mumpreneurs who contribute as much as £7.4 billion a year to the economy.
It takes a certain type of person to make a business successful, not everyone is cut out to start a business. The harsh reality is that the vast majority of businesses will fail, one in three start-ups collapse within the first three years, which is often down to having an insufficient support and expertise network.
In a country where young people make up a significant proportion of the available labour force, yet unemployment rates for 20 to 24yearolds have been estimated to be as much as five times greater than those for older adults, Building Young Futures works hard to support hard to reach people in places where there are few jobs or prospects for the bulging youth population. What's the alternative?
As a business and enterprise coach I am frequently asked about the kinds of skills and qualities I think new business owners need to develop. Now, everyone is different and we all come with a unique skill set. But there are three skills I believe to be universal if you are going to flourish as a freelance, self employed person or entrepreneur.
It's easy to be caught up in the excitement of a new business venture, but when it comes to choosing the person with whom you will spend more hours, than your spouse, it is important not to enter into a relationship you may live to regret - there is a lot at stake if goes wrong, but plenty to gain if you get it right.