Startup Loans – A new generation of entrepreneurs

Virgin Money is one of the consortium that
is funding and supporting Start Up Loans in the North East, which is a scheme that helps
18-30 year olds have money to start up their businesses so they can get up to £25,000
at a fabulous rate of interest but more importantly, what Virgin Money do and Virgin Unite and
our partners PNE is we give them mentoring advice so that they can actually have someone
to support them in the start of their business. We’re at the Branson family home and we have
six businesses that we funded through Start Up loans who are here to talk about their
business, get some mentor advice from some of the fast-track 100 and then this afternoon
they’re going to listen to all the presentations from the fast-track 100 entrepreneurs, who
are really experienced in business, to see what they can learn. Not for the first time
this is a Branson idea, it was contained in a speech “Why couldn’t those people who didn’t
go to university and therefore didn’t have a student loan, get a loan for something else
which is to get into work, start up their own business. When you first start the business
you really do need support so you have people that you rely on to help you when times are
hard. That help and support in the early days and all the way through is really important,
it’s key. For me the one thing to learn in any great business is the business model.
That’s the key bit. We left university we got offered a fellowship which provided us
with six month’s worth of free equipment, living costs and allowed us to grow as a business,
then we got Start Up loans and got involved with Virgin through that. The main challenges
have been market based, finding a niche for our products specifically and really pinning
down what it is we offer that our competition doesn’t. The most important thing I’ve learnt
about entrepreneurship so far is to not be afraid to go and trust your gut and trust
your instincts. One of the main challenges for me as running my own business is time,
there just isn’t enough hours in the day because I’m always working and by myself in my business,
it’s just trying to cram everything in at once. I definitely think networking with people
who’ve already sort of started their business is really helpful because they’ve done what
I’ve done and they’ve learnt through that, you know, the mistakes, they can tell me,
sort of, how to avoid certain issues and it’s just, sort of, getting the know how from all
these business [?] it’s definitely really, really helpful. The most important thing I’ve
learned about entrepreneurship is if I don’t do it, nobody else will. It’s my business
and I’ve got to put, you know, all the effort, all the work into it. Our main challenge starting
the studio has been to build up sufficient portfolio to convince clients that we’re the
right studio for them. We came into this being animators and being creatives and so we had
to learn about business a bit more as well and understand how to run our business. For
me the key thing about entrepreneurship is never missing an opportunity. The majority
of people who’ve done something, who’ve started something and who’ve been successful, they
all have a certain energy about them and it’s not an arrogance it’s just a bit of a passion
and a drive and I think the one bit of advice besides all the normal stuff, commercialisation,
getting funding, the one thing is you’ve got to believe in what you’re doing from the start
and you’ve got to have that passion and if that goes, you might as well give up. The event has been very successful, it’s been successful because we had the opportunity
to bring together the Start Up entrepreneurs at the start of a great adventure with people
that actually have been there before. The great thing that these people are doing is
just getting on and doing it. They’re just trying to learn from running a business and
I think it is, in the end, the best way of learning. I think they benefited today from
meeting a lot of really good mentors and getting feedback and I think, you know, a good percentage
of these businesses will be successful whereas they wouldn’t have been successful I think
without the mentor help or without the Start Up Loan help.

8 comments on “Startup Loans – A new generation of entrepreneurs”

  1. Marlene McGovern says:

    I think it is absolute brilliance in coaching and encouraging the lives of young people. I wish to be young again and had known all about how Virgin successfully accomplishes every dream. Brilliant. Aloha 3

  2. Self Employed King says:

    Love the ending Famous Quote: "You have to say ‘screw it, let’s do it’ and give it a go."

  3. Rich LONGJOYORG says:

    Fantastic… Video,,, Informative…Empowering,,,, Thank U…

  4. Michael Soward says:


  5. Cheryl Verellen says:

    — LUCKY them to have people like you WILLING to help OUT — With age comes experience, and then follows wisdom — TRUST you have in the start-up businesses – RISKS you are taking if they fail — YOUR encouragement towards young people is FANTASTIC —

  6. Leasing Websites says:

    Always good to inspire the future generation of entreprenuers. Start Up Loans provide a great stepping stone to give your business that extra boost it needs especially when cash flow is fairly restricted.

  7. Virgin Money says:

    We're proud to be supporting @Start-Up Loans North East  with @Virgin Unite   & PNE Enterprise.

    Helping entrepreneurial 18-30s in the North East start their own businesses #BetterBanking ^AS

  8. Phen0mable says:

    Do they lend money at all? Talking on YouTube is free but I wanna know it they actually lend money at all. Cameron wants to kill all businesses in UK and I'm wondering if it's any point to apply for such loan. I had my own business about 10 years ago and now want to reactivate it. I need about £6000

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