UK NEWS

TEENAGE TYCOONS NETTING A FORTUNE

Tim Campbell says the internet helps young people succeed

Wednesday March 26,2008

By Jo Willey

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BRITAIN has a growing army of teenage tycoons earning more than £60,000 a year.

They go online in search of fortune rather than look for help to pass exams.

A Virgin Media study reveals 21,000 budding entrepreneurs hot on the heels of high profile businessmen including Sir Alan Sugar and Dragons’ Den star Peter Jones.

Two per cent of 15 to 16-year-olds earn more than £5,000 a month – nearly three times the average salary of £23,764.
Nearly half – 43 per cent – of those interviewed say they have made money on the internet in the past 12 months, painting a different picture of the economy to one facing a slowdown.

As many as 15 per cent have earned six times the minimum wage for people under the age of 18 at an average of £23 per hour. And 22 per cent of these whizzkids have gone as far as setting up their own businesses from their bedroom, while also in full-time education.

Of the 700 youngsters aged 13 to 18 questioned, 18 per cent said they go on to save their profits by investing in shares and savings accounts.

Business guru and the first winner of BBC’s The Apprentice, Tim Campbell, said: “The internet is such a valuable tool in business today and it’s great to see young people making the most of it.

“During my time on the The Apprentice I learned many skills which have been invaluable in starting my own business and I’m really keen to pass on my knowledge to budding young business people.

“Starting your own business can be an exciting time, the best ideas come from something you are passionate about. A key factor in making a success of any business is keeping up with the times and these young entrepreneurs are certainly shrewd in taking advantage of the internet to make a success of their ventures.”

The average teenager trading online was found to make up to £100 each month, two and a half times the figure for average pocket money of £39.04 – for only one hour of work a week.

The survey found that nearly 20 per cent of teenagers make between £100 and £200 each month.

James Kydd of Virgin Media said: “It’s great to see young people all over the UK honing their entrepreneurial skills in their free time and planning the businesses of the future.”

The group has joined forces with the Bright Ideas Trust set up by Mr Campbell to work with young people who need business advice, guidance and funding in establishing their operations.

GOOD NEWS

26.03.08, 5:22pm

For years now we have been brainwashed by politicians to believe that young people should absorb huge amounts of state-funded education. Sadly, this story is unlikely to stop the brainwashing.

• Posted by: Camerton • Report Comment