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Young entrepreneurs defying the recession

Young people, recently laid off or discouraged by the lack of jobs, have opted to open their own businesses

BY BRYNN BOYER

Date published: 9/20/2009

BY BRYNN BOYER

The recession has not been easy on anyone, including young people.

In August, about 10 percent of 25- to 34-year-olds were unemployed, according to the Bureau of Labor Statistics. That's up from about 6 percent a year ago.

However, the economic downturn has not stopped motivated 20- and 30-somethings from going after their entrepreneurial dreams. Some young people have opted to open their own businesses, despite the recession, or in some cases, because of it.

There are no clear statistics on just how many young people have created new businesses nationally in the past year. But the trend is evident in the Fredericksburg area.

"I've always had aspirations of starting my own business," Lindsay Coker, 29, said.

Coker, a speech and language pathologist, opened Foundations Speech and Language Services in May.

The University of Virginia and George Washington University graduate worked in Stafford County schools for three years before deciding to open her own practice.

"I think my age has been a big plus for me," she said.

"I've had people comment to me that I have fresher ideas and I'm not burnt out," she said. "I feel like I can put a lot of time and energy into the practice."

Adam Letcher, 33, decided to leave his job about a month ago and open Building Performance Retrofitters, a company focused on making buildings more energy efficient.

"I had worked primarily in new construction, which has been drying up lately," he said. "Plus, right now there is a large labor pool of people willing to work hard."

But, starting a new business for the first time is not a walk in the park.

"The biggest challenge has probably been the learning curve," Letcher said.

Licenses, accounts and business plans can be hurdles for aspiring entrepreneurs.

"The challenge for younger people wanting to open a business is that they are not as experienced in all of the things you need to know to do," Ben Keddie said.

Keddie is the president of the Next Generation of Business Leaders, a group organized by the Fredericksburg Chamber of Commerce that allows young professionals to socialize and network with each other.

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Date published: 9/20/2009