This isn't about me but about my son. He worked in retail while he was at uni but since he left he's always work for himself. One thing he does is provide something that he himself would want to buy. I think this is vital. The other thing is that it's not a physical product. I think that would be incredibly stressful in terms of production, storage and so on. He follows a lot of young entrepreneurs online and always listens to the podcast Diary of a CEO by Stephen Bartlett. There are so many interesting YouTube videos by Harvard University and by successful entrepreneurs and I think it's really well worth listening to and watching them.

You will know that most businesses go bust in the first year. You will know also that you need a way of earning money while you try to make that business succeed. Some people will offer mentorship and that would be really worthwhile looking into.

Do you know people who own their own business?

You will know that most businesses go bust in the first year. You will know also that you need a way of earning money while you try to make that business succeed. Some people will offer mentorship and that would be really worthwhile looking into.

This. I am fortunate to be in a financial position to start my own low-key business at last (planning to launch later in the year due to the current economic climate as it is non-essential). I couldn't attempt it alone if it was the main source of income and was depended upon though.

I have also recently been offered the help of a mentor which I think is what I really need as I lack a lot of confidence and might have issues with the use of technology.

In the current climate, essential goods/services would probably be your better option.

I am self employed and I often long for the day I can go work for someone else, be told what to do, and go home at the end of the day and not have to worry about it. Okay, so that isn't what you want to hear, but it is the reality, the grass is not greener. I keep going because I have invested over ten years into my business, and when it's good, the earnings are amazing, this blip in sales will pass when there is no consumer confidence and no one is spending with frivolity, but it's hard, the hardest job I've ever done.
I started my business while working on the sideline. I worked part time for an employer, and 70-80 hours a week plus on my business. It took me four years to earn something like a full time income and be able to drop the part time job. It isn't for the faint hearted. If you want a fully fledged business, it takes graft, graft, and when you are on your knees, more grafting is needed.
I hated my job I did before my business, but I would go back to it with fresh eyes now. I would happily take the regular pay, pension, sick and holiday pay, and set hours.

I think unless you have an idea you don't have a business.
Mine have grow organically through something I'm good at in a niche or a gap in the market, trialled on a small scale then invested.

Mine grew out of an Instagram page relating to my hobby, so when I launched the business I already had 1000 followers with the same interest. I also fill a gap in the market by providing a service that no one else is doing . It's still early days for me but I'm approaching a year in business and still going ok!

My business is a service which I am qualified to do and have work experience in but left to go freelance and built up a business from that. Dh is also self employed, but he started off as just a bit of cash on the side (just mowing lawns initially) and it’s evolved so much that he’s now fully registered earning much more then when he was employed.
start with what your good in and what you enjoy and grow from there. It’s not an overnight success though

I could have typed this myself, almost word for word!

I agree with this.
It is not so easy as deciding to start a small business then looking for ideas- I don't think it as the way things work.
Think more from bottom up rather than head down.
Don't be put off by the horror stories though.
I have been self employed for 18 years, current business has been running for 6 years or so. Yes it can be a grind, a responsibility, very lonely- simply in terms of having to take decisions alone rather than with colleagues.
However the benefits far outweigh the crap.
I can work when I choose. I can take a few weeks off whenever I need to. I have no boss. I work long hours but with total flexibility. I earn a decent salary.
I decided a long time ago that I would never be an employee again.

I'm afraid I agree with @DelilahBucket and @doingitforyorkshire . Starting my business was the hardest thing I've ever done, although 14 years later I couldn't go back to being an employee, so guess I'm stuck being my own boss...

I am happily "stuck" too. I haven't had a "proper" job for years.
If I am never employed again then that's OK.
I love being self employed. The flexibility has been incredible. I can take time off any time I like, I am able to go to a yoga class most mornings I can stop and have a break whenever I need one.
Having said that I am extremely driven, and probably work 50-60 hours a week. I work 7 days a week.
I give myself forced days off. I have the motivation to keep working for weeks at a stretch, but if that runs into 3 or 4 weeks then I switch off. I have just entered a rest phase, although that usually involves sorting and ordering supplies, cleaning out the fridge, and some time to read and relax.

20 years in running my own company. Love it. But you should start from one idea that sets you on fire. Not the idea of wanting to set up your own business.

I completely agree.
Having a passion or interest must come first.
I have spoken to many people that tell me they would love to set up a business, but don't have any ideas. It will never work that way.

Indeed. You set up a business because you have an idea that you feel you must turn into a business. Otherwise you are just looking for a side hustle or a freelancer role. A business is a whole different thing and the critical success factor is the idea behind it. You can have the most efficient processes in place, the best suppliers, and the most impressive team. If the idea doesn't fly, neither will the business.