Need help setting up my own business

[13th]

My parents basically approached me today telling me they would help me start up my own business. They are willing to fund it completely and of course the budget would be around £20,000.

Okay, now your thinking why are my parents paying? Well simply because the answer is, I'm 17 years old. I find it quite odd too my parent's are handing over this responsibility to me, however they find it that I am mature enough to do something of the sort and my dedication could make something out of it.

Here's the catch, I'm still in College, and I have no idea about how the market currently is or works. However, I really want to take the leap and see if I can make something out of this opportunity at a young age. I believe it is possible and has previously been done. I don't know what particular field I want to go into yet though, I am considering a retail shop of some sort, I guess this will be a good start since it won't require as much effort as starting completely from scratch.

So now I am unsure of what particular field I would be interested in, I mean I know I want to do something, but I don't know what. How did most of you guys go around starting up your own business? What particular areas do you find are the best for beginners who are trying to work their way up? How did you find a gap in the market or find if your business is going to work or not?

If your still reading up till this point, I am really thankful, hopefully now you can provide me with some ideas on how I would go about doing this. Thanks for reading.

[Nemmymak]

Try taking some marketing / business courses first, you can't just jump into something like this. Planning is an important key for starting a business.

[13th]

I'm Studying Business right now and done some accounting also, I know the basics and requirements of a business, I just know how to go about doing it.

[๖ۣۜHacker™]

Kind of crazy your parents are doing this, they can really trust you it seems.

[thespragg]

Pick something you are

1) Passionate in
2) interested in spending a lot of time in

Theres no point starting a business on something you dont like because you wont put in 100%

[Peter L]

If you have a $20,000 budget to start your own business, god bless you..don't screw it up.