Young entrepreneurs: more help needed

More needs to be done to encourage young people to become entrepreneurs if business in the UK is to flourish, a study claims.

The Manifesto for Youth Enterprise says schools, parents and the media should try to encourage youngsters to develop an entrepreneurial spirit as well as giving them support in starting their first business venture. 

In the US, one in seven young people are in the early stages of starting a venture. But Britain is lagging behind with just one in 17 starting some sort of enterprise.

And figures show the UK also has fewer young entrepreneurs than France and Germany.

Shift from celeb culture

The Manifesto for Youth Enterprise is based on the findings from the first year of RBS’s Inspiring Enterprise initiative. Published by RBS and the RSA, it aims to help an extra 100,000 young people to become entrepreneurs by 2015.

The manifesto sets out 15 key principles to help encourage the UK’s youth to fulfil their business potential.

It argues than instead of glorifying celebrity business people, the media should shift its focus onto everyday entrepreneurs to give young people role models they can relate to and aspire to be like.

Schools should encourage enterprise in lessons

It also claims schools need to teach children and teenagers more about enterprise by bringing business into the curriculum. The manifesto also highlights a need for support for young entrepreneurs to spread to the whole country, rather than being concentrated in London.

The manifesto also argues that more practical support needs to be offered to young people starting a business, including help setting up a website or advice on how to fill in a VAT return.

Lord Young, the Prime Minister’s Adviser on Enterprise, says: “Raising levels of aspiration among young people, and giving them the confidence to work for themselves, has been a key priority of mine. I know the Prime Minister shares this view.

“Support needs to start at a young age in schools and colleges, and continue right the way through to higher education where students can gain inspiration and access to practical help to be their own boss. The UK is the best place in the world to start and grow a business, and if young people want to take that step we need to make sure they have every chance available to them.”

Thom Kenrick, RBS Head of Sustainability Programmes, says: “Too few young people act on their ambition to start a business, and even if they do, many cease trading shortly after starting. This is something we are seeking to address through RBS Inspiring Enterprise.”

At Bizspace we provide as much support as possible for young people to launch their start-up businesses, offering flexible terms and a wide variety of business space for rent.