18 March 2013

Youngsters want to start their own business

A recent opinion poll of business appetite among 14-25 year olds has revealed that many youngsters in the country would like to start their own company, although many believe they won’t get the opportunity to realistically achieve their ambitions.

Barclay’s Youth Barometer has revealed that more than one in four (26%) of 14-25 year olds want to run their own business when they leave school, which if realised, would create a potential source of innovation and productivity. However, this entrepreneurial thirst has been significantly undermined by the current economic climate, with nearly three quarters (72%) saying they don’t believe they will achieve their work ambitions.

Equipping youth with skills for work

The research follows on from the launch of LifeSkills, which is a major new curriculum backed by Barclays which aims to equip one million young people with the skills they need for work and connect them with work experience opportunities. The high street bank is looking to unite business, schools and government on a joint scheme which looks to remove the barriers young people face in moving from school to work.

Ashok Vaswani, chief executive of Barclays Retail and Business Banking said: “The Barclays Youth Barometer offers a unique insight into the level of ambition our young people have. The challenge faced by business, government and education providers is to ensure this ambition can be realised by creating the opportunities they need when they start their careers.

“We understand that only by equipping young people with the right skills and quality work experience will we enable young people to reach their potential. It’s why businesses, government, and schools have to work in partnership to achieve lasting improvements in the journey young people take from school to work.”

Business confidence in the UK has rocketed of late, with the Global Business Outlook Survey finding that Britain’s business leaders are the most confident in Europe. Growth in export markets and improving economic conditions at home are fuelling the surge in confidence.