Last week 250,000 young people across the UK anxiously awaited their A level results, but with this year’s grades reaching record highs the competition for university places is tougher than ever. Even those that achieved high grades could miss out on a place. Young people are bearing the brunt of the recession, and the latest Government stats showing that one in six 18-24-year-olds are not in education, employment or training (aka NEETs). This difficult environment could provide the perfect opportunity to foster the next generation of UK entrepreneurs.
The path from school to business owner is actually surprisingly well trodden, with many of our most well-known entrepreneurs choosing the option of starting a business as another valuable way of building their future. Examples include Richard Branson, Steve Jobs, Peter Jones, Ingvar Kamprad (Founder of IKEA), Theo Paphitis, and Lord Alan Sugar. But clearly these few successes are the exceptions not the rule, so it is vital that more help and encouragement is provided to young people that are considering their options at this time.
Some support for budding young entrepreneurs does already exist. For example, the Make your mark campaign is aimed at increasing entrepreneurial behaviour amongst young people and is run by Enterprise Insight, which was founded by the British Chambers of Commerce, the CBI, the Federation of Small Businesses and the Institute of Directors. The Prince’s Trust also offers advice and funding to help young people to explore and test their business ideas, write business plans and start their own businesses.
In general, small businesses make a massive contribution to the UK economy, so fostering an entrepreneurial culture has never been more important in the face of global economic challenges. Encouraging the new wave of young entrepreneurs will not only benefit the young people themselves, but will also safeguard the future of the UK economy.
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