The Prince’s Trust
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Business entrepreneurs back business programme
Some of Britain’s biggest entrepreneurs launched a campaign to get more young people into business.
BBC Dragons’ Den stars Deborah Meaden and James Caan, Peter Cruddas, Charles Dunstone, Lord Billimoria, founder of Cobra beer, and Travelex founder Lloyd Dorfman launched the campaign with HRH The Prince of Wales to mark the 25th anniversary of The Prince’s Trust Business Programme.
Serial entrepreneur Deborah Meaden warned: “The UK already lags behind the US and China for fostering entrepreneurial activity and is in danger of slipping further behind if we fail to unlock the talents of our young people. Securing the next generation of entrepreneurs is vital if we want to remain strong in an increasingly uncertain global economic climate. Young business people bring huge creativity and drive innovation in the UK. We must cultivate this young talent now to maintain the UK’s position as a business leader.”
The campaign, launched at an event in central London with Chancellor Alistair Darling, coincides with a Trust report that two–in–five young people would like to start a business, but less than 6 per cent have actually done it.
Forty per cent cited high start–up costs as the biggest barrier to starting a business, while almost three–quarters believe that schools and colleges encourage safe, conventional careers rather than supporting aspiring entrepreneurs. Eighty per cent of young people also claim careers advisors do not mention starting a business as a career option.
The survey of more than 1,000 young people also reveals their concerns about the current economic climate, with more than a quarter stating that they would start their own business if they lost their job during a recession. Read the full survey
James Caan said: “Too many young people fear they don’t have the right skills or background to start–up in business. Today’s business leaders must work together to dispel this myth, showing that young people, whatever their background, can have their own slice of success.”
Almost half of young people interviewed believe that the United States does the most to encourage and support young entrepreneurs, compared with only eight per cent claiming the UK as the leader for enterprise.
More than three–quarters of young people want the Government to provide tax relief and low–interest loans to young entrepreneurs. Two–thirds believe that only well–off people can afford to start a business in the UK and that today’s entrepreneurs are most likely to be white, middle–class, middle–aged men.
The Prince’s Trust Business Programme has helped more than 70,000 disadvantaged young people into business since 1983. The Trust is also launching its Business Club, creating a nationwide alumni network for Trust–supported businesses. The Trust needs £1 million a month to continue its Business Programme.
The Trust’s findings follow figures published recently by the Global Entreneurship Monitor, which showed that early stage entrepreneurial activity had dropped in London, south–east, south–west and east Midlands during the past 12 months. Only seven per cent of Britons said they planned to launch a company in the next three years, compared with 17 per cent in France, 13 per cent in Italy and 14 per cent in the US.
Infolink: The Prince’s Trust has national reach that delivers practical solutions at a local level. We are committed to quality, we enable young people to overcome barriers and we are enterprising in our approach. For more information about The Prince’s Trust telephone: 0800 842 842 or visit website: www.princes-trust.org.uk.
Volunteers are at the heart of The Prince’s Trust. We need to recruit additional development award assessors as we reach out to more and more young people who just need one chance. If you can help us, please contact The Trust to find out more.
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