The Prince’s Trust and LDC join forces to back new generation of young entrepreneurs in the North West
28th June 2019, 2:22 pm
The majority (70 per cent) of young people in the North West have or would consider starting their own business but many say a lack of funding and practical experience is putting them off, according to new research by YouGov commissioned by The Prince’s Trust and LDC.
The research, which polled over 2,000 18-30 year olds across the UK on their future ambitions, found that young people in the North West see a lack of funding (51 per cent), a lack of practical business experience (50 per cent) and ‘fear of failure’ (48 per cent) as the most common barriers to becoming their own boss.
Getting access to financial support (67 per cent), practical advice on starting a business (65 per cent), and mentoring (40 per cent) were said to be the most important considerations in helping them get their idea off the ground.
The research coincides with the launch of Backing Youth Ambition, a new partnership between The Prince’s Trust and LDC, the private equity arm of Lloyds Banking Group, to support youth enterprise across the UK.
The three-year initiative aims to help over 1,200 young people across the UK explore and launch their own businesses through start-up grants and additional funding for The Prince’s Trust’s Enterprise Programme. LDC is also providing support through fundraising, volunteering and mentoring activity across its regional offices, employees and investee companies.
Nick Stace, UK Chief Executive of the Prince’s Trust, said: “Starting a business can transform a young person’s life and is a brilliant way for them to fulfil their potential and gain a greater stake in our society. Since 1983, The Trust has helped more than 88,000 young people to realise their ambition of running their own business, but it’s clear from this research that there are many more out there who feel this is something that is out of their reach. Together with LDC, we will help to break down the barriers these young people are facing and give as many of them as possible the confidence and opportunity to become their own boss.”
Jonathan Bell, Head of LDC in the North West, said: “It’s clear that young people in the North West have aspirations to become their own boss, but don’t feel they have the skills, confidence or support to make it happen. We want to harness this ambition and help make their vision a reality – whether that be through providing practical advice, support or access to someone who’s been there and done it before.
“The Prince’s Trust has been helping young people in the North West get the support they need to get into education, training or employment for decades – we couldn’t think of a better mission to support. Working together we will back the ambitions of young people here in the North West and help to support the next generation of entrepreneurs.”
The research also found that nearly half (48 per cent) of young people in the North West think one of the best ways to start a business is in their current field of expertise, while two thirds (66 per cent) agree the secondary school system should educate young people about starting their own business.
Some of the main drivers that would encourage young people to think about starting their own business were having greater flexibility and control over working hours (58 per cent), being their own boss (55 per cent) and helping to make a difference (49 per cent), with less than a third (31 per cent) saying their to ‘get rich’ was their motivation.
Despite a new wave of entrepreneurs making their fortune from reality television and social media, research shows that established entrepreneurs like Sir Richard Branson remain an important role models for young people, with 25 per cent of respondents stating they would aspire to be like him as an entrepreneur as opposed to the so-called Instagram generation of business celebrities like Kylie Jenner (5 per cent).
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