Youths put off starting businesses
Updated on 09 November 2009
Many young people have a business idea but are holding off doing anything about it until the end of the recession, according to a new report.
The Prince's Trust said a study of 1,720 people aged 18-30 showed strong calls for the Government to do more to help youngsters into self-employment as a way of tackling youth unemployment.
Over half of those polled complained that jobcentres and careers advisors did not give enough information about self-employment, while two thirds said schools and colleges offered little or no advice.
Martina Milburn, chief executive of The Prince's Trust, said: "Our economy needs fresh input and young inspiration. The recession should not mean putting the brake on creativity.
"It is fantastic that so many young people are having ideas. Now it is vital we provide these entrepreneurs with the support they need to make their businesses work."
Stephen Boyle, head of group economics at the Royal Bank of Scotland, which helped with the study, added: "The research suggests the UK has a measure of pent-up entrepreneurial activity, waiting for the right economic conditions.
"If the worst of the recession is behind us, we can be optimistic that the UK's young entrepreneurs will play an exciting role in the recovery."
A Business Department spokesman said the Government was committed to harnessing the entrepreneurial spirit of graduates, adding: "As we move towards the upturn it will be the skills and talents of our young people that will give us and them the competitive edge we need to help build a stronger Britain.
"In the last downturn young entrepreneurs started businesses that have now flourished into household hold names such as Green & Blacks chocolate and eBay and it is encouraging to see that a further 54% of graduates are setting up their own business in 2009."
TUC General Secretary Brendan Barber said: "The focus in the city may have moved on to share gains and mega bonuses, but back in the real world tackling unemployment is the most important issue facing people."
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