YOUNG PEOPLE looking to start or grow a business are set to receive more tailored support with the launch of a new review into the barriers to success, Small Business Minister Kelly Tolhurst announced yesterday (Mar 7).
The review, led by Nick Stace, Chief Executive of The Prince’s Trust, will identify how best to tackle the barriers facing nearly 400,000 aspiring entrepreneurs in England – from access to finance, advice and support to how to access business networks – and how we can close the gap between entrepreneurial ambition and reality.
It will also look at the support on offer to young entrepreneurs from disadvantaged and low-income backgrounds and adds to efforts by the government to improve diversity in the business community, following the Rose Review into Female Entrepreneurship launched in September last year.
To support the review, government and The Prince’s Trust is bringing together a steering board that will be comprised of entrepreneurial representatives, of all ages, from the world of business, finance and skills, with experience and insight. Details of these individuals will be set out in the coming weeks.
Small Business Minister Kelly Tolhurst said: “The UK consistently ranks as one of the most entrepreneurial nations in the world, but there is more we can do to break down the barriers that stop some of our best and brightest young people from starting their own business.
“This review will help us understand why those barriers exist and what more we can do, working with the private sector, to ensure people of all ages and backgrounds are able to achieve their bold and brilliant business ambitions.”
Nick Stace, UK Chief Executive of The Prince’s Trust, said: “Each year thousands of young people work hard to turn their ideas into sustainable businesses. At The Prince’s Trust we know that access to finance, mentors, and training is crucial to ensuring young people can thrive in business.
“At a time when it’s difficult to predict the skills, technology and jobs that our future economy will require, entrepreneurship can equip young people with the tools and attributes to adapt to our changing labour market.
“This review aims to remove barriers to self-employment for young people from all backgrounds, enabling them to start and grow a business and gain a greater stake in the economy and society.”
In the summer, the review will make recommendations to ministers about what can be done to ensure our entrepreneurs are properly supported building the businesses of the future.