Published: July 3rd, 2019
Ask most youngsters what they want to be when they grow up and you might be surprised to learn that running their own business figures pretty highly on the list.
But a new survey suggests that for lots of youngsters the barriers they perceive to becoming their own boss are simply too great for them to overcome
Now help is at hand thanks to a partnership between the Prince’s Trust and LDC – the private equity arm of Lloyds Banking Group
A YouGov poll found almost two thirds (66 per cent) of young people have or would consider starting their own business but many say a lack of funding and practical experience is putting them off.
The research, which polled over 2,000 18-30 year-olds on their future ambitions, found that a lack of funding (52 per cent), a lack of practical business experience (49 per cent) and ‘fear of failure’ (48 per cent) were the most commonly cited barriers to becoming their own boss.
Getting practical advice on starting a business (67 per cent), financial support (66 per cent) and mentoring (42 per cent) were said to be some of 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, to support youth enterprise across the UK.
The three-year initiative aims to help over 1,200 young people explore and launch their own businesses through start-up grants and additional funding for The Prince’s Trust 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."
Martin Draper, CEO at LDC, said: "Young entrepreneurs are essential to a thriving economy. What is clear, is there is no shortage of ambition amongst young people to be their own boss. The imperative is to show them that financial and practical support is out there to give them the confidence to start their own business.
"For decades, The Prince’s Trust has been encouraging young people to take that first step and brings a wealth of expertise and resources. We’re excited to join forces and support their mission, helping to back the ambition of young people and create a new generation of entrepreneurs."
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