It is about allowing all young people the opportunity to make the most of their existing skills, gain experience, build confidence and create a better future for themselves.Business and education can work together to create a cycle of economic prosperity.
Last week the Conservatives released their new economic model for change. It outlines eight benchmarks that they believe are the solution to kick-starting the UK’s economic recovery. These goals include making Britain more competitive with tax and business regulation, cutting youth unemployment and producing a plan to reduce structural deficit. All positive and welcomed proposals but is it enough to ensure we create and nurture an enterprising society and stimulate economic prosperity?
Promoting enterprise is obviously a high priority as under a Conservative government, registering a new business will no longer involve numerous forms but will be a ‘one-click’ model – news that will not only be music to the ears of entrepreneurs across the UK but also to organisations, like Young Enterprise. We are working to encourage and empower the next generation of enterprising young people and by recognising the importance of making business creation as easy as possible, the Conservatives acknowledge the power of enterprise in driving our economy forward. We must, however, continue to remember that without continued education to give young people employability skills, behaviours and attitudes to be enterprising, the reduction of red tape and implicated costs will not have as much impact as it could.
Innovation and entrepreneurialism are critical to creating future economic growth and therefore driving the economy forward. Encouraging the emergence of new industries and the evolution of existing ones will be vital to trigger economic development and is something we can all play a part in. People are put off from starting their own business often due to the perception that setting up a business can be complicated and expensive but we should not under-estimate that nervousness exists because people are simply not prepared from an early enough age with the business skills that they need.
We welcome the Conservatives plans to create a similar initiative to the Enterprise Allowance Scheme that existed in the 1980s, whereby they plan to build a network of business mentors to would-be entrepreneurs. For years we have been providing a UK-wide network of business volunteers that work with schools to equip young people with the knowledge they need and empower them with the confidence to put enterprise into use long before leaving school. Individuals and businesses can benefit from helping to build these skills and confidence in the business people of the future – it is about grasping all the opportunities we can.
Making it easier to set up new businesses is a welcome change, as is the reduction of costs for businesses in their first year – what better encouragement for even the least confident young people, but we need people from all types of business, all over the UK, to help us to educate these budding entrepreneurs so that they have the confidence to take the plunge, red tape or no red tape.
We need to encourage a culture of entrepreneurialism – where talent can be unleashed and allowed to grow without the fear of failure that is an all too common occurrence. It is vitally important to give everyone, regardless of background or ability, the opportunity to learn the skills that will set them up with the knowledge and confidence to succeed. It is not necessarily about creating an army of Richard Bransons and Alan Sugars, but nurturing an element of entrepreneurial thinking in every young person so that we have a generation of well-informed, business savvy people.
During the past 12 months you have only had to open any national newspaper on any day of the week to see the effects of the current economic climate on businesses across the country. Confidence is down and employment freezes have taken place in almost every industry across the UK. As a result, unemployment currently stands at almost 2.5million, with over 900,000 16-24 year-olds out of work. By fostering an enterprising spirit and encouraging our young people to think about life choices we could realistically drive the recovery forward and halt this worrying rise.
It is about allowing all young people the opportunity to make the most of their existing skills, gain experience, build confidence and create a better future for themselves. Young people have been dramatically affected by the current levels of unemployment and, while it did reach record highs in 2009, a crowded labour market is not synonymous with this recession, or this Government, and will always be something young people face when they leave school. Providing vital business skills not only ensures a stronger work force but enterprising skills and attitudes lead to the creation of new business opportunities which create jobs and reduce unemployment. Business and education can work together to create a cycle of economic prosperity.
To find out more about how you and your business can get involved with Young Enterprise, visit: http://www.young-enterprise.org.uk/
