New support aims to help young people “Think Enterprise”

At its launch last month, the 3% campaign – developed by the Young People’s Enterprise Centre of Expertise – outlined its ambitious aim to create 5,000 young entrepreneurs by 2012.

The campaign, backed by Advantage West Midlands and Business Voice WM,  was based on research highlighting a number of barriers young people face when it comes to starting a business and accessing support in the West Midlands.

The research found that:

  • Relatively small amounts of funding can be instrumental in enabling young people to start productive businesses, but there is a gap in provision for those who do not meet the Prince’s Trust deprivation criteria or those not on student enterprise schemes.
  • Young entrepreneurs have short work histories and require business advisers and mentors who have relevant business experience to provide essential knowledge.
  • Young entrepreneurs highlighted the loneliness of working on their own when starting a business and the need for a pro-active support network.
  • Application forms for support are perceived as excessively bureaucratic and jargon-laden, deterring young entrepreneurs not familiar with the terminology and business.
  • Although a culture change is reported, many of our young skilled entrepreneurs are entirely disengaged from school.
  • Enterprise activities in schools are highly valued and supported, with the emphasis on getting young entrepreneurs involved in the Further Education sector.

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