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Monday, 1 June 2009

The Young Take The Lead

You will be pleased to know that some government funds are being put to good use (not just employing gardeners!!!) and £32 million is funding a new National Skills Academy for Enterprise, launching in September 2009.

The government has recognised that young people are the future of small business and considering that small businesses make up 90% of the UK economy, I would say it is money well spent! They have really put their money where their mouth is with Secondary Schools having received £17,000 per year for the past two years to increase enterprise education. These schemes should go a long way to help young people, who lack industry experience which is generally required in order to gain financial backing, from banks or investors.

Young people can be excellent entrepreneurs as they will have business ideas related to their experiences and will fully understand their target market, which will usually be their peers. Where they fall down is fully utilising business opportunities which they just don't recognise. Schemes such as the National Skills Academy for Enterprise, in addition to programmes in Schools and Colleges should provide young people with the business knowledge necessary to get started and recognise opportunities as they present themselves.

Entrepreneurship has been hailed 'the new rock 'n' roll' with more young people wanting to be the next Richard Branson than wanting to be famous. An interesting and positive cultural change? The ultimate goal is the same, to be rich, but more people, it seems, are willing to work for it in a way which will benefit the UK as a whole. This can only be a good thing.

Smarta have written an excellent in-depth report on this which I completely recommend taking a look at.

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