Young entrepreneurs are always saying that they don’t have the resources around them to start a business. A new study out of England suggests, however, that young Americans might be better off than their British counterparts.
According to The Prince’s Trust, a UK based youth charity which focuses on entrepreneurship, more than a third of England’s young people want to start a business but a lack of support at school means few achieve their dreams.
A report marking 25 years of The Prince’s Trust Business Programme reveals that 38% of young people in the region would like to start their own business, but less than 6% have actually done it.
More than a third (36%) cited high start-up costs as the biggest barrier to starting a business, while almost three-quarters (71%) believe that schools and colleges encourage safe, conventional careers rather than supporting aspiring entrepreneurs.
More than three-quarters (76%) of England’s young people also claim careers advisors do not mention starting a business as a career option.
The survey of more than 1,000 young people nationwide also revealed their concerns about the current economic climate. However, almost one in five of England’s young people (18%) stated that they would start their own business if they lost their job during a recession.
Almost half (45%) of young people interviewed believe that the United States does the most to encourage and support young entrepreneurs, compared with only 8% claiming the UK as the leader for enterprise.
Almost three-quarters (71%) of young people want the Government to provide tax relief and low-interest loans to young entrepreneurs. At present, 74% believe that only well-off people can afford to start a business in the UK and that today’s entrepreneurs are most likely to be white, middle-class, middle-aged men.
What do you think of the survey results? Is The US the best place to be a young entrepreneur? What do you think are the biggest challenges facing young entrepreneurs today?
