Young people delaying entering business

Tue, 10 Nov 2009

Despite one in six young people having an idea for a small business, the majority are holding off becoming self-employed until after the recession, according to a new study.

According to the Princes Trust, 56 per cent of aspiring business-owners have taken no action to make their ideas a reality.

Stephen Boyle, head of group economics at RBS, said the UK appears to have a measure of pent-up entrepreneurial activity, waiting for the right economic conditions.

"If the worst of the recession is behind us, we can be optimistic that the UK's young entrepreneurs will play an exciting role in the recovery," he added.

Martina Milburn, chief executive of the Prince's Trust, claimed the economy needs fresh input and young inspiration, adding that the recession should not mean putting the brake on creativity.

She added: "It is fantastic that so many young people are having ideas. Now it is vital we provide these entrepreneurs with the support they need to make their businesses work."

Last week, the government announced the availability of £1 million in extra funding, designed to help more young people start their own businesses.

How Microsoft can help

Microsoft software can help you turn your passion into profit. Find out more about our solutions for small business and download a FREE trial of Office 2007 Small Business

Find a specialist in your area

More Starting Up a Small Business News  

• Positive action needed after Global Entrepreneurship Week 24/11/09

• Owners can benefit from entrepreneurial skills training 20/11/09

• Entrepreneurs back decision to work for themselves 28/10/09

• Extra support needed to encourage new firms 12/10/09

• Role models important for young entrepreneurs 01/10/09

View all articles