Ten initiatives to help young people: 10. Young person's business package


  Government should help young people who wish to start up their own businesses by putting together a "young person's business package."  There is unused space at both local and national government level that could be converted into start-up work spaces.  These could be made open plan with desks, computers and wifi, with shared facilities such as toilets and vending machines.  These could be rented very cheaply to people under 25 looking to start a business.

Government could also take an active role in matching young people with mentors from among those who have followed this route successfully themselves.  The business community can be asked to participate, supplying lists of mentors to teams within the Department for Business, Innovation and Skills, who can then match them up to young people starting up a business, in order to provide them with help and guidance.

Finance should be available in the form of loans.  Many start-up businesses require very little initial capital because they tend to grow organically, lifting themselves up by their bootstraps.  But there are stages where some capital is required, and government should join in a scheme with banks and businesses to make it available as loans to start-ups deemed to be sufficiently merit-worthy.

There is considerable evidence that young people are inspired to become entrepreneurs when they are in contact with other entrepreneurs.  Government should work with business to set up a series of school visits by successful entrepreneurs to talk from their own experiences about the nuts and bolts of starting and running one's own business.  Schools should be encouraged to apply for such visits and to make time available for them.

Local governments should be asked to run one-day workshops for young people, with sessions throughout the day on various aspects of entrepreneurship.  These should feature successful people, plus professionals such as tax experts and people with skills in marketing and advertising.  School students should be given time off school to attend them.  The aim would be to impart a thorough grounding into what it takes to launch a successful business, and how to avoid some of the common pitfalls.

The aim of the "young person's business package' should be not only to impart the essential information, but also to motivate people to strive to become successful entrepreneurs.  It is contact with others who are following this path, and with those who have already trodden it successfully, that can do this.