According to The Prince’s Trust 30% of young people believe they will be self employed in the future, while one in four expect to start up in business in the next five years. The Prince’s Trust and RBS also found that although just 5% of young people are currently self employed, over a quarter are actively considering it. The main barriers to starting up in business were concerns about funding and a lack of support. Martina Milburn, Chief Executive of The Prince’s Trust, said “youth unemployment remains high and many are seeing self employment as a way to break the cycle of joblessness.”
The question in my mind is thatv whether these young people are being driven to self employment by lack of career options elsewhere. And secondly, do they understand the implications of self employment. In my view many only see the percieved frrdom and flexibility of running their own business. Many quote the “no bosses” myth. In fact, as those of us working for ouerselves know: the bank manager; the VAT; HMRC merely replace the boss at work. I certainly believe that career and business organisations should be very wary of this. The well-known statistic of failure among ill prepared and trained would-be entrepeneurs should make us all very wary of this apparently-pleasing finding. But what do you think? Let me know by completing the form below.
More information on the survey: http://www.princes-trust.org.uk/about_the_trust/what_we_do/research/1305_youth_business_boom.aspx