10 rules for unlocking your entrepreneurial talent

With the UK general election just a few weeks away, we have published Empowering the Future, new briefing document in partnership with Youth Business International (YBI), the only global network dedicated to youth entrepreneurship.

The document calls on whoever forms the next government in the UK to harness the potential of young people by equipping them with the skills they need to start, grow and sustain a business. To this end, we present ten practical policy recommendations for the new government expected to lead.

As a foretaste, we believe it is time to reinstate the Business Allowance Scheme and ensure it is more generous than other unemployment benefits. When it was previously in force, almost two-thirds of participants continued to run their businesses 18 months after registration, and one-fifth of these businesses employed at least one additional person. He has supported famous entrepreneurs such as Julian Dunkerton of Superdry, Alan McGee of Creation Records and artists such as Tracey Emin.

The report also calls on the government to encourage young people to tackle big problems by funding more challenge awards. We know from previous research with YBI that entrepreneurs under the age of 35 are more than twice as likely as older entrepreneurs to say that the main goal of their business is to solve a social or environmental problem. We also know that this is not inconsistent with the pursuit of growth. In fact, we found that the more turnover a company had, the more likely it was to agree that its main purpose was to solve social or environmental problems.

There are many more ideas – for example, we believe that people under 18 should be able to open business bank accounts without loans, so that they can separate their personal and business finances from an early age.

The report will soon be presented to the House of Commons by Lord Mawson, one of the UK’s leading social entrepreneurs. He will say: “Entrepreneurship has the unique ability to empower individuals to change their lives for the better. However, too many young people still do not have the opportunity or knowledge to start a business. If the UK is to become a great place to do business and grow its economy, helping the next generation of young people adopt an entrepreneurial spirit and a ‘learning by doing’ culture is crucial if we are to help them navigate the modern world of work. To enable them to realize their true potential, we need a new approach, and I welcome the policies set out in this document that will do exactly that.”

Anita Tiessen, CEO of YBI, who will also be speaking at the event, says she is “inspired every day by the incredible young entrepreneurs supported by YBI’s global network. I strongly urge both the new UK Government and other decision-makers around the world to introduce policies that unlock the potential and skills of young people. When young entrepreneurs thrive, it is an effective lever for stimulating economic growth, reducing inequality and driving the green and social economy to create a change-minded generation.”

The launch will also celebrate the YBI Global Bootcamp and the inspiring young entrepreneurs from around the world who have been shortlisted for the YBI Global Young Entrepreneur of the Year, providing a unique opportunity for young entrepreneurs to learn from experts in impact entrepreneurship and collaborate with peers from whole world.