The Prince’s Trust conducted The Young Entrepreneurship Review for the Department for Business, Energy, and Industrial Strategy (BEIS) between 2019-2021.
The Young Entrepreneurship Review looked at entrepreneurial activity for young people aged 18 to 30 in the UK. It found that over half of 18 to 30-year olds dream of setting up their own business, but there is a clear gap between young people’s entrepreneurial ambitions and their action to enter self-employment or run their own business.
The Review identified three key barriers that contribute to this gap: access to finance and support; confidence and expectation; and networks. The full report is available to read here. (pdf, 3mb)
Jonathan Townsend, UK Chief Executive of The Prince’s Trust said:
“The uncertainty ahead will bring huge challenges, but if young people are supported
now with the confidence, skills and finance they need to go boldly into
entrepreneurship, they will build capabilities for work and be able to play a vital role in
the recovery of our economy.”
Responding to the report, the Minister for Small Business, Paul Scully, wrote to thank The Prince’s Trust for conducting the Review (pdf, 127kb), and to state the UK Government’s intention to ensure the experience of young entrepreneurs is taken into consideration as it progresses its support.
The Prince’s Trust looks forward to working with government to build support for potential and existing young entrepreneurs.