Level Up: Changing Lives through Enterprise
is a report from Launch It and small business support network Enterprise Nation. The report follows the fortunes of 32 young entrepreneurs from diverse backgrounds and socially and economically deprived communities.
Entrepreneurship as a career path brings
unique benefits to young people from
economically and socially challenged areas
in the UK, helping them to overcome barriers
in the longer term.
Despite the benefits, this report highlights there are still major barriers entrepreneurs in deprived areas of the UK face when starting and growing their business:
+To be a successful entrepreneur, a young person
needs the confidence to actively avoid the more
‘conventional’ education and employment path that
+ Interviewees were unanimous that their education
had contributed very little to their success in business
and they were learning ‘on the job’
+ Financial barriers are significant, with almost
90% of survey respondents financing their new
businesses from their personal savings, with a strong
aversion to borrowing and taking on more debt.
Based on the research, Launch It and Enterprise Nation are putting forward recommendations for tackling social inequality, creating positive opportunities for young people and the communities in which they live and work. Here are 4 key issues to consider:
Entrepreneurship must be included as a valid career option
Schools, colleges or universities offering career fairs, career counselling and job centres advisors should promote entrepreneurship as a positive career choice and point young people towards relevant training to get started.
Creating more affordable working space
Local authorities should prioritise offering underused community buildings and spaces, to charities and business support groups that help entrepreneurs. In addition, spaces dedicated to business support in deprived communities should be exempt from business rates and high rents by local government to ensure support remains affordable.
Micro-grants and financial education to accompany funding
Micro-grants should be made available to under-represented entrepreneurs together with education about financing and debt management to increase options available.
Developing entrepreneurship and business skills
Apprenticeship levy rules should include entrepreneurial apprenticeships for those interested in more formal qualifications. Central government, Local Enterprise Partnerships and businesses through their CSR programmes should prioritise skills training and mentoring for entrepreneurs from economically challenged backgrounds.
On July 31st, 2020, Enterprise Nation and Launch It ran a virtual roundtable discussion with James Daly MP, Chair of the APPG for Youth Employment and 5 of the entrepreneurs featured in the report. Watch this insightful discussion here: