Publication

What do we know about Youth Entrepreneurship in the UK? A Review of Evidence.

Published: 10 September 2020

ERC SOTA Review no 44

Associated Themes

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  Entrepreneurship

Promotion and support of youth entrepreneurship is an important aspect of wider entrepreneurship policy and economic growth. It is particularly called for in times of economic crisis as a mechanism for offsetting the negative effects of youth unemployment. Engagement with youth entrepreneurship develops skills, confidence, and attributes such as self-reliance. Benefits to society potentially include job creation and increased innovation. Young people are enthusiastic about entrepreneurship as a career option but are far less likely to take action. Barriers to start-up include lack of awareness, role models, and skills; difficulty accessing finance; and lack of support infrastructure. Policy interventions include enterprise education; access to finance; and mentoring and business support schemes. Research specifically exploring the experience of young entrepreneurs is limited and there is a risk that policy recommendations and implementations may not match the specific needs of young people as a result. Research is particularly needed to explore gender and ethnicity differences, and the reasons behind business success and closure.

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