8 June 2025, 12:17

By Julie Fisher

Young people are desperate to start their own businesses, but barriers to education, funding and support are preventing them from contributing their full potential to the UK economy.

Nearly one million 16 to 24 year olds are not in education, employment, or training, according to the British Chambers of Commerce.

And with vacancies at a four-year low, young people are finding it increasingly difficult to enter employment and start their careers.

As the UK grapples with unemployment and productivity challenges, small business ownership offers an alternative for our next generation, and a potential boost for our economy.

Accounting for 60% of private sector jobs, and contributing £2.8 trillion in turnover, small businesses are disproportionately important to our collective prosperity.

We know that 58% of young people are interested in running their own business – but only 16% succeed in doing so.

This gap between ambition and reality is made clear in a joint report into young entrepreneurship by Simply Business and the Federation of Small Businesses.

At Simply Business........

© LBC