Investing for the Future

16 June 2016 | Updated 01 January 1970

A poll has identified how young people are inspired by entrepreneurism when exposed to small businesses.

The Entrepreneur’s Circle and Skillwise interviewed apprentices to understand views on entrepreneurship, in response to recent Google survey that indicated a ‘lack of appetite’.

The Entrepreneurs’ Circle (The EC) conducted an informal poll with young adults participating in the Skillwise Apprenticeship Programme and identified a very different attitude from those already exposed to small businesses and entrepreneurs.

Forty-one apprentices aged between 16-24 participated in the poll which found that 51% said they were ‘very likely’ or ‘likely’ to launch their own start-up in the future, compared with just 22% of those involved in the Google study. While 70.7% of the apprentices questioned confirmed they felt positive about entrepreneurship in the UK today, in comparison when asked their views about starting a business, 51% of Skillwise apprentices said it would a ‘responsible’ decision, compared with 56% of Google’s YouGov pool suggesting it would be ‘risky’ and a further 11% considering it to be ‘reckless’.

Starting a business was, however, not seen as high risk by the majority of apprentices interviewed with 58% perceiving it only as a moderate risk and a further 10% stating it as low risk, compared with the YouGov research that reported how 45% of females and 39% of boys ‘fear failure’.

One major differentiating factor that stands out between the groups is exposure to business environments. In the Google study, a third of respondents added that they did not know anyone that had launched their own company while over 90% of apprentices said they know someone who had launched, or was running their own operation.

“Almost all of the apprentices we spoke to have been working in small businesses via the Skillwise programme for at least three months,” said Nigel Botterill, Founder, The EC. “What this tells us is that we’ve got to expose apprentices to small businesses as they are the life blood of the economy. Over 47,000 businesses have launched in the last month alone and the reality is that a significant percentage will flourish and succeed, therefore it is in everyone’s interests to get apprenticeships into small businesses.”

Further findings identified that 58.5% of Skillwise apprentices felt that having their own business would make their future more stable, while 73% said that they would like to be in control of their own destiny and ‘to be my own boss’ with a further 70% suggesting that expanding a successful, profitable business would give them ‘real pride’.

Skillwise’s retention figures show 80% of its apprentices retain their jobs and go into full-time employment following their first year. “Our placements aren’t simply ‘learning episodes’ but a real opportunity for them to make a difference and deliver real value,” explained Ian Simms, Director, Skillwise. “We’ve had apprentices on the Skillwise and EC programme deliver a return on investment of over 500%, so I think this clearly shows that young people are positive towards business and entrepreneurism when given the right opportunities.”

Since launching in 2010, The EC has helped over 7,500 UK businesses become more successful via teaching, training and mentoring.

Picture: Nigel Botterill – 'we’ve got to expose apprentices to small businesses as they are the life blood of the economy'

Article written by Cathryn Ellis | Published 16 June 2016