Authors: Stefanus Phan & Goh Hui Min
In 2011, in the face of staggering youth unemployment figures, British business magnate Richard Branson highlighted the need for “a nation of young entrepreneurs”. This opinion is widely shared amongst leaders and experts. Youth entrepreneurs are regarded as “drivers of innovation, economic growth, and keen to make a positive change in their societies ”. They foster competitiveness through “dismantling monopolies, creating new demands, and tackling old problems with new technology”. With such profound benefits to the economy, we believe it is worthwhile to assess the current state of youth entrepreneurship in the UK, and how we can improve it moving forward. Borrowing from recent literature on youth entrepreneurship, we will explore the main characteristics of youth entrepreneurs in the UK, the main impediments to youth entrepreneurship and formal support provided for young aspiring entrepreneurs.
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