Yorkshire and the Humber could be on the brink of a youth business boom according to a new report by The Prince’s Trust and RBS.
More than two-fifths of young people in Yorkshire and the Humber believe they will be self-employed in the future, while more than one in three expect to be their own boss within the next five years.
The survey also found that more than one in three young people from the region have already made money from an entrepreneurial activity such as selling a product they have made or working on a freelance basis, and more than half hope to do so in the future.
Jonathan Townsend, regional director of The Prince’s Trust in the north of England, said: “This research reveals an increasingly entrepreneurial mood among young people in Yorkshire and the Humber.
Five years on from the start of the recession, youth unemployment remains high and many are seeing self-employment as a way to break the cycle of joblessness.
“Setting up in business can be tough – but at The Prince’s Trust we have a 30-year track record of helping disadvantaged young people succeed in work and self-employment, no matter what their background. It is critical we nurture young people’s passion for business and invest in the next generation.”
Chris Sullivan, Chief Executive of RBS’s Corporate Banking Division said: “It is of particular importance in these tough economic times, to provide support for some of the most disadvantaged young people in the country.
“Through our ongoing partnership with The Prince’s Trust we’ve seen first-hand the life-changing results.”
Professor Michael Hay, Professor of Management Practice in Strategy and Entrepreneurship at London Business School, said: “Traditionally Britain has lagged behind other countries in terms of the number of young entrepreneurs, but today’s report suggests that young people’s attitudes to self-employment are changing.
“It is important that the next generation of young entrepreneurs get the support they need from organisations like The Prince’s Trust. In the current climate, helping young people to beat unemployment and set up businesses that employ other people can only be a good thing for the UK economy.”