Why young entrepreneurs are good for UK

Musician, The Voice judge and Prince's Trust celebrity ambassador  Will.I.Am (right) talks to young entrepreneurs and Prince's Trustvolunteers at the  Urban Development Studio
Musician, The Voice judge and Prince's Trust celebrity ambassador Will.I.Am (right) talks to young entrepreneurs and Prince's Trustvolunteers at the Urban Development Studio
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We have all dreamed of becoming our own boss, but thousands of young people across the country have already put their business plans into action.

With youth unemployment just under a million, young people are turning their hand to gardening, graphic design, baking and beauty therapy to escape the dole queue and kick-start their careers.

Currently more than one in four young people in Sheffield are struggling to find a job.

In the last year, more than 6,000 unemployed young people have received support from The Prince’s Trust to set up in business, bringing the total number of young entrepreneurs we’ve helped up to 80,000.

For many young people, the transformation from unemployed to entrepreneur is life changing, giving them back the skills, confidence and motivation that being out of work has taken away.

But helping young people into business is not just good for young people – it’s good for Britain too.

A new analysis by Nef consulting and supported by The Royal Bank of Scotland Group (RBS) shows how, in just one year, The Prince’s Trust Enterprise programme has created more than £49.1 million in social value to the UK and £300,000 to Sheffield alone.

These figures take into account the value created from young people’s increased skills, as well as their earnings once they’ve completed our Enterprise programme. They also include the money saved due to the number of young people who are no longer on benefits or in trouble with the law.

Lee Powell, 32, from Sheffield, is a great example of the many young entrepreneurs we’ve supported over the last 30 years.

Lee has gone on to set up a successful record label, Itchy Pig, with various releases. Not stopping there, Lee has recently expanded into setting up a publishing company, IP Publishing, an artist agency, Itchy Artists, and a PR company, Just Good Music PR.

Next time you’re looking for a hairdresser or plumber, perhaps you would consider choosing a Prince’s Trust business.

You will be supporting the next generation, helping them to succeed in life at a time when jobs are hard to find - and by investing in young people, you will also be helping to boost the UK economy, regenerate communities and secure a brighter future for us all.

We are calling on Prince’s Trust businesses from the past 30 years to come forward and get involved in our anniversary celebrations. If you were supported by The Prince’s Trust, visit www.princes-trust.org.uk/30Enterprise to be part of the celebrations.