School and College Leavers Deserve The Chance to Start Their Own Businesses
Lewis English
Change and Growth Consultant. Creator of success stories for campaigns, businesses, organisations, charities and non-profits through campaign management, communication and process mapping. Bloom Accredited Supplier
Society has always portrayed the transition from education to the working world as a journey towards finding a job.
For generations, the story has been that the pinnacle of success for school and college leavers is to secure employment in a stable company, climb the corporate ladder, and eventually, with some luck, reach a comfortable retirement.
It’s time we rewrite that story.
School and college leavers deserve more than just the chance to become employees—they deserve the opportunity to start their own businesses.
The Case for Entrepreneurship as a First Step
For many young people, the prospect of starting a business right out of school or college seems daunting, but it doesn’t get easier, and understanding Corporation Tax or how to put together a business plan are foundational skills that everyone should have.
Fresh out of education, bright young individuals bring with them a unique combination of creativity, tech-savviness, and a willingness to take risks from the bedrock of successful entrepreneurship.
Rather than being seen as inexperienced, school and college leavers should be viewed as perfectly poised to innovate and disrupt traditional industries; with the right support.
According to a study by the Global Entrepreneurship Monitor, young people who engage in entrepreneurship are more likely to develop essential life skills, including problem-solving, adaptability, and leadership. These skills serve any career path they might choose in the future. In addition, starting a business teaches young people resilience—the ability to bounce back from failure and keep moving forward — a quality that is invaluable in both personal and professional life.
Economic Benefits of Youth Entrepreneurship
Youth entrepreneurship is not just beneficial for the individuals who take the leap; it has far-reaching effects on the economy. Young entrepreneurs bring fresh ideas and new perspectives to the market, often leading to the creation of innovative products and services. These innovations can drive economic growth, create jobs, and contribute to the dynamism of the economy.
In the UK, the rise of young entrepreneurs has been a significant contributor to the growing gig economy. The Office for National Statistics reports that the number of self-employed individuals aged 16-24 increased by nearly 50% between 2008 and 2018. These young business owners are not only creating employment opportunities for themselves but also for others, fostering a culture of job creation rather than job seeking.
Youth entrepreneurship plays a crucial role in addressing unemployment, particularly in regions where traditional employment opportunities may be limited. By empowering school and college leavers to start their own businesses, we can help reduce youth unemployment rates and promote economic self-sufficiency.
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Social Mobility and Inclusion
By far the most compelling reason to encourage entrepreneurship among school and college leavers is its potential to drive social mobility. For many young people, particularly those from disadvantaged backgrounds, the path to entrepreneurship offers an alternative route to success—one that’s not constrained by the barriers that often exist in traditional career paths.
Starting a business provides an avenue for young people to take control of their own economic destinies. It allows them to leverage their unique talents and perspectives to create value in the market. This is especially important for those who may not have access to the same opportunities as their more privileged peers. Starting your own business can create equal opportunities for young people to generate wealth and improve their own futures and the futures of their communities.
A report from the Prince’s Trust highlights that young entrepreneurs from disadvantaged backgrounds are more likely to start businesses that not only succeed, but also contribute positively to their local economies. This is a powerful testament to the role that entrepreneurship can play in fostering inclusivity and social equity.
The Role of Education in Fostering Entrepreneurs
If we are to truly empower the next generation of entrepreneurs, we must start by changing the way we educate our young people. Traditional education systems have long focused on preparing students to enter the workforce as employees. While this is important, it is equally vital to equip students with the skills and mindset needed to start and grow their own businesses.
This means integrating entrepreneurship into the curriculum at both the school and college levels. Educators should expose students to the fundamentals of business, including financial literacy, marketing, and strategic planning. But beyond the technical skills, we must also nurture the entrepreneurial mindset—encouraging creativity, resilience, and a willingness to take risks.
According to the Federation of Small Businesses, nearly half of young people in the UK believe that starting their own business is a viable career option, but how many actually do?
This optimism has to be supported with the right educational frameworks that not only teach the mechanics of running a business but also inspire confidence and ambition.
Citations:
This article aligns with the themes of the BOSS programme, emphasizing the importance of entrepreneurship for young people, without directly mentioning the course.