A society that fails to harness the energy and creativity of the next generation risks being left behind. If we want to unlock entrepreneurial potential and cultivate an entrepreneurial mindset amongst young people we have to start in the classroom.
It’s time we reshaped the education system to connect young people with the world of work. Integrating entrepreneurship education into the curriculum will equip people with digital literacy and general business acumen, and give them valuable life skills such as confidence, communication and problem-solving.
Entrepreneurship should be open and accessible to everyone. Young people are held back by little or no access to mentors, networks and funding. According to The Entrepreneurs Network, over half of young people in the UK have thought about starting (or already have started) a business, yet 70% cite ‘not knowing where to start’ as why they don’t follow through.
Exposure to entrepreneurship is a key driver of entrepreneurial intention. Young people who have thought about starting or started a company are more likely to have a family member or friend who is a business owner, and seven in ten say that having a family member or friend who is an entrepreneur has made them more likely to consider starting a business.
We need to map out a pathway today for a fairer, more equitable tomorrow for young entrepreneurs of all backgrounds – and an inclusive economy that advances growth and prosperity for all. This is critical to driving positive change and meeting the UK’s social mobility challenge.
I’m proud to have joined forces with the All Party-Parliamentary Group (APPG) for Entrepreneurship to call on the Government to integrate enterprise education into the school curriculum. In our recent Entrepreneurship Education report, we highlight the urgent need for greater clarity from the Government. We want to know under whose portfolio responsibility for enterprise education falls. And we want resources and funding for pupils to engage with entrepreneurial activity in schools and incentives for businesses and local enterprise partnerships to support and engage with this entrepreneurship education.
This report is the culmination of many months speaking to academics, education experts, youth enterprise organisations and business leaders. The concept of entrepreneurship education is extremely important to me, and I’m hugely encouraged by the worlds of business and education coming together to help drive greater opportunities for young people.
Our education system is responsible for preparing young people to build successful lives. If ever there was a time to empower the younger generation of entrepreneurs, it is today. We, as a society, need to ensure that this latent potential is fully realised. Given the potential that new businesses and start-ups have to boost our economy, it’s critical – as outlined in our report – that “young people are equipped with the toolset to achieve what they increasingly desire: independence and meaningful work.”
Tearing down the barriers that prevent more young people from becoming successful entrepreneurs and creating a pathway for all young people, irrespective of their background, can generate positive outcomes for everyone. I strongly believe early intervention and expanding access to entrepreneurship education to young people in schools is a fundamental part of this.
It’s no surprise that an entrepreneurial mindset and enterprise skills are also highly valued by employers. Inspiring these skills in the next generation of workers clearly has benefits in terms of dealing with ever-evolving market conditions and the future world of work which looks very different from now.
But what’s really driving me is the profound impact that entrepreneurship education can have on young people’s lives. Enterprise skills are ultimately life skills – the ability to think creatively and ambitiously. It’s about engaging with the world around you, to identify challenges and seize opportunities.
I’ve seen first-hand how access to entrepreneurship education has helped young people from different backgrounds thrive. I would urge other business leaders to join me as we look to create a more equitable and inspiring future for the UK’s young people.
Sam Smith is the CEO of finnCap Group