What do we know about youth entrepreneurship in the UK? A review of evidence

Promotion and support of youth entrepreneurship is an important aspect of wider entrepreneurship policy and economic growth. It is particularly called for in times of economic crisis as a mechanism for offsetting the negative effects of youth unemployment. Engagement with youth entrepreneurship develops skills, confidence, and attributes such as self-reliance. Benefits to society potentially include job creation and increased innovation. Young people are enthusiastic about entrepreneurship as a career option but are far less likely to take action. Barriers to start-up include lack of awareness, role models, and skills; difficulty accessing finance; and lack of support infrastructure. Policy interventions include enterprise education; access to finance; and mentoring and business support schemes. Research specifically exploring the experience of young entrepreneurs is limited and there is a risk that policy recommendations and implementations may not match the specific needs of young people as a result. Research is particularly needed to explore gender and ethnicity differences, and the reasons behind business success and closure.