THE ongoing economic downturn is breeding a generation of entrepreneurs in the North-East, new research suggests.
According to a survey by The Prince’s Trust, more than a quarter of young people in the region believe they will be self-employed in the future, while one in five expects to be their own boss within the next five years.
While only five per cent of young people in the UK are currently self-employed, more than a quarter in the North-East claim they are thinking of setting up in business.
And almost one in four young people in the region would rather try to set up their own business than look for a job in today’s competitive market.
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 the North-East.
“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.”
The study found that one in three young people in the North-East had already made money from entrepreneurial activity such as selling a product they have made or working on a freelance basis, and two-fifths hope to do so in the future.
While thousands of North-East youngsters had considered setting up in business, many were being held back due to worries about funding or not having enough support, The Prince’s Trust said.
The results of the survey were published as the trust celebrates 30 years of setting up young people in business through its Enterprise programme.
The scheme has helped 80,000 young entrepreneurs to date with support from funders such as RBS.
The Enterprise programme is supported by the European Regional Development Fund (ERDF) in the North-East.
Visit www.princes-trust.org.uk/30enterprise or call 0800-842-842 for more information.
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