The new digital campaign is aiming to engage with young people who have never considered starting up in business. Funded by RBS, the campaign will feature new spoof infomercial-style films based on completely inconceivable business ideas to raise awareness of The Trust’s work among young people. The charity will also share a range of celebrity business tips and positive success stories through its social media channels during the campaign. Unemployed young people are being encouraged to submit business ideas at www.princes-trust.org.uk/ideas
This is in response to RBS figures revealing that 49 per cent of 18-30 year olds would like to start their own business, but only seven per cent are actually in the process of doing so. The proportion of young people in the process of starting up in business has almost halved since the beginning of 2014.
Almost two-thirds of young people (64 per cent) admit that a fear of failure would prevent them from getting started in business, while one in three (35 per cent) believe the current economic climate would make it too difficult to become their own boss.
With three-quarters of a million young people still struggling to find a job, The Prince’s Trust is now urging more young people to seek support and consider setting up their own business to break out of unemployment.
Martina Milburn CBE, chief executive at The Prince’s Trust, said: “It’s tragic news that young people fear they don’t have what it takes to start-up in business. They can achieve amazing things with the right support – but all too often, the young people I meet have never had anyone to believe in them and crucially, lack self-confidence.
“We have helped more than 80,000 young entrepreneurs get their ideas off the ground – from magicians like Dynamo to beauticians, barbers, dog groomers and digital agencies – and we want to help more young people become their own boss. The Prince’s Trust can help with free intensive support, low interest loans and business mentors to support young people at every step of the way.”
Despite the recession, The Trust helped 58% more young people through its business start-up schemes last year than in 2010. It is aiming to grow the Enterprise programme over the coming years, providing intensive support to budding entrepreneurs thanks to support from a range of funders such as RBS. RBS has supported The Prince’s Trust for over a decade providing more than £19 million of funding and through The Enterprise Programme has helped more than 6,000 young people every year. Since its launch in 1976 The Prince’s Trust has supported more than 750,000 disadvantaged young people to turn their lives around.
Thom Kenrick at RBS, which is the biggest corporate funder of The Prince’s Trust Enterprise programme, said: “With three quarters of a million young people still struggling to find a job, it can be tough to break out of long-term unemployment. Our research via the RBS Enterprise Tracker has shown that 50% of young people have a hobby or pastime that could or does earn them extra income. This is where The Prince's Trust can help. We know that, with a little bit of support and mentoring, it is possible to turn these interests, hobbies or talents into a viable business.”
 13% of young people were in the process of starting their own business in Q1 2014
 Young people are also significantly more likely than the general population to admit that a fear of failure would prevent them from starting their own business.