What Support is There for Entrepreneurs?
If you’re an entrepreneur starting out there are a range of bodies, schemes and services available to support you in your journey.
Being an entrepreneur can sometimes feel a lonely existence, and many young people feel there isn’t enough support to help them. In this article we’ll look at what options there are and how some organisations are looking to make the environment a little more welcoming
Why we need more support
According to recent data, from the Princes Trust almost half of young people want to start a business, but most are worried about doing so. Two thirds said a fear of failure was holding them back while 35% said the current economic climate made it more difficult to build a business .
However, support from the education system is lacking. At times it seems our education system is actively discouraging young people from starting a business.
That is starting to change. A growing number of courses at higher education level are starting to teach entrepreneurship, and there is pressure for schools to start at a younger age.
In the meantime, though, there is help and support available. You just need to know where to look for it.
Charities and support organisations
The Princes Trust is one of a number of charities which have been set up to help young entrepreneurs from disadvantaged backgrounds get started. Over the years it has helped thousands of people between the ages of 11 and 30 who are unemployed or struggling at school to start up new businesses.
Others include Diversity Living Services which was set up to promote opportunities to people from all backgrounds. At Take the Leap, we are working with them to create education and opportunities for people younger entrepreneurs from disadvantaged backgrounds.
There are also many social enterprises and programs sponsored by corporates designed to support the next generation of entrepreneurs. These include Unltd, Virgin Startup, and the young entrepreneurs programme run by Investin.
Government support
Governments both here in the UK and in Europe have developed a number of schemes to encourage entrepreneurship among young people. These include the Erasmus + Young Entrepreneurs program. Take the Leap is working with them on a scheme to promote an education program incorporating pdf and online learning across five countries.
National business support programs such as Innovate UK, the Design Council and the Arts Council, meanwhile, offer a mix of mentorship, grants and support. Graduate entrepreneurs can access support from the National Council for Entrepreneurship in Education NCEE, which provides help in the form of entrepreneurship leadership programs and a huge amount of online education resources.
This contains information and guides about all aspects of running a business, including how to get your business through the current COVID 19 crisis.
Financial support
The government also offers entrepreneurs support through a variety of schemes and tax breaks. For example, if you’re over 18, receiving Universal Credit and you may qualify for the New Enterprise Allowance, which helps you start a business if you are already self-employed.
The Start Up Loans company, meanwhile, can help you access capital. This is a subsidiary of the British Business Bank and provides loans of up to £25,000. To qualify you must be a UK resident, over the age of 18 and have been trading for less than 24 months. It also provides mentoring support.
Added to this there are a number of local growth hubs which provide support for businesses, as well as a number of government backed grants and loans. The Business Support Hotline, meanwhile allows you to get advice and financial support from government backed schemes.
There are also a range of other small business grants available from charities, major corporations and other organisations designed to foster innovation and help new businesses get off the ground.
Entrepreneurs also benefit from tax relief in the form of entrepreneurs relief, R&D Tax credits and the seed investment scheme which provides relief and incentives for investors who may be interested in funding your business.
Networking
Social skills are vital. By meeting people and building new relationships, your business may benefit in many surprising ways. However, this is a difficult skill to master and most seasoned entrepreneurs have blundered along the way. A good networker is engaging, confident and asks insightful questions.
When you start out you may feel extremely uncomfortable, but you can develop your skills and build your confidence levels. Possibly the most important lesson is to focus on the other people. All too often it’s tempting to go for the broadcast option and start spurting out your elevator pitch. If you listen to people and respond with good questions, you may find a way in which you can both benefit each other.
Incubators and accelerators
There are many incubators and accelerator programs for young entrepreneurs including: Activate Capital, Barclays Accelerator, Collidor and Entrepreneur First. These offer programs offering mentorship, education, advice and support designed to help entrepreneurs build confidence, grow their enterprises and in many cases access funding.
The aim is to take people who have the spark of an idea and help them build the foundations of a strong and sustainable business. It’s a great way to not only build skills and access capital, but also to network and make new contacts which could prove useful for their enterprises.
Education and courses
If you’re interested in becoming an entrepreneur, it helps to access as much education and support as you can to build your skills. As mentioned earlier, the schools system hasn’t exactly excelled at providing the support people need. However, there are a growing number of university courses available.
For example, Cambridge University offers interactive course live and online helping entrepreneurs build their capabilities and develop better levels of innovation.
For faster and cheaper options, there is a wealth of information available on the web from simple articles such as this one, to courses such as the one we offer through Take the Leap, online videos and much more.
COVID 19
If you’re looking to launch a business in 2021 you couldn’t have picked a more challenging time. COVID 19 has created unprecedented challenges for businesses of all sizes. However, there is support available in the form of bounceback loans, furlough and business support grants. These can be a lifeline for any business which has been forced to close or seen its business impacted by the pandemic. As the crisis evolves, these support measures have been adjusted from time to time so it pays to stay up to date developments to make sure you’re taking advantage of all support options available.
Get the help you need
While much needs to be done to improve the support and education available to young entrepreneurs, there are many organisations available who can get you the help you need today. It’s all about knowing where to look. The landscape is diverse and fractured but there are people and organisations out there willing to give your business the leg up you need to become successful.
