Theo believes that firms have a role to play in supporting enterprise education.
More about Young Enterprise >>
Figures show that youth unemployment figures stood at 750,000 in February 2010, while research by the Chartered Institute of Personal Development found that 58% of graduates said they had been unable to find a suitable job. Nearly a third claimed their degree did not equip them with the skills they needed for the workforce.
Business figures including Sir Stuart Rose, executive chairman of Marks and Spencer, entrepreneur and Ryman stationery chairman Theo Paphitis, believe that firms have a role to play in supporting enterprise education - arming young people with the skills they believe to be important - in order to create a better equipped workforce.
It comes at a time when finding a job is harder than ever as the growing number of young people out of work could testify.
It is a problem for businesses too, especially for smaller firms, who typically have fewer resources with which to train up poorly equipped or untrained staff.
Research from the enterprise education charity Young Enterprise, shows that business leaders are increasingly looking for skills beyond academic achievement when they take on young recruits, with attitude, drive, communication and commercial awareness skills being core.
Phil Smith, the chief executive of technology firm Cisco Systems UK and Ireland, believes displaying innovation and being able to show extra skills is vital for the future of the UK.
He says, "It is crucial that young people get exposure to environments that allow their entrepreneurial skills to flourish if we are going generate the innovation the UK will need to lead in the future. Young enterprise programs play a vital part in providing that environment".
Sir Stuart Rose agrees, "Businesses need to work closely with educational institutions to help bridge the gap between academia and the work place and provide students with practical opportunities to develop business relevant skills like decision making and team-work".
Theo Paphitis points out that most graduates and school leavers will have had little or no experience of business and entrepreneurialism.
He says, "Realistically, unless someone has had the good fortune to be involved in an initiative such as Young Enterprise, they are unlikely to have had any business experience if they start work straight after school or university.
As well as supporting Young Enterprise I have championed an Enterprise Development degree at the University of Huddersfield that teaches graduates the skills needed to run their own business.
By nurturing entrepreneurs we can go a long way to improve the health of the economy. Typically, 50% of businesses fail within their first two years, so if we can teach people to learn from other people's mistakes and change the success rate for the better, we can have a massive impact on our economy. Over 500,000 people start up their own business every year".
Many business figures also believe the government could do more to support and encourage entrepreneurialism among young people and in turn encourage the chances of businesses thriving.
"The government is helpful but I'd love to see more being done. For example, there are thousands of students who are poor academically but could make great businessmen and women", adds Paphitis. On Wednesday July 14 the HSBC Young Enterprise Innovation Awards took place in London. The awards celebrate the achievements of some of the UK's most enterprising people.
Back to Top >>
Director of Marketing and Merchandising, Sarah Cheetham, had her work cut out when she was a judge at the Annual Young Enterprise Innovation Awards.
Around 2,400 Young Enterprise companies entered the competition and between them these new business start-ups turned over an estimated £2.1 million this year.
Sarah spent two days meeting pupils from 12 schools from across the UK who all showed great entrepreneurial skills. Together with a panel from all industry segments had to judge their business plans and hear from them about their tangible achievements. The objective was to identify those who had achieved the most in Product Development, Financial Management and Marketing and also to present awards to the overall top three Companies in the UK.
One school stood out for the Marketing Award, sponsored by Ryman, that Sarah presented - West Bridgford Sixth Form, from Nottinghamshire, whose company was called Bandwagon. They imported and sold, beautifully woven wrist bands traditionally sold to music festival organisers Bandwagon had successfully opened up this product to new markets.
Sarah said, “Bandwagon had managed to develop a very strong, credible brand identity, their brand discipline and savvy marketing mix outshone the rest. Bandwagon had taken on the competitive youth culture market and also achieved considerable success in the tough sports marketing arena having delivered bulk contracts to impressive clients”
Back to Top >>