The paper "Developing and Supporting Young Innovative Entrepreneurs in the UK" is a great example of a business research proposal. In the United Kingdom (UK), the number of youth seeking work and career prospects is high. The migration of young people to large cities in search of better opportunities is a major problem. Entrepreneurs are a great source of economic growth (Gregg, 2015). In the UK, new business including tech start-ups, retailers and manufacturers are becoming pioneers in the market. Entrepreneurs and innovators in the UK is a thriving field. Despite this, there is a need to support young entrepreneurs in their growth.
Encouraging entrepreneurship involves funding, enhancing education systems and removing barriers which hinder their growth (Hardgrove, Rootham and McDowell, 2015). Through innovation and entrepreneurship, the UK economy has been able to move from product-based to service-based or knowledge economy. It is necessary for the UK to improve the attractiveness of the young people towards innovative entrepreneurship. The aim of this project is to solve the UK youth unemployment problem and inspire the youth towards entrepreneurship. In order to make the youth ideas work, there is a need for support for the actual entrepreneurship and innovative ideas (Vogel, 2015).
Therefore, there is a need to develop a support system. Youth are the future of the UK region and the foundation laid by this project will help in fostering innovative entrepreneurship among young people and have a long impact on the region. Overall objective The overall objective for the project is to support economic and social development for the UK through facilitating innovative entrepreneurial among the youth. This will help in reducing unemployment in the region. Specific objectives To evaluate and assess the impact of the current support to the young entrepreneurs and come with means to improve it. To create regional support systems which will make it possible to develop and implement innovative business ideas in the UK by young entrepreneurs. The support system will be formed through Business networks Innovative entrepreneurial environment Education and training Creating regional awareness Research questions Why are the current support programs for innovative youth entrepreneurs in the UK not working? What are the key requirements to improve and come up with the best system to support the young innovative entrepreneurs in the UK? Literature review In the UK, young people have been the most affected by unemployment.
This was especially witnessed during the 2008 financial crisis where young people aged between 18-24 years were the most affected by underemployment (Gregg, 2015). When the organisation introduces the zero-hours contracts during the crisis, young people are also the most affected. In 2012, research proved that unemployment among those aged between 16-24 years was at 30% compared to the national level of 9% (Dhé ret, 2013). Despite this, young people are educated and technologically proficient.
Maas and Jones (2015), explains that this is a group that can discover their entrepreneurial abilities and venture into start-ups. According to Izzi (2013), the world labour market has been shrinking while the population is growing. Most of the youth lack stable jobs and it’ s estimated that worldwide, 47% of the unemployed are the youth. Entrepreneurship has been accepted by many as a way of reducing youth unemployment (Council of the European Union, 2012). Youth employment acts as a way of reducing poverty and integrating young people into the labour market.
Baxter et al. (2014), shows that entrepreneurship can be used to unleash the potential from the youth. Research shows that fostering youth innovation should be given priority in the UK. Compared to other developed countries, there is a low level of entrepreneurial support in the UK. Over recent years, a lot of attention has been given to large investment projects while youth innovation has lagged behind (Rhisiart and Jones-Evans, 2016). Youth lacks vital skill in cooperating and networking that can help them fully utilise their innovative capabilities.
There is also a low level of support for the youth venturing into entrepreneurship (Dhé ret, 2013).
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