COMMENT: As The Prince’s Trust celebrates its 30th anniversary, regional director for the south Dermot Finch explains why young entrepreneurs are good for Haringey.
He says: “We have all dreamed of becoming our own boss, but hundreds of young people across Haringey have already put their business plans into action.
“With youth unemployment at just under a million, young people are turning their hand to gardening, graphic design, baking and beauty therapy to escape the dole queue and kick-start their careers.
“In the last year, more than 460 unemployed young people have received support from The Prince’s Trust Enterprise programme in London - including in Haringey – giving them the skills and confidence they need to start-up in business or find work.
“For many young people, the transformation from unemployed to entrepreneur is life changing; giving them back the skills, confidence and motivation that being out of work has taken away.
“In a survey last year, almost half of self-employed young people said that starting their own business is the best decision they have ever made.
“But helping young people into business is not just good for young people – it’s good for Haringey too.
“Not only do young entrepreneurs provide an income for themselves and their family, saving the taxpayer money, but they also create jobs for others and provide useful products and services that fulfil a local need.
“A new analysis by nef consulting and supported by The Royal Bank of Scotland Group (RBS) shows how, in just one year, The Prince’s Trust Enterprise programme has created more than more than £4 million in social value to London. This includes £240,000 in Haringey.
“These figures take into account the value created from young people’s increased skills, as well as their earnings once they’ve completed our Enterprise programme. They also include the money saved due to the number of young people who are no longer on benefits or in trouble with the law.
“By teaching unemployed young people the basics of business, matching them with a business mentor and providing access to start-up grants and loans, we are making an investment that will reap rewards for young people, communities and the Haringey economy.
“Tim Vasvi is a great example of the many young entrepreneurs we’ve supported over the last 30 years.
“When Tim, 28, from Tottenham, was made redundant from his job of two years in 2010 he was left unemployed and unsure where his life was heading.
“Demoralised and worried about his future, he spent the next 18 months applying for hundreds of jobs without getting any response. Fortunately he was able to live with his parents but without a regular income, he struggled to get by.
“He then heard about the trust’s Enterprise programme. After going on the course and with help from a loan and a business mentor he set up his own photography business. It has so far proved to be a success and he has received regular work at nightclubs in London.
“This year, we are celebrating 30 years of helping young people like Tim to succeed in business after struggling to find work.
“As part of the celebrations, we’ve launched an interactive High Street on our website called Enterprise Avenue, which depicts the changes in business throughout the last three decades.
“We’re also encouraging Trust-supported businesses to sign up to our online directory, so people like you and me know where to find the young entrepreneurs in our area.
“So next time you’re looking for a hairdresser or plumber, perhaps you would consider choosing a Prince’s Trust business. You will be supporting the next generation, helping them to succeed in life at a time when jobs are hard to find. And by investing in young people, you will also be helping to boost the Haringey economy, regenerate communities and secure a brighter future for us all.
“We are calling on Prince’s Trust businesses from the past 30 years to come forward and get involved in our anniversary celebrations. If you were supported by The Prince’s Trust, visit www.princes-trust.org.uk/30Enterprise to be part of the celebrations.”