Fostering a more supportive and celebratory culture around wealth creation could help inspire more young people, James Reed writes in today's Notebook.
Reed, chairman and CEO of Reed Group, says governments do not create jobs and that entrepreneurs do. He argues that at present Britain is not doing enough to encourage the next generation of entrepreneurs, and that a toxic environment has been created for many of those just starting out in business.
He points to young people who cannot get jobs or buy homes and feel marginalised, sidelined and ignored, and says it is no surprise that many young go-getters are looking at futures outside the UK.
Reed says his company is trying to do its bit through its new All About Business Entrepreneurs Fund, which will make grants of £20,000 to 66 young entrepreneurs and provide mentoring and support. The first five winners have just been selected.
He calls for a broader response from policymakers focused on what he terms the 'three Cs' – curriculum, costs and culture. This includes reforming education to boost financial literacy in schools and promote practical vocational pathways, reducing financial and regulatory burdens on businesses, and fostering a more supportive environment that values entrepreneurialism.