FSB Will Spend The Next Three Years Working With The Next Generation Of Entrepreneurs

The Federation of Small Businesses (FSB) has called on the government to create an environment in which burgeoning companies can thrive.

Rounding off its 40th anniversary conference in Manchester, the organisation insisted that Britain must do all it can to nurture the next generation of entrepreneurs.

The FSB confirmed it would spend the next three years working alongside Young Enterprise - the UK's largest business education charity - in order to encourage more youngsters to develop skills that will serve them well in the corporate world.

Hushpreet Dhaliwal, chief executive officer of the National Association of College and University Entrepreneurs, was among the panellists discussing the future of entrepreneurship in the UK at the recent FSB event.

There has been a lot of debate surrounding supposed skills gaps in certain segments of the economy, as some firms - particularly in technical fields - are finding it hard to hire suitably-talented youngsters. This lack of resources will inevitably stifle wider economic growth in the future.

John Allan, national chairman of the FSB, said the needs of the next generation of innovators are different than they were 40 years ago, so it's important that business environments are evolving.

"We want better access to finance, a network of mentoring schemes and schools to understand the skills required by businesses," he commented.

Meanwhile, Ms Dhaliwal said there are more young people than ever setting up their own businesses, but they still require "real-world experiences" in the early stages of their development if they are to progress.

"That means more mentorship, more exposure to local businesses and more experiences which are about learning-by-doing whilst in education," she remarked.

The FSB recently backed the government's decision to open a new consultation on measures to help small firms gain access to finance.

Chancellor George Osborne wants to see larger banks release details of rejected business loan applications so that smaller lenders can pick these up and potentially offer money to startup organisations that have been refused credit.

Expert Opinion

Young people offer so much potential in relation to the development of innovative ideas or the offering of a fresh perspective on products and services, so any initiatives aimed at tapping into this pool of talent has to be welcomed. <br/> <br/>"It is vital that younger generations are given the chance to better understand the world of business, so they are better prepared to consider their career options as they grow older and give genuine thought to whether becoming an entrepreneur may be the right fit for them. <br/> <br/>"The development of such initiatives will prove positive for young people, businesses, the economy and the UK’s general overall reputation as a location where innovation and true talent can be nurtured and thrive." Steven Beahan - Partner