How Business Creation Can Play A Vital Role In The Post-Pandemic Economic Recovery

We calculate that if the right support was in place to overcome these barriers then potential business owners would be, on average, 17% more likely to take the leap. This would translate to 38,000 more people working for themselves in the areas we looked at, and 188,000 more when extrapolated across the U.K.’s 10% most deprived communities.

We also call for the incorporation of entrepreneurship education into the Government’s lifelong learning programme, and the funding of SME mentoring by expanding schemes such as Peer Networks. Finally, we call for the deployment of resources to demystify the administrative side of starting a business. New resources should be delivered and promoted through social networks such as YouTube and Instagram, which our polling revealed is the most effective way to reach deprived communities. We also call for the government to adopt the—an e-government idea that businesses should only have to provide key information to the Government once—to reduce unnecessary admin.

Report author Sam Dumitriu, Research Director from The Entrepreneurs Network said: “In communities where work tends to be low paid and career opportunities limited, entrepreneurship is a real and viable path towards higher earnings, greater flexibility, and more fulfilling work. Even in the face of the significant setbacks in financial outlook and wellbeing caused by the pandemic, there are thousands of potential business owners in communities across the U.K.

Dumitriu adds: If we can put the right support in place by expanding and revamping the New Enterprise Allowance, making it easier for budding entrepreneurs to learn from established SMEs, and demystifying the administrative aspects of starting a business, we will create highly valued work and empower hundreds of thousands of people to build businesses, change their lives and create jobs in their communities.

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