London’s youth workers can inspire entrepreneurship in the next generation
LAIN’s Mentoring Young People working group aims to improve life chances for young Londoners through quality mentoring. In this blog, James Watkins, Head of Policy and Public Impact at the London Chamber of Commerce and Industry, explains why London’s youth workers are critical to securing a fairer, more prosperous future.
It’s a cliché that London’s economic success is because of entrepreneurialism.
It’s a cliché for a reason – from world beating pharmaceutical research around the Euston Road, to gaming and movie making in Soho through to music studios in Abbey Road.
What, though, has this got to do with youth workers in each borough of the capital?
It is young people who will be the business leaders and the employers of the future. With most people in London employed by small and medium sized enterprises (SMEs), London needs not just skilled workers, but the employers to drive our city forward by creating jobs and prosperity for all Londoners.
What research tells us
We know from polling research that Gen Z and Millennials are more progressive in terms of wanting to achieve net zero, ending social stigmas and prejudice, and tackling the poverty gap than, on average, Generation Z and baby boomers.
What does that mean for the businesses of the future? It could mean that these firms will embed environmental, social and governance (ESG) objectives in their business plans as much as looking at their profit and loss accounts.
So – youth workers can advise young people that one of their career options – amongst many – is to set up their own business.
Can you side hustle?
It can be a daunting prospect. Young people could be trying to make ends meet or continuing their studies, so the risk and time involved in setting up a business can seem just too much. That is where a side hustle is helpful.
Having an extra activity that is not core to getting by:
Enables young people to earn and begin to experience business life.
Mitigates the risk of setting up a business in one go.
Enables the young person to continue their work or studies.
Provides young people with the skills of negotiation, buying and selling, marketing and self-development – even if the side hustle doesn’t work!
Expert advice on offer
Clearly, there are risks in any business venture. That is why expert advice is on hand to support youth workers to enable young people to find their path in life whilst setting realistic parameters as to the kinds of issues young people would face.
London is doing well for the number of young people setting up side hustles and businesses compared to the rest of the country. But, scratch below the surface, and it is not all that it seems. Many of these young people who are doing well are from secure socio-economic backgrounds.
Creating a fairer playing field
For many young people in London from poorer backgrounds the idea of a side hustle – let alone setting up a business – may seem like a distant dream.
The London Chamber of Commerce and Industryproduced a report in May 2022 that also found that prejudice and discrimination was hampering too many ethnic minority owned businesses (Ethnic-Diversity-in-Business-Paper_1.pdf (londonchamber.co.uk)).
However, we know that in London, young people from all socio-economic backgrounds and communities can – with the right encouragement and support - achieve their dreams.
That is why the London Chamber of Commerce and Industry is working in partnership with the Greater London Authority and one of our members – Visionnaires – to see how we can support youth workers to provide the support that is needed so that all young people can consider having their own side hustle and/or setting up their own business.
Youth workers can safeguard London’s prosperous future
While it is a cliché to talk about entrepreneurialism and London in the same breath, we cannot be complacent.
For this cliché to remain relevant, the work of youth workers in supporting young Londoners is critical to securing London’s social – and economic – future.
If you want to know more about how the London Chamber of Commerce and Industry can support your work in supporting young people, please email James Watkins at jwatkins@londonchamber.co.uk