LIVERPOOL, ENGLAND, October 30, 2013 /24-7PressRelease/ -- Research by The Prince's Trust and RBS reveals that 30% of young people believe they will be self-employed in the future, and 25% believe that this will be within the next five years. The report suggests that the difficult economic times have prompted a surge of interest amongst young people towards entrepreneurship. Unemployment levels amongst people aged 16-24 rose by 0.1% to 958,000 between June and August this year, which equates to 21% of young people out of work. The Office of National Statistics reports that the number of self-employed young people has risen by 71,000 since the beginning of the economic crisis. Although just 5% of young people are currently self-employed, 27% of unemployed young people reported that they would prefer to try setting up their own business rather than continue to job search.

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Cyril Williams, managing director of Pareto Global Associates, believes that entrepreneurial activity amongst young people is vital to get the UK economy back on track. "What this country needs is an increase in small business ownership to create jobs and drive economic activity. The young people of this country are currently underserved by the employment market, and have the ambition and drive to start businesses. What is needed is a strong support system to enable these would-be entrepreneurs to take the plunge." The Federation of Small Businesses reports that in 2012 small businesses alone (those with less than 50 employees) accounted for 47% of all private sector employment and 34.4% of private sector turnover.

Cyril Williams is a young entrepreneur who has been running his own business for the past three years. Pareto Global Associates is an outsourced sales and marketing company, specialising in face to face promotions at retail outlets and private site events. Cyril Williams credits his success in business to a network of mentors who provided advice and coaching throughout the process. The Prince's Trust and RBS report highlights that 33% of young people said that they would be more likely to start a business if they had the assistance of a mentor. To help meet this need locally, Pareto Global Associates has been offering a mentoring and advice service for aspiring entrepreneurs in the Liverpool and Merseyside region. "Setting up a business is a daunting task, and is very difficult without a support network. Entrepreneurship has offered me a fantastic opportunity to take control of my future, and I want to offer that same opportunity to others," says Cyril Williams, managing director of Pareto Global Associates.

At a time when employment opportunities are not prevalent, Pareto Global Associates believe that British youth need to create their own success.

Sources:http://www.journalism.co.uk/press-releases/almost-a-third-of-british-youth-may-be-destined-for-entrepreneurial-success/s66/a553227/

http://www.telegraph.co.uk/sponsored/business/youth-business-enterprise/10096040/young-entrepreneurs-growth.html

http://www.parliament.uk/briefing-papers/sn05871

http://www.fsb.org.uk/stats

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