Business is a 'social contributor, not pariah'

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Richard Harrington MP says a new generation of entrepreneurs are vital in creating the growth and jobs needed now and for decades to come.

My debate on self- employment arose from a conversation between myself and Mark Garnier MP, discussing how we had both spent the majority of our working lives prior to becoming MPs as self employed but how very few of our contemporaries had done so. This government has rightly focused on creating a good environment and the right support for self employment and business, but at the root of this must be the desire for young people to set up their own business.

Graduating from university in 1979, of all the people I knew only a handful were interested in business, the majority of the brightest headed to the City or professions, speaking to students in my constituency in the last couple of years I would suggest that very little has changed. My debate will explore what is stopping young people from going into business and what the government can do to change it.

One thing that has struck me is the attitudes toward business from schools, parents and young people themselves. Aspirations upwards reflect what's left of the British Class system, ie. looking down on business without the stability or prestige of other jobs.

We also need to see a change in attitudes to wealth creation. As opinion formers, the government needs to be careful to stop 'wealth bashing'- I am not suggesting a return to the 'greed is good' mantra but we do need to recognise the fact that with growth in business creates jobs and investment. Business is a social contributor, not pariah.

Schools need to play an important part in changing attitudes and aptitudes. Nearly 60,000 students take business studies at GCSE, however having helped my 2 sons through this course I know they can explore liquidity ratios and accounting definitions but not the realities of starting and maintaining a business. Organisations such as 'Young Enterprise' play a significant part in giving young people the chance to gain real business experience.

I believe that we need to establish a University Technology College to provide a national centre of excellence to train young people in setting up a business. I would like to see this as a continuation of the Young Enterprise banner, actual businesses would be started, mentored through the course and continued after graduation. It should be run by business people and involve local businesses. I will be pushing for this to be established in my constituency.

Understandably young people may be concerned about the risk of starting a business, particularly in this climate when it remains difficult to access the necessary finance to start a business. I have been very impressed by the suggestions from Sir Richard Branson on a Youth Investment Fund similar to a student loan for young entrepreneurs, and I would like to see this discussed further by the government.

A new generation of entrepreneurs are vital in creating the growth and jobs we need now and for decades to come. I hope this debate will be the start of a real exploration into changing attitudes towards business and giving young people the right skills, knowledge and finance to be proud and successful self- employed businessmen and women.

Richard Harrington has been Conservative MP for Watford since 2010.