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Call for support in helping ‘budding entrepreneurs’ in East London

Sage group have announced a new partnership with my KindaFuture (credit: picpedia)

New research shows nearly half of young people in Barking and Dagenham, Tower Hamlets and Hackney have a start-up idea.

A study was conducted by Sage Group and The Entrepreneurs Network who are calling for the government to give budding entrepreneurs more support to pursue their dreams.

The group have also announced a three-year, multi-million pound partnership with my KindaFuture to provide mentorship to disadvantaged and underrepresented young people via Job Centre Plus.

As part of the group’s social strategy, ‘Knocking Down Barriers,’ research was carried out across 1,202 people and SMEs in the three London boroughs, regarded as the three most deprived in the capital, and six of Newcastle’s most deprived wards.

The research highlights the number of potential entrepreneurs, in areas hit hardest over the last 18 months, with untapped talent and a strong appetite to start their own business.

Over 80% revealed they were deterred by fears over administrative, tax and legal compliance.

For those wanting to start a business, six in ten lack confidence in their ability to start their own company, with missing mentorship a clear barrier.

Founder of ‘Borough 22’, Ryan Panchoo

Founder of gluten free, vegan doughnuts business ‘Borough 22,’ Ryan Panchoo, from South East London, has been working alongside Sage for the past couple of months.

After procrastinating on his idea, Ryan was encouraged by his wife to launch his business when he was made redundant.

The 22-year-old believes it would have been easier for him starting out if all the information was easily accessible in one place.

Ryan said: “To have someone there, a dedicated portal that you could go to where all the information is there, you’re not taking a piece from here and then another piece from over there – having someone to guide you through those steps would have been invaluable.”

Ryan Panchoo started a gluten free, vegan doughnuts business

Ryan believes now is a great time to start a business.

“With Sage and my KindaFuture, what they’re trying to promote, it’s just going to make things easier. It will give people that confidence to take these steps forward.

“Most people can create a fantastic product but it’s about how do you get it out there, how do you make sure you’re doing it in a way that is legal and above board, and you’re confident that you’re doing it – this is the gap they’re going to be filling.

“Just having that push, having someone to direct you and say right, this is the door you should take for example, from someone who’s walked that walk.

“If more people had access to that I think it would be a massive boost to the economy because people would become independent in driving their business forward.”

To any budding entrepreneurs Ryan said: “Learn about business and you can do that with your current employer, talk to different people within your business and the different departments.

“Look at how the business itself is set up. Obviously you’ve got the accounting department, the HR department, all these different departments that every business will need no matter what they’re selling in order for it to function.

“Really learn that side of things because that’s where alot of people lack the confidence or maybe fall short because they’re good at creating but then how do you turn that into a business whereby you can keep it going continually, you need those core business elements in order to do that successfully.”

Results of the study also revealed 70% of potential business owners don’t feel close to having enough money to start a business.

Just under 80% wouldn’t consider the New Enterprise Allowance as a viable support option.

Therefore, Sage are calling on the government to expand the New Enterprise Allowance to £100 a week for up to a year, allowing recipients to access more of it immediately as a lump sum.

It’s hoped this will help empower low-income households to earn independently.

For more on this story, and the latest on our other local and national news, listen to Time 107.5FM

 

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