More than half of young Britons are unable to name a single entrepreneur, according to new research that campaigners say underlines a worrying disconnect between the UK’s business community and the next generation of workers.
A YouGov survey conducted for Enterprise Britain found that 56 per cent of 18 to 25-year-olds could not name an entrepreneur, founder or chief executive when asked. Among those who could, Richard Branson remained the most recognised figure, cited by 16 per cent of young respondents, despite being 75 and having founded the Virgin Group more than five decades ago.
Lord Sugar, best known for hosting The Apprentice, was named by 6 per cent, while just 2 per cent mentioned Steven Bartlett, the Dragons’ Den investor and host of The Diary of a CEO. Other high-profile younger founders, including Grace Beverley, barely registered.
Across all age groups, Branson remained the most cited entrepreneur, named by 33 per cent of respondents. Yet 32 per cent of UK adults were also unable to name a single business founder or chief executive. At the same time, 74 per cent of those surveyed believed Britain’s position in the global economy was in decline.
The findings have prompted Enterprise Britain, a lobby group of business founders, to launch a campaign called Time to Act, urging ministers to do more to champion entrepreneurship at a time when youth unemployment is at its highest level in more than a decade and the Treasury is reviewing how entrepreneurs are taxed.
Martha Lane Fox, a member of Enterprise Britain and co-founder of Lastminute.com, said the problem may lie partly in the way entrepreneurship is framed.
“I can only assume it’s because this word has taken on a grandeur,” she said. “People think, ‘I don’t know anyone like that because an entrepreneur is someone who builds a big global company.’ You may have the view that you have to be like Jeff Bezos. Well, I don’t want to be like Jeff Bezos, thank you very much.”
Lane Fox argued that entrepreneurship comes in many forms, from small local businesses to high-growth technology ventures, and should be seen as a realistic and attainable path. “It can come in many forms and can be economically rewarding for you, your community and wider society,” she said.
Enterprise Britain’s co-chairs, Stephen Fitzpatrick, founder of Ovo Energy, and Brent Hoberman, co-founder of Lastminute.com and founder of Founders Forum, are calling for the creation of a dedicated minister for entrepreneurship to act as a champion for high-growth businesses within government.
The campaign also advocates what it describes as the “democratisation of capital” through a “nation of shareholders”, including expanding employee share ownership schemes and encouraging pension funds to allocate more capital to UK growth companies.
Fitzpatrick said Britain risked undermining its own entrepreneurial potential. “Britain has a great economic engine,” he said. “But while we have one foot on the accelerator, the other one is on the brake. It’s always hard to grow a business, but in the UK we’re making it exceptionally tough. We’ve got to take the brakes off so our most ambitious businesses can drive our country forward.”
The survey’s findings suggest that unless younger Britons see entrepreneurship as relatable and achievable. rather than the preserve of celebrity billionaires, efforts to boost start-ups and scale-ups may struggle to gain traction with the very generation policymakers hope will power the next phase of economic growth.
