Dragon's Den is giving young entrepeneurs the wrong idea

On a path to failure.

It has never been easier to set-up a business, but too many are failing. The problem is experience. Sadly I’ve seen so many aspiring entrepreneurs fall short because they do not have the required knowledge in the profession they are looking to break into. The statistics demonstrate this too, with one in three businesses failing in the first three years. While knowledge is a key factor, the way the media heavily focuses on the entrepreneur does not help either. It’s almost as if it has become the new fashion to become an entrepreneur.

You only have to look at the likes of The Apprentice and Dragon’s Den to see evidence of this. While these shows can be great for the right person with the right idea, at the right time, the problem is that too many people watch these shows and think that in no time they can be driving around in a Ferrari and living the life of Peter Jones or Lord Sugar.

In times gone by, what used to happen was that someone would embark on a job and they first focused on learning that job incredibly well. Then, they would gain enough experience to feel confident enough to set-up their own business. The decision to do this could be for a number of reasons, for instance, perhaps they lost their job, perhaps they felt undervalued or maybe they felt that they could do the job better than their manager. The bottom line is that they had gained experience to start something on their own.

Unfortunately, the reality is that young adults leave school with very little experience in their profession, yet they want to set-up their own business. They think it’s glamorous and they think it’s easy. They come up with an idea and they just get on with it without the required knowledge. They lack life and employment experience and because of this they end up making a series of mistakes. However, if they had first learnt their trade then they would be in a far better position to start their own business.

While this situation is largely due to the current climate, in which graduates and school leavers are struggling to obtain a job in the industry or profession that they wish, there needs to be an emphasis on support, and we need to offer these young professionals the guidance they need. For instance, business owners need to be honest with budding entrepreneurs and tell them if they think they have a good idea – and if it’s not, they need to be told too.

I myself have worked with the Prince’s Trust and I am currently working on a project in Guernsey, run by the Chamber of Commerce, which has put together a business club where aspiring entrepreneurs attend. The club discusses business ideas, members have the opportunity to pitch them and they can receive investment if the idea is solid. They are then supplied with a mentor, like me, to help them achieve their goals.

While no one underestimates the hostility of today’s current market, we do still need to recognise the transformative power of start-ups and offer them the support and guidance they need to pursue their dreams. A community of entrepreneurs, mentors and educational resources is the key ingredient in a start-up’s success and I would encourage anyone who has the opportunity, to give back wherever you can. Business start-ups are the lifeblood of the UK and we need to do all we can to help it prosper and thrive.

Shane Turrell is founder of PracticePro.

This story first appeared on economia.

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This is a news story from economia.

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How the Lib Dems learned to love all-women shortlists

Yes, the sitting Lib Dem MPs are mostly white, middle-aged middle class men. But the party's not taking any chances. 

I can’t tell you who’ll be the Lib Dem candidate in Southport on 8 June, but I do know one thing about them. As they’re replacing a sitting Lib Dem (John Pugh is retiring) - they’ll be female.

The same is true in many of our top 20 target seats, including places like Lewes (Kelly-Marie Blundell), Yeovil (Daisy Benson), Thornbury and Yate (Clare Young), and Sutton and Cheam (Amna Ahmad). There was air punching in Lib Dem offices all over the country on Tuesday when it was announced Jo Swinson was standing again in East Dunbartonshire.

And while every current Lib Dem constituency MP will get showered with love and attention in the campaign, one will get rather more attention than most - it’s no coincidence that Tim Farron’s first stop of the campaign was in Richmond Park, standing side by side with Sarah Olney.

How so?

Because the party membership took a long look at itself after the 2015 election - and a rather longer look at the eight white, middle-aged middle class men (sorry chaps) who now formed the Parliamentary party and said - "we’ve really got to sort this out".

And so after decades of prevarication, we put a policy in place to deliberately increase the diversity of candidates.

Quietly, over the last two years, the Liberal Democrats have been putting candidates into place in key target constituencies . There were more than 300 in total before this week’s general election call, and many of them have been there for a year or more. And they’ve been selected under new procedures adopted at Lib Dem Spring Conference in 2016, designed to deliberately promote the diversity of candidates in winnable seats

This includes mandating all-women shortlists when selecting candidates who are replacing sitting MPs, similar rules in our strongest electoral regions. In our top 10 per cent of constituencies, there is a requirement that at least two candidates are shortlisted from underrepresented groups on every list. We became the first party to reserve spaces on the shortlists of winnable seats for underrepresented candidates including women, BAME, LGBT+ and disabled candidates

It’s not going to be perfect - the hugely welcome return of Lib Dem grandees like Vince Cable, Ed Davey and Julian Huppert to their old stomping grounds will strengthen the party but not our gender imbalance. But excluding those former MPs coming back to the fray, every top 20 target constituency bar one has to date selected a female candidate.

Equality (together with liberty and community) is one of the three key values framed in the preamble to the Lib Dem constitution. It’s a relief that after this election, the Liberal Democratic party in the Commons will reflect that aspiration rather better than it has done in the past.

Richard Morris blogs at A View From Ham Common, which was named Best New Blog at the 2011 Lib Dem Conference

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