A wide-scale government review on business start ups in areas of high deprivation is to be led by businesswoman Michelle Mone OBE. This independent review will aim to inspire more budding entrepreneurs in disadvantaged communities, that suffer from chronic unemployment, to go and start up their own businesses, taking a lead from Michelle, who herself began a business from a position of disadvantage.
The review’s mandate is to recognise hindrances that people in these areas face which block them from going into business; issues such as a dearth of networking opportunities and mentors which can make the difference when it comes to business success. Michelle will travel around the UK visiting low income communities where low educational attainment and employment levels are huge obstacles to people’s ability to become an entrepreneur. Combined with Michelle’s own personal experiences on the subject, these findings will form the basis of a report making recommendations to Iain Duncan Smith (Secretary of State for Work and Pensions) and Savid Jahid (Business Secretary) next year on how these problems can be mitigated. A core focus of the review will be on benefit claimants, women, young and disabled people and ex-offenders.
Michelle Mone left school at 15 with no qualifications but soon founded the Ultimo lingerie business in her 20s. It grew from strength to strength and she ended up winning the ‘World Young Business Achiever Award’ in the USA, launching the business internationally before selling an 80% stake in 2014 for a multi-million sum. Therefore she could prove to be a very effective mentor in this review, with practical suggestions for others who share her previous predicament.
Iain Duncan Smith, Work and Pensions Secretary, commented saying:
“Entrepreneurship can play an important role in supporting economic growth and creating jobs in our most disadvantaged communities. However, people living in these areas face a range of additional barriers they need to overcome in starting and growing businesses.”
Meanwhile, Michelle Mone OBE herself said:
“A truly modern and successful economy needs to be able to unleash the entrepreneurial energy of skills of everyone in society. It cannot tolerate a situation where people are held back from achieving dreams of working for themselves and creating jobs for others, simply because of where they are from, because they have had a really tough time growing up, or because they are a lone parent.”
Starting and running a business, especially in those first critical years, is a real challenge, especially when budding entrepreneurs are based in deprived areas. I look forward to reviewing the contents of Michelle’s report and hope it will help to direct support where it is most needed.
Practical, Commercial advice needed for Start Ups
Although the Government Start Up Loan scheme is proving to be a welcome source of finance for business start ups, it’s not the only ingredient for a successful business – practical, commercial advice from experienced advisors, who have been in business themselves, can make the difference between success and failure.
If you are a business start up or are in the first couple of years of trading, please give me a call on 07774548822, and let’s see if some practical advice can kick start your business!