Lord Young visits Bournemouth University

Posted on Thursday, May 31 2012

Lord Young of Graffham, David Cameron’s enterprise adviser, came to BU and the Arts University College Bournemouth (AUCB) on 30 May to promote the entrepreneurial StartUp Loan scheme as part of Bournemouth Skillset Media Academy’s ‘Get That Job!’ day.

The Government launched the £82.5 million StartUp Loan scheme this week to help people aged 18-24 set up their own business. Everyone who applies will be assigned one of 25,000 mentors who will help them develop a business plan and then it will be up to partner organisations who will decide who gets awarded the loan based on their applicant’s business plan. The loans will be on average £2,500.

Lord Young spoke to the audience of students from BU and AUCB, giving them advice on how to set up a business as he described himself as a “serial entrepreneur”. He told them that Twitter is a good business tool and that failure isn’t necessarily a bad thing, “When things don’t go well you learn more than when they do go well.” He also pointed out that business people are not born, they learn from experience.

He discussed the changing patterns in working life, explaining that the traditional job for life is no longer the norm, and how everyone is gradually moving into multiple part-time jobs. He also said that it is increasingly difficult to find employment as “companies can do more with fewer people” with modern technology.

This then led him to explain that all of us need to become more entrepreneurial and do things for ourselves. Comparing the UK business economy to that of the USA Lord Young said, “If we were as entrepreneurial as the US we would have a 20 increase in business – and a Chancellor who smiles.” Another point he highlighted was that the UK does not have enough women in business, or working for themselves.

When asked about companies who receive the loan and don’t work out, the 80-year-old said based on past experiences, “the exercise of running your own business makes you highly employable.” However, he did point out that the loan would still need to be paid back, no matter what happened, but on terms similar to a student loan.

Bournemouth Skillset Media Academy Coordinator Vanessa Edwards said “we are very pleased that Lord Young has come to the Bournemouth Skillset Media Academy. Our Partners – BU and AUCB see enterprise skills as a priority for our graduates and we’re delighted that Lord Young is giving Bournemouth such an important role in the launch of the StartUp scheme.”

To be in for a chance of winning the opportunity to be personally mentored by Lord Young of Graffham visit StartUp Britain on Facebook.