A growing number of young people are turning away from enterprise because they feel they cannot relate to the benefits, new research suggests.
A study conducted by Domino’s Pizza and the Make Your Mark Campaign, which aims to encourage young people to make their ideas happen, found that 65% of young Britons between the ages of 18 and 30 find business jargon so off-putting that they cannot recognise the benefits of starting up.
Some 85% said that if they could learn more about the success of young entrepreneurs in a manner free from ‘closed shop’ language, they would feel more inspired to set up their own business.
Using clearer language, Domino’s found that most young people feel driven to start up because of the benefits of 'being my own boss', 'using my ideas' and 'making money for me'.
Somewhat surprisingly, young people singled out franchising as a particularly off-putting area. The study revealed that industry jargon has obscured the meaning of franchising for young Britons, and the message that franchising can be less risky than going it alone is not getting through.
The study found that young people are even more unlikely to explore the franchise route as a way to achieve their dream of running a business because of this misunderstanding.
“Demystifying different business models by simplifying language, or by bringing them to life though promotion of role models, is an important way in which businesses can help to fuel an enterprise culture amongst young people in the UK,” said Raj Patel, Director of Policy for the Make Your Mark campaign.
“Franchising provides numerous benefits for the many young people who cite fear of failure as a barrier to going it alone. This growing sector offers many diverse opportunities - from convenience food through to printing and home services there are franchising networks out there that require enterprising individuals to help them expand across the UK.”
Domino’s said that the research has motivated the company to seek new ways to inspire more young people to think about setting up a business by franchising and will share its findings with MPs, the British Franchise Association and the wider business community in an industry call to action.