The London club have endured lean pickings since dominating English club rugby between 2003-08 when they won four league titles - three in succession - and two Heineken Cups.
Last season they finished ninth in the Aviva Premiership and Young has been presented with the challenge of leading them out of the doldrums.
"Rugby has a habit of going in a circle. It's very difficult for teams to be that successful for huge periods of time," he said.
"Wasps had a quite extraordinary period of years at the top. There was always going to be a rebuilding phase at some stage.
"Other teams have probably stolen a march over the last year or two.
"But what has impressed me speaking to the owner and the board is that they want to get back there.
"They have the ambition to get back there and I'm happy to be part of that.
"A lot of work needs to be done to win trophies but it won't happen overnight."
Although leaving Cardiff Blues was a wrench, Young had little hesitation in agreeing to join Wasps.
"I've had approaches in the past, that's been well documented. But if I was to leave, I wanted to leave for a better job," he said.
"I feel this is a really exciting prospect. I don't see the success of a few season ago as a monkey on the back.
"It's a period the club are proud of and is something we shouldn't forget, but from my point of view history and tradition is one thing, ambition to get back there is another."
The Blues are demanding compensation, believed to be around £100,000, from Wasps as Young had one year remaining on his contract.
Discussions are ongoing but Wasps have stated they are unwilling to pay compensation.
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