High number of young people are aspiring entrepreneurs

Tuesday 18 October 2016

A recent survey has found that 82 per cent of young people - aged between 16 and 21 - want to start their own business in future.

The Association of Business Executives (ABE) found that 82 per cent of young people cited entrepreneurial ambitions.

In addition to this, four per cent of young people had already established their own enterprises. In addition, approximately 90 per cent of participants in the survey said they would start a business if it were not for various constraints, such as not having the financial backing or lacking in skills.

Kate Winter, director of International Marketing at ABE, said: “Our research has indicated clearly that a large proportion of young people in the UK have entrepreneurial ability.”

“Our survey shows that more needs to be done to unlock our young people’s entrepreneurial potential, and cement the UK’s place as a hub for business innovation.”

It is clear and evident that for many young people, the entrepreneurial spirit is present, but more needs to be done in order to make sure that they have - and hone - the skills required to succeed and thrive in business.

The  survey shows that for many young people in the UK, starting a business is one of their ultimate goals, and it demonstrates a high level of entrepreneurial spirit among millennials.

The path to self-employment is becoming increasingly desirable for young people, but from the findings it is clear that more needs to be done in order to help them develop their entrepreneurial skills.

Ms Winter suggests that those who want to start up their own business venture could consider taking accredited business start-up qualifications.

She also states that while more people than ever before are going to university - and more university students are considering starting up their own enterprises - more and more young people are considering entrepreneurship.

The findings from the report are positive overall, and they reflect the common trend: more people desire to be their own boss, and more people than ever before are becoming self-employed. However, more needs to be done to help young people strengthen their entrepreneurial skills, as well as helping them gain experience and giving them the support they need because starting your own enterprise can be daunting for some.

By Victoria McDonnell

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