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December 19, 2014

Young people set their sights on entrepreneurship

Young people set their sights on entrepreneurshipBecoming an entrepreneur is the top career aspiration amongst young people aged 18 to 25.

According to research by UK Trade and Investment (UKTI) and the Economist Intelligence Unit (EIU), 30% of young people say that their preferred occupation by 2020 is running their own business. This was the top choice among respondents.

UKTI and the EIU surveyed over 400 18 to 25-year-olds for their joint report, Rethinking the drivers of entrepreneurship. The survey also showed that 75% were “open to starting a company one day”.

The poll found that young, would-be entrepreneurs are motivated by the prospect of financial independence (44%); by a need for personal satisfaction (37%); and because they want to create something new and innovative (35%).

However, just 7% of those polled have already started up their own enterprise. Over half (57%) of respondents running their own business say that aspiring entrepreneurs underestimate how hard it will be. Most of the respondents said they wanted better access to a network of successful entrepreneurs or tailored support to help get their business ideas off the ground.

In the UK, 7.3% of adults were involved in starting or running a new business in 2013 and at the start of 2014, 5.2 million small businesses accounted for 47% of UK private sector employment.

Also this week, the UKTI’s Sirius Programme has awarded an additional 24 new start-ups – founded by the most inspiring international entrepreneurs – with the vital support they need to get started.

Michael Boyd, UKTI managing director, investment, said: “More and more young people the world over are enthused by the prospect of owning their own company. I encourage all companies thinking of setting up in the UK to contact UKTI to find out how we can help.”

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