The report, conducted by national enterprise campaign StartUp Britain during its tour of Britain’s universities and further education colleges this month, revealed that 63 per cent of students* are now looking to start a business.
More freedom and the desire to be their own boss were the main reasons – with 20 per cent believing they could make more money by working for themselves than getting a job. Only four per cent stated they were considering entrepreneurship because they feared they wouldn’t be able to find employment.
In the digital age, it’s no surprise that more than 70 per cent of students believed a laptop was the most essential piece of equipment for starting up, followed quickly by a mobile phone – more interesting was the fact that only 0.3 per cent believed having an office was important at all.
The survey was conducted with students aged 15 – 24 across Britain between October and November 2012. The main findings of the survey were as follows:
· 63% want to start a business
· 70% felt that a laptop followed by 13 percent mobile phone were the most important pieces of equipment needed to start a business
· 25% are hoping to start-up in the technology industry
· Only 0.3% felt office space was important
· 83.9 per cent would consider applying for a Start-up Loan
· 32 per cent saw funding and 22 percent experience as barriers to starting a business
StartUp Britain co-founder Emma Jones said: “It’s no surprise to us that the younger generation are increasingly looking to entrepreneurship as a career path. Their innate understanding of technology and the fresh opportunity that exists out there right now means they are perfectly placed to start-up a business and work for themselves, more often than not, from home.
“The purpose of our StartUp tour was to let young people know that they can set up a business, and that there is support out there. By doing this we hope we can help build and support the enterprise potential of this generation. It’s great to see such optimism in the context of high levels of youth unemployment.”
“It is refreshing to see so many of Britain’s youth interested in starting their own company and it is important that we do everything we can to support them on this journey. These students will be the business leaders of tomorrow and play an important role in the future of the global economy”, said Sarah Shields, UK and Ireland general manager and executive director, Dell Consumer and Small Business, and one of the campaign’s founding sponsors.
The survey was conducted as part of the 2012 StartUp Britain bus tour, designed to inspire and support young people who are interested in starting their own business. The tour went to over 40 colleges and universities throughout Britain from Plymouth to Cardiff to Edinburgh and everywhere in between. It was completed by students who came onto the bus.