A new detailed study found that 50 per cent of these young individuals are stumbling to get their entrepreneurial dreams off the ground due to poor access to finance, a lack of business skills and the right contacts.
While the study recognises the barriers holding some would-be entrepreneurs back, it also found that those aged between 18-24 years who have thought about or started their own business are resourceful in finding new ways to acquire missing attributes.
Young founders are four times more likely than all UK adults to have done an apprenticeship as a way to help start setting up their own business and have used joining University business societies, getting advice from family and using accelerators/incubators as alternative ways to help them progress.
When it comes to their hopes and aspirations, the study found that the next generation of business leaders are optimistic about the changes they can make to the world. A fifth of young UK adults see themselves running global organisations that significantly changes the world but they are also wary of the risks involved in doing so.
The study showed 85 per cent of young UK adults understand that entrepreneurship is a career gamble, but over four-fifths say that they can make a lot of money as an entrepreneur.
Neeta Patel, CEO of the New Entrepreneurs Foundation, said, “Even in the turbulent times we live in, it is good to see that young people are enthusiastic about creating a business. However it is clear to see that they are stumbling before they can even get a chance to begin. While 30 per cent of young adults are writing business plans and almost 10 per cent suggest they will start a business in the year ahead, it is the lack of access to finance, business skills and networks that is holding them back.”
