Nearly half of young people thirsty for entrepreneurship

44% of Britain's youths are eager to whet their entrepreneurial appetite, a survey suggests.

by Elizabeth Anderson
Last Updated: 07 Sep 2011
Youth unemployment has been a particular bugbear during the recession.  With nearly a million, or one in five, 16-24 year olds now out of work the situation is getting rather desperate.  So it might come as little surprise to hear that the shortage of jobs has led to a growing number of young people aspiring to be their own boss.

Nearly half (44%) of young people are looking to set up their own business with a significant number claiming the business can run off an internet connection alone.  According to research published by PC World Business, 46% aim to set up their own business in the next two years and almost a fifth of the 1,000 young people questioned are ready to go in the next two months.

And apparently it’s partly thanks to programmes like Dragons’ Den and the Apprentice, both of which have made half of young people more aware of taking the entrepreneurial career path. But would Lord Sugar himself agree that so many young people have what it takes to become an entrepreneur? It was he, after all, who said last year: ‘You cannot go into Boots and buy a bottle of entrepreneur juice. It’s either there or it’s not.’ Then again, this was the man who predicted that ‘next Christmas the iPod will be kaput!’

Back in his day nobody did anything for anybody, Lord Sugar also opined. There were ‘no bank loans or government schemes - you had to do it yourself.’ Nevertheless, money is the one thing holding many young entrepreneurs back today, according to the research.  More than 40% said lack of funding was the biggest hurdle and 29% simply didn’t know where to start. Perhaps Sr’alan’s got some of that juice going spare?

- PC World Business is launching a competition to find Britain’s next generation of entrepreneurs. You can find more information here.

Find this article useful?

Get more great articles like this in your inbox every lunchtime

Subscribe

Get your essential reading delivered. Subscribe to Management Today