British Youth Would Rather Start Their Own Business

Mar 17, 2014

According to a study by Nectar, the company most known for its points reward card, 16-30 year-olds in the UK favour entrepreneurship over working up the career ladder.

The survey, cited in an article by the Telegraph, polled young adults across the country to reveal that 80% of participants believe they will start their own business within the next five years.

Meanwhile 40% said they’d choose to be their own boss for half the salary over working in a bluechip organisation.

When asked for the reasoning behind their preferences, respondents claimed they saw more opportunity for flexibility and a larger income if they were to create a start-up.

In fact, the need to work on their own terms was rated so highly that many of those surveyed said they were happy to sacrifice money in order to achieve the lifestyle they desire.

Retail, hospitality and arts and entertainment were all popular areas for would-be entrepreneurs, according to the research.

However, it seems that many young people in the UK see endless options when it comes to starting their own business, with survey respondents citing photography, landscaping, baking and dress making as possible options.

“We all know that small business is the lifeblood of the British economy and it’s the thing that is going to turn [it] around more than any other,” said Karren Brady CBE, who judges the Nectar Small Business Awards.

“Being an entrepreneur is about spotting a gap in the market or offering a better service than the next best competitor. Without hard work, you can’t put that business plan into action, but actually having the ability to use your talent and turn it into a business takes real drive,” she added.

© 24N.biz

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