UK could be on the brink of a youth business boom
Recent research has shown that more and more young people in the UK are looking to become self-employed – whether as a contractor or by forming their own Limited company.
The research, carried out by youth charity Princes Trust, has found that due to the lack of permanent jobs, young people are looking to start their own businesses in order to break the current unemployment cycle.
Currently, there are just 5% of UK young people who are self-employed, however, more than a quarter of those surveyed said that they are ‘increasingly’ thinking of setting up on their own.
According to the charity, 30% of young people believe that they will be self-employed in the future, with one in four saying that they plan to be their own boss within the next five years.
The research also found that 43% have already made money from entrepreneurial activity, such as working as a freelancer or selling a product that they have made themselves.
Professor Michael Hay, Professor of Management Practice in Strategy and Entrepreneurship at London Business School, said of the findings, “Traditionally Britain has lagged behind other countries in terms of the number of young entrepreneurs, but today’s report suggests that young people’s attitudes to self-employment are changing.
“It is important that the next generation of young entrepreneurs get the support they need from organisations like the Prince’s Trust.
“In the current climate, helping young people to beat unemployment and set up businesses that employ other people can only be a good thing.”
Please visit our Contractor News hub for all other news.