Students embrace entrepreneurial spirit

Category: Banking
Date: 7/23/2010

Many of the UK's brightest young minds are turning away from the tough jobs market, planning instead to focus on their own entrepreneurial dreams.

Almost one third (32%) of 2010 and 2011 graduates surveyed by SME insurer Hiscox already have a business idea and are making plans to become entrepreneurs in the near future.

One in three (30%) said the lack of job opportunities had swayed them towards going at it alone.

"It's extremely encouraging that despite the knock on effects of the recession on the job market, the best of British entrepreneurial spirit is alive and kicking amongst the next generation as many look to set up in the future," commented John Heaney, an SME expert at Hiscox.

Three in five (60%) said they would be starting up 'bricks and mortar' businesses, rather than pure online enterprises.

Figures also showed that students are positive about starting up a business in the UK, with over half (55%) saying they believe the country encourages entrepreneurship.

Four in five think British entrepreneurs are the most inspiring.

A staggering majority believe in the power of starting young: 82% said some of the best businesses have been set up by young entrepreneurs.

Students listed Virgin boss Richard Branson as the most inspiring entrepreneur globally.

At the age of 16, Mr Branson started selling a magazine called Student. He is now worth about £2.6 billion.

"It's encouraging that students are so positive about entrepreneurship - this can only mean good things for the future growth of the small business sector, the lifeblood of the UK economy," added Mr Heaney.

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