Students embrace entrepreneurial spirit - Banking - News - Moneyfacts


Students embrace entrepreneurial spirit

Students embrace entrepreneurial spirit

Category: Banking

Updated: 23/07/2010
First Published: 23/07/2010

This article was correct at the time of publication. It is now over 6 months old so the content may be out of date.
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.

Check the Best Buy tables now for a selection of accounts available to new students and graduates.

Find the best bank account for you - compare bank accounts

Disclaimer: Information is correct as of the date of publication (shown at the top of this article). Any products featured may be withdrawn by their provider or changed at any time.

Related Articles

More people are switching current accounts

Competition in the current account market remains intense, which means if you’re not happy with your account for any reason, now’s a great time to switch! Happily, more and more people seem to be getting in on the switching action...

Financial services complaints continue to fall

Many people feel dissatisfied with their financial providers at times, but happily, it looks as though the most serious complaints are becoming less and less common.

Contactless spending hits yet another record

Contactless spending is going from strength to strength, hitting new records on a seemingly monthly basis - and it’s just broken yet another one, with monthly contactless spending having passed the £2bn mark for the first time.