Enterprising students are responding to a quiet post-recession job market with plans to go it alone, according to new research from specialist insurer Hiscox.
The study into students graduating in 2010 and 2011 has revealed a strong entrepreneurial spirit, with 32 per cent of those surveyed already having a business idea and making plans to become entrepreneurs in the near future. Retail and IT lead the sectors they hope to succeed in, with 60 per cent opting for ‘bricks and mortar’ businesses over pure online enterprises.
The research shows those graduating in 2010 and 2011 are choosing to follow their entrepreneurial dreams:
¥ 19 per cent started their courses intending to be self-employed at some stage.
¥ 23 per cent have been running money-making enterprises while studying, or are in the process of setting up now.
¥ 28 per cent of respondents plan to be running their own business by the age of 25, while 34 per cent say they’ll be their own boss by the age of 30.
The UK’s graduates also see the value of starting young. Eighty-two per cent believe some of the best businesses have been set up by young entrepreneurs, and the same number say some of the most inspiring business people are British. It’s no surprise then that Sir Richard Branson - who started his first business venture aged 16 - is the figure they consider to be the most inspiring entrepreneur globally, closely followed by Sir Alan Sugar.
‘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,’ says John Heaney, SME expert at Hiscox.
‘However, there are both risks and rewards in the business world, and aspiring entrepreneurs may find that gaining some life and employment experience, or gaining specific professional qualifications before taking the plunge, would give them the best base for future success.’
Students are also confident about enterprise in the UK, with 55 per cent believing the UK encourages entrepreneurship, although 87 per cent say the UK must invest more in entrepreneurs in order to create jobs in the future.