Many young adults between the ages of 18 and 24 are making the decision to launch their own businesses in today’s fast-paced and cutthroat environment. With the rise of the side-hustle culture, many people not only start enterprises instead of, during, or after higher education, but many even start enterprises along full-time employment, learning essential skills along the way.
Recent statistics from the Center for Entrepreneurs, which shows that they are establishing twice as many enterprises as the baby boomers generation, highlights this entrepreneurial drive among young people.
Additionally, according to data by GoDaddy and the faculty of the University of Kent, nearly half (45%) of students preparing for their GCSEs, AS-levels, and A-levels are considering starting their own businesses rather than enrolling in a university.
Cost, the rising cost of student loans, and an ambition for financial independence were the key factors. Additionally, it was discovered that over a third (37%) of respondents expected to launch their own enterprises, either as a full-time job or as a side gig, in the near future.
The accomplishments of the Start Up Grants program, which has given under-25s over £100 million in finance since its introduction in 2012, demonstrates the youth’s ambition to work for themselves. London, the North West, and the West Midlands have become known as centers of entrepreneurship, obtaining the most loans for those between the ages of 18 and 24 since the program’s launch.
The significance of this achievement should not be understated because it demonstrates the young people’s vibrant entrepreneurial mindset and the increasing desire among them to look into alternate routes to success and monetary independence.
Being self-employed is quite appealing as an alternative to standard employment and career paths for a variety of reasons. Being your own boss may, when done well, not only result in a large cash return but also allow many people to follow their passions and make a more noticeable, beneficial contribution to their communities and economies.
However, launching an enterprise is not without difficulties, and the research mentioned above also explains what students identified as the major obstacles to launching their own firm.
We are dedicated to assisting young individuals who have sound company concepts in overcoming these obstacles and making their ideas a reality. Through Start Up Loans, prospective young business owners get access to government-backed capital at a competitive rate as well as priceless guidance and assistance, assisting them in building their expertise and abilities, marketing plans, supply chains, and other things.
I’m honored to see what the tens of thousands of young Start Up Loans borrowers have accomplished. They personify the drive and ‘can-do’ spirit that characterize their generation. They are also aware that establishing and maintaining a successful firm takes a wide range of abilities.
The £100 million funding landmark for entrepreneurs under 25 is more evidence of our willingness to help more risky start-ups by allowing them to access capital where others might not, irrespective of their age, gender, race, or level of professional experience. We take seriously our obligation to make a positive social impact, as seen by the increased percentage of loans we make to women and business owners from underrepresented racial and cultural groups.
The increase in young people considering starting their own businesses reflects a change in attitude toward what the UK views as desirable in the working world.
Regardless of whether these young entrepreneurs go on becoming future entrepreneurs such as Richard Branson or Alan Sugar, as a country we should embrace and rejoice in their accomplishments due to the positive effects business creation has on the generation of money and jobs.
If a young person has a brilliant business idea and the drive to see it through, we should support and encourage them to forgo traditional careers. Parallel to this, we must see to it that we give the young entrepreneurs and innovators the tools they need to create an excellent future both for themselves and our nation’s economy on terms that suit them.