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One in three graduates plan to work for themselves

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New research suggests that the lack of traditional opportunities available to university leavers has led to a significant proportion of graduates planning to start their own business.

The research into students graduating in 2010 and 2011, commissioned by specialist SME insurer Hiscox, has revealed a strong entrepreneurial spirit with almost one third (32%) 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 three in five (60%) opting for ‘bricks and mortar’ businesses over pure online enterprises.

  • The research shows that the 2010 and 2011 graduates are choosing to follow their entrepreneurial dreams:
  • Nearly one in five (19%) started their courses intending to be self-employed at some stage
  • Almost a quarter (23%) have been running money-making enterprises while studying or are in the process of setting up now
  • One in ten (10%) won’t go into running their own business straight after graduation but intend to work for themselves in the future
  • Over a quarter (28%) of the would-be entrepreneurs plan to be running their own business by the age of 25, while a third (34%) say they’ll be their own boss by the age of 30.
Youthful success

Students are also confident about enterprise in the UK with over half (55%) believing that the UK encourages entrepreneurship, although over four in five (87%) say the UK must invest more in entrepreneurs in order to create jobs down the line.

The UK’s graduates also see the value of starting young. Four in five (82%) believe some of the best businesses have been set up by young entrepreneurs and the same number (80%) say some of the most inspiring business people are British. No surprise then that Sir Richard Branson - who started his first business venture aged just sixteen - is the figure they consider to be the most inspiring entrepreneur globally, closely followed by Sir Alan Sugar.

Some famous entrepreneurs who started young

  • Richard Branson started his first business, a magazine called Student, aged just 16 and is currently worth £2.6 billion
  • Phillip Green first worked for a shoe importer aged 15 before setting up a clothes shop at the age of 27, and is currently worth £4,105 million
  • Duncan Bannatyne joined the navy aged 15 before setting up his first business venture, an ice cream van, aged 29, and is currently worth £320 million
  • James Dyson invented the ‘Sea Truck’ aged 22 whilst still at college, and is currently worth £920m
  • Sir Alan Sugar’s first business venture was selling car aerials and electrical goods out of a van aged 16, and is currently worth £730m.

Posted July 29, 2010
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