Young Entrepreneurs Alive and Kicking in the UK

More than half of sixth formers (60%) and university students (57%) would consider setting up their own business after they finish education, according to the 2006 NatWest Student Money Matters survey. Even more encouraging, one in four has an innovative business idea that they would like to pursue, proving that bright ideas are thriving in the UK’s schools and universities.

Of those who would consider going it alone, two thirds would do so because of the independence that it might offer them, over half want to be their own boss and one in three think that by starting up their own business they will have a better standard of living. For more than 40% it is simply because they do not want to join the rat race by going into a typical office job.

The potential perks of running your own business have not gone unnoticed by UK young people. When asked about the rewards that running a small business can offer more than half said they would reward themselves with flexible working hours and a third hoped to get more holidays than they would in a standard office job. Only a modest one in five would award themselves a bonus.

Despite the appeal of these rewards, these ambitious would-be entrepreneurs have a realistic understanding that running a business takes a lot of hard work and therefore predict that they would need to work 9-hour days and only take around 21 days holiday a year, to make their business a success.

Pete Ferns, Director of NatWest Business Banking, said: "With the future of the UK’s economy in the hands of today’s school and university students, it is extremely encouraging to see such ambition and drive amongst them. This kind of thinking and enthusiasm needs to be supported to cultivate enterprise.

"Starting up a business is challenging. It is a big step that requires a lot of hard work and unwavering commitment, but there are many resources, including NatWest, offering the right support and guidance to make it a rewarding experience in many different ways."