Research identifies groups of young entrepreneurs

New research from the Make Your Mark campaign provides fresh insight into young people's attitudes and behaviour towards enterprise and entrepreneurship. By providing an understanding of what is more likely to motivate particular groups of young people it is hoped the findings can be used to help budding entrepreneurs to overcome real and perceived emotional barriers to enterprise.

The study identifies six different groups of young people in terms of their 'desire' or 'readiness' for enterprise;

Young Self Starters - Naturally enterprising, forward-thinking optimists who are able to see commercial opportunities. They are impatient, reluctant planners who look for a challenge and are willing to take some risks. The majority are male, under 20, and likely to be at school or college.

Hesitant Creatives - Practical, pragmatic individualists who are natural planners and are very creative. They like to take control and not stray too far from what they know, and do not like to feel bound by the conventions of organisations. The majority are female (57%), 41% are 20-25 years old and they are one of the least likely of all the groups to have parents who are self-employed.

Corporate Strivers - People in this group are characterised by their ambitious, career-driven nature, but are also keen to give something back to society. They fear failure and are motivated by status and material wealth. The majority are female (57%), early to mid twenties, highly educated, with a higher ethnic mix than other groups.

Drifting Opportunists - 'Live for today not tomorrow' fun seekers for whom friendships matter more than being part of an organisation. They may be involved in the informal enterprise economy and are not natural planners. Approximately two-thirds are male and almost half are aged 14-19, mixed ethnicity and are more likely to have a technical/trade GNVQ.

Young Traditionalists - They are natural planners who believe in themselves and are confident about the future. They put greater value on achieving a good work-life balance than on earning higher incomes and are 'sensible' by nature. They are not naturally 'enterprising', preferring to work for a company than for themselves. Over half (56%) of this group are female, 82% are ABC1, and they have the lowest percentage of parents who are self employed.

Avoiders - Similar to Young Traditionalists in that they are not naturally enterprising, preferring to work for a company than for themselves. They do not naturally embrace change, nor see themselves as risk-takers. They tend not to take a long term view, and tend not to be optimistic about the future. 52% are male and 68% fit into the ABC1 category.

By understanding the differences, communications and activities can be tailored to suit them. For example, Young Self Starters are likely to be engaged at school or college and would benefit from having contact with role models and mentors who have 'done it themselves'. In contrast, Drifting Opportunists are more likely to be engaged through channels outside of education such as lifestyle media, leisure and retail spaces or peer networks.

Hesitant Creatives need reassurance that they can turn their passion into a livelihood and would respond well to clubs or networks organised around their interests. Corporate Strivers are more likely to attend corporate networking events or be reached at after-work bars or gyms.

Young Traditionalists and Avoiders can be reached through mass media but can be difficult to engage in enterprise directly. These groups will require a large scale shift in prevailing cultural attitudes to make them more positively inclined towards enterprise.

Commenting on the results, Director of Policy at the Make Your Mark campaign Raj Patel said, "Until now, the underlying beliefs and behavioural patterns that shape attitudes towards enterprise haven't been fully understood.

"It is well known that attitudinal barriers are significantly holding back enterprise in the UK. For example, over a third of young people say that fear of failure would prevent them from going into business.

"If we are to achieve a sustainable shift in enterprise culture we need to ask how we can use these findings in a wider sense to better promote and engage young people in enterprise. For example, how can the educational institutions offer more personalised encouragement and opportunities in fostering enterprise? Equally, what more can be done by employees to inspire and engage their talent?