Nearly half of all undergraduates in the UK would consider setting up their own business after they finish university, according to a new survey by Natwest Business Banking.
The research found that a third of those aged between 15 and 19 were contemplating whether to study a specific course which will help them with starting up a firm.
According to the survey, most of the wannabe entrepreneurs were attracted by the independence and “more money” associated with starting a business, while nearly a quarter said that the main reason for going it alone was to simply be their own boss.
Youngsters in London and the South were more likely to cite the money-making aspect of running a firm as the biggest incentive for starting up, while those in the West Midlands and Scotland preferred to focus on the independence of being a top entrepreneur.
Of those who were not keen on becoming an entrepreneur, 36 per cent said it was because of a “lack of experience”, nearly a quarter felt that they would not be financially secure, while 14 per cent said they needed greater job security.
The research suggested that undergraduates generally consider entrepreneurs to be wealthy, with just one per cent of those ruling out starting their own business because they felt they wouldn’t make enough money.
A quarter of those polled said that they expected to work more than ten hours a day if they started a business, while just 13 per cent said that they would take more than 20 days of holiday a year if they became an entrepreneur.
However, most undergraduates said they would reward themselves if their business did well, with a third preferring to work flexible hours while over a quarter would take more holiday time and give themselves a company car.
Once again, Virgin boss Richard Branson was considered the ideal entrepreneurial role model, with 40 per cent of those quizzed admiring the way he has built up his business empire.
Fashion designer Stella McCartney and Body Shop founder Anita Roddick were also popular with undergraduates, especially with female respondents.
Peter Ibbetson, head of Natwest Business Banking, said that he was pleased to see that so many of Britain’s young people would consider going into business for themselves.
“And it is even better even better to see a third of respondents actively studying to achieve their goal of becoming their own boss.
“It is also clear that youngsters are realistic with their expectations. They know that they are going to have to work hard to get their business up and running, but recognise that the rewards of foregoing holidays and working long hours in the short term will pay off in the future,” he said.
