Young UK entrepreneurs are determined to remain their own boss, with nearly half claiming that they would never become an employee, regardless of how well they were paid, a new study has revealed.

Shell LiveWIRE, the startup support service for young people, surveyed 208 entrepreneurs who were involved in their scheme and found that few were reluctant to return to the nine to five grind – no matter how large the salary.

Nearly one in ten of those polled said that it would take an annual wage of £1 million to tempt them away from their own firm, while 35 per cent said that the main reason for going it alone was to become their own boss.

Encouragingly, a massive 94 per cent of respondents said that their business was profitable, while 85 per cent had expanded their firm since foundation.

As reported by Startups.co.uk, research has shown that there are growing numbers of young people who dream of starting up their own business.

Nearly half of all university undergraduates have stated that they would like to go it alone after graduation, while most teenagers would prefer to work for a small firm rather than a large company.

Shell LiveWIRE’s survey found that young entrepreneurs’ role models included familiar names, with Richard Branson considered the most inspirational, followed by Startups.co.uk columnist Anita Roddick and James Dyson.

Other key findings in the research included:

  • Nearly eight in ten entrepreneurs got their funding through a loan, while 60 per cent relied on a grant. Nearly one in 10 had no support at all.
  • Although 43 per cent of firms were using their original business plan, 78 per cent of those with a turnover of £100,000 had altered their original blueprint.
  • Nearly a third of respondents reported a first year turnover of under £20,000, with one in ten making over £100,000.
  • Nearly a quarter of those quizzed were involved in additional business ventures.

Clive Mather, chairman of Shell UK, praised the work of Shell LiveWIRE, which is celebrating its 21st birthday, during which time it has helped over 500,000 budding entrepreneurs.

“Our experience with Shell LiveWIRE.. shows that young people, given the right encouragement and support, recognise the opportunity presented by starting a business.

“Schemes like Shell LiveWIRE will help them turn that opportunity into success.

“Today, the ‘enterprise culture’ is firmly rooted in the UK and it offers many young people positive and viable career choices.

“Our research shows that young people are not only capable of setting up and running profitable businesses but also fuelling business growth, creating wealth and generating new jobs,” he said.