Young budding entrepreneurs aren’t motivated by money, with the challenge and freedom of being a business owner the main attractions of going it alone, according to new research.
A survey of youngsters wanting to become entrepreneurs by HSBC Bank found that just eight per cent wanted to start up in business to become millionaires.
Nearly a third of the 15 to 19 year olds said they were excited by the challenge, while 26 per cent wanted to do something they enjoyed.
A further 20 per cent of those polled said that the main reason for going it alone was to be in control of their own destiny.
Interestingly, 70 per cent of teenagers said that that entrepreneurial skills can be learnt, with 17 per cent believing that great entrepreneurs are born.
The survey is further evidence of a deep-rooted desire among many people, especially the young, to own a business rather than becoming an employee.
Previous studies have shown that nearly half of university students plan to go it alone after graduation, while many employees dream of ditching their jobs and becoming an entrepreneur.
This enthusiasm for entrepreneurship has been echoed in recent startup figures, which have shown a sharp increase in the number of new businesses set up over the past year.
HSBC said that it was keen to help youngsters start up in business by promoting the Young Enterprise Company Programme.
Michael Geoghegan, of HSBC, said: “It’s no coincidence that students who’ve taken the Young Enterprise programme have such a mature and reason outlook, which is why 1,000 of my colleagues freely give up their time to support the students.
“If the results of the survey are anything to go by, this next generation of realists could be an entrepreneurial force to be reckoned with.”
