Aspiring young entrepreneurs are more motivated by television shows such as Dragon’s Den than by their education, new research has shown.
Nearly three quarters of young entrepreneurs said they were inspired by TV shows in a poll by Shell Livewire.
However, only a third or respondents said their higher education institution suggested entrepreneurship as a career option.
Other interesting findings of the research include the regional concentration of entrepreneurs – according to the poll, 20% of them are in London, making it the most entrepreneurial place in the country.
In terms of funding, 51% of entrepreneurs polled said that lack of finance was the biggest barrier to starting a business. A further 41% believed their high street bank provided poor service for young entrepreneurs.
However, of those who managed to set up their own company at a young age, 39% used personal savings, 17% got investment from friends and family and 15% used government loans.
Not surprisingly, given the low opinion of banks’ support for young entrepreneurs, only 13% got a bank loan to start up.
The research was conducted in conjunction with the 25th Shell Livewire Young Entrepreneur of the Year competition, which is now looking for entries.
Entrepreneurs aged 16-30 can apply online at www.shell-livewire.org/win10k by March 31.
© Crimson Business Ltd. 2007
