A new generation of budding entrepreneurs could be set to be unleashed, with research indicating that nearly three-quarters (73%) of 16 to 24-year-olds would be keen to start their own business.
This compares with less than half (45%) of those aged 45 to 54-year-olds who expressed a desire to start their own venture.
The potential to make more money, having a better work/life balance, more flexible working hours, having more control and greater career fulfilment were the top motivations for taking the plunge, according to the research commissioned by travel franchise company Travel Counsellors.
Looking at generational differences, 79% in the younger Gen-Z age group and 78% of Millennials (aged 25 to 34), said they would consider self-employment for the flexibility it provides, compared with just 41% of those aged 55 and over.
Seven in 10 (70%) people surveyed believe that flexible working helps develop key entrepreneurial skills, such as problem-solving, time management, independence, autonomy, innovation, and self-motivation.
Earlier this month, Travel Counsellors appointed Dragons’ Den star Sara Davies as a growth and entrepreneurship partner, which will see the businesswoman provide coaching on entrepreneurship.
The research also found fear of failure could be holding some people back from starting their own business, with nearly a third (31%) of those who are looking to start their own venture expressing this concern.
A lack of finance was a barrier for nearly half (48%) of people and more than a quarter (28%) said they lack confidence in their abilities.
A lack of infrastructure and support (17%) and professional networks (17%) were revealed as other key factors.
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Matt Harding, director of franchise sales at Travel Counsellors said: “The findings underscore a fundamental shift in how younger generations view work.
“With 73% of 16 to 24-year-old workers considering entrepreneurship and clear shifts in working patterns to prioritise flexibility, it is clear that traditional employment structures are being challenged.
“However, to turn ambition into reality, aspiring entrepreneurs need access to resources, mentorship, and confidence-building initiatives that address their concerns about failure and business skills.”
Censuswide surveyed more than 2,000 workers in January across the UK for the research.
