Sign in Subscribe
Entrepreneurship

Young Entrepreneurs Face Significant Hurdles Despite Aspiration

Strategic Insights

— 1 min read

A study of 500 teenagers aged 16-19 reveals that while 55% see university as the only viable option after secondary school, 36% are already earning money from side jobs. However, many young people struggle with significant barriers, with 51% citing lack of funds as their biggest obstacle. Furthermore, 46% admit to lacking the expert advice or mentorship needed to take the next step independently.

Key Takeaways:

  • 55% of teenagers aged 16-19 view university as the only viable option after secondary school, despite 36% already earning money from side jobs.
  • 51% of young people cite lack of funds as their biggest barrier to progression.
  • 46% of those surveyed lack the expert advice or mentorship needed to take the next step independently.
  • 61% believe schools do not provide the necessary education around business skills.
  • 49% of young people are motivated by independence, with a desire to be their own boss driving their professional ambitions.
  • Nearly half (47%) believe that becoming an entrepreneur will boost their earnings.
  • 35% are hoping to turn their hobbies into careers, according to the survey conducted by OnePoll.
  • The government will not be providing financial support for any aspect of this article.
  • Professor Green, who did not attend university, emphasized the importance of "belief, support, and a chance" for young people to be successful.
  • The Young Entrepreneur Fund, commissioned by Simply Business, will award ten winners grants of £5,000 each after completing a business support programme provided by youth enterprise charity Hatch Enterprise.

Statistics:

  • 55% of teenagers aged 16-19 see university as the only viable option after secondary school.
  • 36% of young people are already earning money from side jobs.
  • 51% cite lack of funds as their biggest barrier to progression.
  • 46% lack expert advice or mentorship needed to take the next step independently.
  • 61% believe schools do not provide the necessary education around business skills.
  • 49% are motivated by independence, with a desire to be their own boss driving their professional ambitions.
  • 47% believe that becoming an entrepreneur will boost their earnings.
  • 35% are hoping to turn their hobbies into careers.

Sources:

  • Simply Business
  • OnePoll
  • Hatch Enterprise
  • Project Zero youth centre
  • Small Business Insurance Provider

Read more