Research Reveals Strong Entrepreneurial Aspirations Among Young Adults
Seventy-three percent of 16 to 24-year-olds express interest in starting their own business, reflecting shifting attitudes toward work.
A recent study indicates that nearly three-quarters (73%) of individuals aged 16 to 24 are eager to embark on entrepreneurial ventures.
This interest contrasts sharply with less than half (45%) of those aged 45 to 54 who also showed a desire to pursue business ownership.
The survey was commissioned by a travel franchise company, Travel Counsellors, which aimed to gain insight into the aspirations of different age demographics.
The primary motivations driving these young potential entrepreneurs include the prospects of increased income, improved work-life balance, flexible working hours, enhanced control over their careers, and a desire for greater fulfillment in their professional lives.
The survey also highlighted notable generational differences; 79% of the Gen-Z cohort, alongside 78% of Millennials (aged 25 to 34), expressed interest in self-employment primarily for its flexibility.
In contrast, only 41% of those aged 55 and older indicated similar intentions.
Furthermore, 70% of participants believe that flexible working arrangements aid in the development of essential entrepreneurial skills, such as problem-solving, time management, independence, autonomy, innovation, and self-motivation.
In a related development, earlier this month, Travel Counsellors appointed entrepreneur and TV personality Sara Davies as their growth and entrepreneurship partner.
In her role, she will offer coaching to aspiring entrepreneurs.
Despite the strong interest in entrepreneurship, the research identified significant barriers that could hinder individuals from acting on their ambitions.
A notable 31% of those looking to start a business reported a fear of failure as a significant concern.
Additionally, approximately half (48%) cited a lack of financial resources as a major obstacle, while 28% expressed doubts about their own capabilities.
Other barriers included insufficient infrastructure and support systems (17%) and limited professional networks (17%).
Matt Harding, director of franchise sales at Travel Counsellors, commented on the findings, noting a fundamental shift in how younger generations perceive work and the challenges traditional employment models face in this evolving landscape.
The research was conducted by Censuswide, surveying over 2,000 workers across the United Kingdom in January.
This interest contrasts sharply with less than half (45%) of those aged 45 to 54 who also showed a desire to pursue business ownership.
The survey was commissioned by a travel franchise company, Travel Counsellors, which aimed to gain insight into the aspirations of different age demographics.
The primary motivations driving these young potential entrepreneurs include the prospects of increased income, improved work-life balance, flexible working hours, enhanced control over their careers, and a desire for greater fulfillment in their professional lives.
The survey also highlighted notable generational differences; 79% of the Gen-Z cohort, alongside 78% of Millennials (aged 25 to 34), expressed interest in self-employment primarily for its flexibility.
In contrast, only 41% of those aged 55 and older indicated similar intentions.
Furthermore, 70% of participants believe that flexible working arrangements aid in the development of essential entrepreneurial skills, such as problem-solving, time management, independence, autonomy, innovation, and self-motivation.
In a related development, earlier this month, Travel Counsellors appointed entrepreneur and TV personality Sara Davies as their growth and entrepreneurship partner.
In her role, she will offer coaching to aspiring entrepreneurs.
Despite the strong interest in entrepreneurship, the research identified significant barriers that could hinder individuals from acting on their ambitions.
A notable 31% of those looking to start a business reported a fear of failure as a significant concern.
Additionally, approximately half (48%) cited a lack of financial resources as a major obstacle, while 28% expressed doubts about their own capabilities.
Other barriers included insufficient infrastructure and support systems (17%) and limited professional networks (17%).
Matt Harding, director of franchise sales at Travel Counsellors, commented on the findings, noting a fundamental shift in how younger generations perceive work and the challenges traditional employment models face in this evolving landscape.
The research was conducted by Censuswide, surveying over 2,000 workers across the United Kingdom in January.
