The prolonged squeeze on younger people’s earnings is also reflected within the research, with 17% of young people feeling that an increase in earnings would be one of the greatest benefits if they could run their own business.
The research from St. James’s Place Academy reveals that millennials are the most entrepreneurial generation in the country, with 82% of 18-34 years olds hopeful of running their own business one day. The drive to start their own business is almost 10% higher amongst millennials than in the older generations surveyed.
The research also revealed some interesting insights into the thinking of young people towards entrepreneurship:
- 16% of millennials want to set their own hours by running their own business, while 14% want the chance to work from wherever they like;
- 49% of millennials are attracted to the idea of running a business where they advise people on their savings and investments – significantly more than the 33% of 35-54 years olds or the 16% of 55+ year olds who were asked the same question;
- 32% of millennials say attracting customers would be the hardest thing about running their own business, followed by managing the business finances (28%);
- 1 in 10 (7%) millennials would be more likely to change their mind about running a business if they had an inspirational role model, whilst nearly 5 in 10 (47%) said financial certainty was the most crucial factor;
- A quarter (25%) of millennials felt a loss of income would deter them, followed closely (21%) by fear of failure.
Adrian Batchelor (pictured right), Academy Director at St. James’s Place Academy, said:
“Our research reveals a clear appetite amongst millennials to start their own business, partly due to the frustrations felt within the workplace. As young workers have been hardest hit by the wage squeeze since the financial crisis, it’s no surprise they yearn for greater autonomy and reward for their hard work.
“It’s never been easier to strike out on your own, and we think starting a business should be high on young people’s lists for 2017.”
St. James’s Place Academy is hosting an event – Inspiring Women – on 23rd November in London. The Inspiring Women event is designed to motivate, inspire, connect and celebrate women in business.