Young people would rather start their own business than earn a large salary working in the corporate world, according to a new survey.
Over half (51%) of the 16-30 year-olds questioned in the poll to launch the Nectar Business Small Business Awards said they believe they will start their own business in the next five years, while 80% of them would like to do so.
Around 38% of those surveyed said they thought launching their own venture would provide them with more money than they would get from working for someone else, while 38% believed it would give them greater flexibility.
Achieving a good work life balance seems more important to young workers than earning a large salary as the poll found that 38% of those surveyed would rather run their own venture and earn £30,000 a year compared with just 15% who, given the choice, would prefer to hold down a demanding corporate job on a salary of £60,000 a year.
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Other reasons young people gave for wanting to launch their own venture were a lack of suitable job vacancies (29%), a desire to develop career skills (19%) and the ability to make a business idea become reality (23%).
Young workers also said that they would prefer not to have to work for someone else (20%) while 17% of those polled were concerned about the current lack of job security in permanent roles.
Despite the difficulties the retail industry is facing, particularly on the high street, setting up a retail-based outlet was the most popular start-up choice among the would-be young entrepreneurs polled, with arts and entertainment and the hospitality sector also proving popular.
However, other business ideas suggested included photography, landscaping, dress-making and even balloon artistry.
“This research also showed that people believe that new start-up companies and sole trading is the future of business in this country and that more and more people will be taking this route in the coming years,” said Karren Brady, judge of the Nectar Business Small Business Awards.
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“I think this shows a shift in the way we see small businesses, their importance and the part they play in all of our lives and it’s through initiatives like these Awards that they’re celebrated.”
Researchers also found that young entrepreneurs were three times more likely to ask for advice and financial support than business people aged over 45. Perhaps surprisingly, having the relevant knowledge to run a venture, rather than not being able to get suitable finance in place, was also found to be the most significant barrier for young people looking to go it alone.
“It’s great to see the next generation of entrepreneurs come forward, each with such dedication and conviction to turn ideas into a successful small business - and it’s these massive achievements we aim to showcase through the Small Business Awards,” said Will Shuckburgh, co-judge of the Awards and managing director of Nectar UK.
Start-ups and existing businesses have until 30 April to enter the Nectar Business Small Business Awards. The six award categories include small business of the year, innovation of the year, entrepreneur of the year and home grown business of the year.
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The winners will receive £2,000 and 50,000 Nectar points, as well as the chance to take part in an industry round table event with Karren Brady.