Business development · 30 April 2018

Half of students plan to ditch grad jobs to become their own boss

Half of UK university students are opting to build their own business rather than a graduate job.

Self-employment prevails over graduate jobs as more students are planning to start up their own businesses, with 38 per cent certain it would give them a better chance of being successful.

A new study by the print company, Solopress, has found that launching a start-up was more appealing than a career on a corporate ladder for 1.2 million people in university.

Additionally, nearly a third of the newest generation of workers consider starting their own business within the first year of university.

Commenting on this, Aron Priest, co-founder at Solopress, said: “With more students and graduates freelancing and launching their own businesses over jumping on the career ladder, we wanted to find out what’s really pushing this new way of working.

“It’s interesting to see that despite the initial investment costs, risks of starting a business and the competition, the majority of students are considering starting-up over graduate roles.”

Students are also considering the advantages that being self-employed holds, the primary reason being the financial benefits of running your own business.

Whilst the average salary for UK graduates is £19k-£22k, one in ten expect at least £30k meaning the workforce is falling behind when it comes to starting income.

Forty-seven per cent of students rate that it’s a flexible lifestyle choice, 45 per cent want to be their own boss and 28 per cent thought working for themselves offers a better work/social balance.

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graduates

 

Students set to reject corporate world and target graduate jobs at micro companies

Britain’s small business owners could gain a head start in recruiting university talent this summer, after new research revealed students were more likely to seek out graduate jobs at smaller companies than large firms.

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However, due to the proliferation of the internet and the ability to work remotely, nearly half of students think setting up a business is harder now than ever before.

Sixty-eight per cent of students believe this is down to too much competition and 57 percent suggests the issues lies with the lack of funding and support available to them.

Priest adds: “It’s clear that hard work and risk doesn’t seem to put the new generation of workers off of running a business.

“Young graduates are ambitious and UK businesses really need to get to grips with what will motivate them to stay in the workforce. After all, we don’t want to be losing talented workers.”

Evidently students are keener than ever to launch start-ups as three quarters said they were happy to invest savings into their own business ventures.

Additionally, 40 per cent would be more than happy to take a loan out and 21 per cent would turn to the bank of mum and dad.

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ABOUT THE EXPERT

Carly Hacon is a reporter for Business Advice. She has a BA in journalism from Kingston University, and has previously worked as a features editor for a local newspaper.

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