HR · 2 December 2015

Young people increasingly attracted to becoming their own boss

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Increasing numbers of teh UK’s “generation Y” are attracted by the prospect of working for themselves
The entrepreneurial zeal amongst the country’s younger generations is increasing, as more and more under-35s are revealing they’d enjoy the freedom of owning their own business, new research has shown.

A study conducted by Intouch Accounting which helps aspiring business owners, found more than half of generation Y? in the UK would like to be self-employed, reflected in the average age of the firm’s client base, which is continually dropping and currently stands at 39.

Younger women are found to be more interested in self-employment than their male counterparts, with a whopping 60 per cent stating they’d be interested in making the change from the security offered by 9 5 employment.

The UK’s SMEs generate a yearly turnover of over 1tn for the UK economy. Yet, despite growing enthusiasm amongst the country’s workforce, the prospect of lacking a stable income, the stress and responsibility that comes from owning a business, and long working hours combine to put many people off starting out on their own.

Of 10, 000 people interviewed, 47 per cent of participants said that lacking financial stability would be the biggest disincentive to starting their own business, whilst managing their own finances would put 17 per cent of people off.

Whilst being free to be your own boss is hailed as the main motivation by many starting out in business, 16 per cent of participants would be apprehensive about giving up all their current employee benefits, and 13 per cent were discouraged by the idea of working long hours.

The survey coincides with data from the Office of National Statistics (ONS) that finds the number of self-employed increaded by 30, 000 in the three months to September, following a seven-month decline. The number is significantly greater than in the same period last year, in tandem overall growth in the number of those in work in the UK currently at a record high of 73.7 per cent of the labour market.


 
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ABOUT THE EXPERT

Fred Heritage was previously deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London.

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