By Maximilian Clarke
Employment insecurity and a cultural shift that has popularised entrepreneurialism have driven a 25% increase in the number of young people setting up their own business, research Experian, published this morning, shows.
"Such strong entrepreneurial appetite amongst young people is exciting and encouraging to see, yet just one third of business start-ups with a young sole director survives for more than three years," Simon Street, of Experian told the Press Association.
Commenting on the news, Alice Bentinck, Chief Operating Officer at Entrepreneur First , stresses the importance in supporting young entrepreneurs, particularly at a time of record youth unemployment and rock bottom consumer confidence:
“The statistics released today back-up what we at Entrepreneur First have been hearing from students this year. There is certainly a real appetite for entrepreneurialism among students and young people and this can only be a good thing for the UK economy.
“However, the fact that just 33% of these start-ups are still trading three years later is clearly a concern. While it is easy to put this failure rate down to a lack of experience; this is not the full story. The right support network can make up any shortfall in experience. This is one of Entrepreneur First’s primary aims. We have put together a network of experienced entrepreneurs, investors and businesses willing to share their time, expertise and resources with the brightest and most talented and ambitious young graduates to help them turn their ideas and ambition into flourishing long-term businesses.”
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