Report Reveals Increase In Young Entrepreneurs

More 18-24 year olds want to start their own firm


Steven Beahan, Partner | +44 (0)114 294 7868

A new report has revealed a significant rise in the number of young people starting a small business or freelancing.

The study by PeoplePerHour found that the 18-24 year old demographic was the fastest growing age group using their website.

It found a 97% rise in new micro and small business owners registering on the website in the past year with the top three sectors being internet-based businesses, apps and retail.

When asked why they started a business in the first place, a third (33%) of business owners said they started working for themselves for a better work life balance. Twenty six said it was because they wanted to pursue a hobby or passion.

The majority (78%) said they were keen to grow their company over the next 12 months, despite the adverse economic conditions.

Xenios Thrasyvoulou, founder and CEO of PeoplePerHour, comments:

"The barriers to starting a business have never been lower, and this could be one of the main reasons we’re seeing such a big rise in the younger generation choosing to take the self employment route earlier on in their careers.

"The key to this growing trend of new small business owners, not just amongst 18-24 year olds, but across generations, is how easy and cheap it is now to set up a business and build a client base from scratch.

"The emergence of online platforms like PeoplePerHour that provide access to a global pool of potential customers, just a mouse click away, as well as providing easy access to experts, means starting your own business is not as daunting as it once was.

"Our research shows that despite the stresses and money worries that are often associated with starting and growing a business, the rewards and overall satisfaction that people get from being their own boss, clearly helps overcome many of the obstacles standing in their way. The dream of being an entrepreneur is no longer just that."

Expert Opinion
This research is very encouraging and points to the strength of entrepreneurial spirit that exists in the UK. It also illustrates the popularity of running your own business and the drive to succeed once they have taken this route.

“It is vital that these business get the support they need as although many of these small enterprises remain small by choice, some do grow and have the potential to be bigger companies in the future.

“These young businesses face numerous challenges each day and it is important that they deal with them effectively. Taking expert legal advice from a firm of solicitors that understand their needs and aspirations is a big part of this.”

Steven Beahan, Partner