Entrepreneurial bug bites early
Article Date: Feb 27 2006
The UK’s young adults are increasingly viewing entrepreneurial activity as a viable career choice, with 13.4 per cent of 18-24-year-olds hoping to be their own boss within three years, according to new research from the London Business School.
In its latest UK edition of the annual Global Entrepreneurship Monitor (GEM UK), the London Business School team found that 18-24-year-olds were both the most eager to embark on entrepreneurial activities and most likely to hold entrepreneurs in high esteem. Some 69.7 per cent of those questioned in this age group, for instance, regarded entrepreneurship as a good career choice.
This age group also had the second lowest fear of failure rate, behind 55-64-year-olds. Overall, the rate edged up from 33 per cent to 34 per cent against 2004.
The London Business School survey, of 32,500 individuals, revealed stark differences in ethnic entrepreneurial activity. Those of Black African origin were more than three times as likely to be entrepreneurs than their White British counterparts, while those with Indian and Pakistani roots were twice as likely to run their own businesses than White British individuals.
Last, but by no means least, the survey placed the UK third amongst the G7 economies in terms of overall entrepreneurial activity. Overall, 6.2 per cent (down from 6.3 per cent in 2004) of those questioned in the UK professed to being entrepreneurs.