Young People Starting Up

Posted on 27th January 2014

The number of people between 18 and 24 either starting a small business or freelancing almost doubled in the last year, according to a recent survey of micro and small businesses.

The figures revealed a 97 per cent rise in new micro and small business owners registering on a freelancers’ website in 2013, with the range of businesses they were running being very varied. However, the top three sectors in terms of numbers were internet-based businesses, apps and retail.

The survey also asked small business owners across all age groups how they felt about running their own business and more than two thirds said it was not easy and that the next six months would be make or break. However, when asked what they would do if the business failed, almost half had the ‘if at first you don’t succeed’ attitude, and said they would start another one.

Being in control of their own destiny appears to be invigorating, as almost 90 per cent of those polled said they were ‘happy’ or ‘very happy’ with being their own boss and more than half said they would never or would be unlikely to consider working for someone else again.

Asked why they started a business in the first place, a third said they had done so to achieve a better work life balance, more than a quarter wanted to pursue a hobby or passion and get paid for it, while only 14 per cent said it was because they were unable to find full-time employment.

Ambition also seems to be abundant amongst this cohort, as when asked about growing the business, more than three-quarters said they were keen to expand over the coming year.

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