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Setting up your own business

 

Setting up your own business

The Age of Entrepreneurship: 25 is the best age for setting up your own business

New research from Amway UK has revealed that 25 is the perfect age for starting a business. The research into young entrepreneurialism was commissioned by the direct selling company to mark the release of the findings of the Amway Global Entrepreneurship Report 2013 during Global Entrepreneurship Week (18-24 November).

Setting up a business at any age is notoriously risky, and one that Brits think is best left to the carefree younger generation who are often free from major responsibility. 44 per cent of Brits think that it’s better to be single when starting a business, 21 per cent think it’s best to be childless.

It’s well documented that first year profits of new businesses can be low and it is thought that the younger generation are best placed to deal with this - 20 per cent of Brits think that people used to living on low wages like students are best equipped to cope with the potential financial hardships associated with starting a business.

Reflecting the finding’s in the Amway Global Entrepreneurship Report 2013 which discovered that 77 per cent of under 30s have a positive attitude towards self-employment (72 per cent men versus 68 per cent women), today’s younger generation are hugely ambitious with one fifth (21 per cent) of students having embarked on an entrepreneurial venture before graduating. Male students are 21 per cent more likely to do so than their female counterparts. 25 per cent of students cited supplementing their income as their primary motivation; a highly enthused 10 per cent reported having a great idea that couldn’t wait, whilst an ambitious five per cent of students think that to be a successful entrepreneur ‘you need to start young’.

The number one reason for starting a business is financial (36 per cent), closely followed by the desire to work from home (34 per cent) and the freedom to take more holiday (14 per cent). Men are twice as likely as women to start a business because they hate their boss (8 per cent), and women are more likely than men to opt for self-employment so they can work from home (40 per cent and 28 per cent respectively).

Perhaps a result of today’s unstable job market, 75 per cent of under 25s reported wanting to set up their own business, double that of their parents’ generation (37 per cent). Under 25s are twice as likely to start a business if their parents are self-employed with a further 28 per cent of people questioned citing their parents as their business role models.

Sheryl Franklin-Worth, Corporate Affairs Manager at Amway UK says: "It’s incredibly refreshing to see such a strong, positive attitude towards entrepreneurialism emerging from the younger generation. With each year that passes, young people are becoming more and more empowered to start their own businesses and venture into the world of enterprise. This generation are truly refining their knack for tapping into niches in the market and employing new technologies to produce viable business ideas and become self-made entrepreneurs – something that Amway are passionate about encouraging and supporting.”