Quarter of Graduates Planning Start-Up Businesses
Research shows that a quarter of graduates are planning start-up businesses
Following a poll in June of 1,000 students, the results found that 32% already had a business idea with plans to bring it to fruition, and one in three were considering self-employment due to the current shortage of jobs.
23% are already running money-making schemes or are in the process of setting them up.
Commenting on the number of graduates considering self-employment, George Derbyshire, chief executive of the National Federation of Enterprise Agencies, said:
“There is a shortage of traditional graduate jobs due to the economic climate, plus the financial pressures that students are under to pay their tuition fees and then pay off their debts,”he said, according to SME news source Start-Up Donut.
“However, the high number of graduate start-ups is also due to the fact that a lot of degree courses are becoming increasingly vocational, so students are naturally geared towards applying those skills to a business environment,” he added.
Schemes run by various organisations geared towards encouraging student entrepreneurship, such as the National Council for Graduate Entrepreneurship (NCGE) and the National Consortium of University Enterprise Societies (NACUE), are thought to be helping students and graduates to create business ideas and get the right level of support that will enable them to make their ideas into reality.
Despite the lack of jobs following the economic downturn, Hiscox SME expert John Heaney believes that this is encouraging more students to start their own businesses.
“Students are extremely motivated and aspire to emulate British entrepreneurs that have succeeded in the public eye,” he commented.