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Students Show Entrepreneurial Flair for Business
(25 October 2004 )

Almost 70% of sixth formers and half of undergraduate students would consider setting up their own business when they finish full time education, according to the 2004 NatWest Money Matters Survey. What's more, nearly a fifth of sixth formers, particularly men (24%) are actually studying with the specific aim of setting up their own business.

Once in university and pursuing a degree, the number of people studying with the specific intention of starting up their own business falls by half to only one in ten. More independence (71%), desire to be their own boss (53%), and the thought of earning more money (45%), were the main reasons for them considering to go it alone. Encouragingly, nearly a third of respondents said that they had an innovative business idea that they would like to explore.

Once up and running, hard work does not seem to be an issue for these budding entrepreneurs, with 69% expecting to work over 8 hours a day to make their business a success. Men, in particular, are much more likely to put extra hours in, with 75% hoping to dedicate over 8 hours a day to their business.

Sixth formers even recognise that holidays can be scarce, especially in the first few years of business. Nearly half of respondents thought that they would have to take less than 20 days holiday, with little variation between men and women. A tenth of those already at university, however, said they would take a couple of months a year off as holiday.

With success comes reward, and both current sixth formers and undergraduates know exactly what they would do with the extra money that their business brings in. Sixth formers would work more flexible hours (56%), take additional holidays (42%), buy a new property (37%), and 19% would even get themselves a personal assistant.

Undergraduates, on the other hand, prefer flexible working hours (60%) and buying a property (43%) as a reward for making their business a success.

Those respondents who had no intention of going it alone felt that they lacked the experience (30%) and the financial security (22%) to start up their own business, with many preferring to join a company that would offer them more job security (23%). A tenth didn't think that anyone would take them seriously.

Peter Ferns, Director of NatWest Business Banking, said: "Young people are the future of the British economy and it is encouraging to see that so many are considering starting their own business rather than opting for the standard route of joining an established company.

"Not only do they recognise that starting their own business will take hard work and commitment, but a third of these potential young entrepreneurs already have a business idea that they would like to explore - a promising statistic for innovation in Britain."

Note to editors:

• Research carried out by Virtual Surveys Limited between 24th May and 9th June.
• 1,008 graduates, 1,091 students and 1,045 sixth formers were surveyed.

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