42% rise in the number of UK student start-ups
More students are choosing to juggle entrepreneurship with studying to increase job security and to earn extra cash to reduce their debts
The number of student-founded start-ups in the UK is “soaring” with a 42% increase in the last 12 months alone, new research from PeoplePerHour has shown.
The research, which surveyed 1,549 new business founders, found that the majority of university graduates that had started a business had done so because of a lack of job security (61%), to earn money to reduce their student debts (49%), and to benefit from being their own boss (35%).
When it comes to balancing business with studying, 29% of the student start-ups surveyed said they ran their business between lectures and a surprising 11% said they had actually worked on their business while in class.
According to PeoplePerHour, the research “shoots down stereotypes” about “lazy, layabout students” and demonstrates that there is “no shortage of motivation among students”.
Xenios Thrasyvoulou, founder and CEO of PeoplePerHour, comments: ‘It’s really encouraging to see such a great spirit of entrepreneurialism amongst young people. This is exactly what we need to ensure that we don’t return to the days of recession.
For too long the world’s great economies relied upon a handful of big businesses to lead the way. It only took a small wobble to bring the whole lot crashing down.Rather than relying on other people, it seems that this generation of students are determined to make it on their own; carving their own way across the business landscape.”