Ryan FowlerAXA UK’s latest survey has illuminated the entrepreneurial aspirations among young UK adults, with six in ten planning to establish their own businesses by the age of 30.
Particularly, 63% of those within the Gen Z demographic (born after 1996) have already experimented with side hustles or small business initiatives.
This insight emerged from a poll of 2,000 adults, initiated to mark the launch of this year’s AXA Startup Angel competition, awarding two £25,000 prizes to aspiring entrepreneurs. The data indicates a significant interest in sectors such as food and drink, entertainment, and fashion among young entrepreneurs.
Deepak Soni, director of small business Insurance at AXA UK, comments on the findings: “It’s fantastic to see there’s a new wave of would-be entrepreneurs who are relying on enthusiasm to compensate for their lack of entrepreneurial experience. We’re keen to support them on their journey because we know that running your own business can feel like an uphill struggle at times.”
The study also explores the entrepreneurial inclinations across various generations, discovering that Millennials and Generation X exhibit a strong desire to venture into business. Yet, the motives and challenges differ significantly by age. While older generations prioritise the independence of being their own boss, Gen Z is more motivated by personal growth (35%) and passion (38%).
Furthermore, the research highlights the barriers to entrepreneurship, with financial constraints being a common issue across all ages. Gen Z, in particular, cites fear of failure (42%) and lack of confidence (40%) as notable obstacles.
Soni stresses the importance of mentorship and guidance for budding entrepreneurs: “Money is an obstacle for many, but having someone to mentor and guide you through uncharted territory can offer the reassurance that you’re on the right track.”
