A quarter of students in the UK start businesses at university
24 per cent of students in the UK are starting a business while studying at university, according to a study from Santander Universities UK.
The UK’s entrepreneurial spirit is well and truly flourishing and it seems the drive to start your own business is occurring earlier and earlier, as highlighted by research from Santander Universities UK. A study of university students showed that almost a quarter (24 per cent) of those surveyed already run their own business or plan to start one alongside studying for their degree.
Additional findings also estimate the collective turnover of these businesses as more than £44 million annually, an impressive figure considering these entrepreneurs need to ensure they don’t let their studies slip.
Quarter of current student entrepreneurs plan to make their business their career
Universities are often seen as pools of potential talent, with many top businesses taking the opportunity to lure the best candidates from the mix with graduate recruitment drives. However, it seems that more students are choosing to risk it on their own, creating their own business rather than join the corporate race.
Further data from the study shows that 80,000 students either run their own business or are part of a joint venture with other students. Of these, over a quarter are aiming to turn it into a career after graduating.
Internet is crucial influence on budding business owners
It’s likely that the internet has been a strong influence on these budding entrepreneurs. There are countless articles that highlight the successes of current ventures while the easy access to information and advice is crucial, boosting the confidence of the potential startups and helping them to take that first-step into the world of business.
According to the study, the most popular sectors for student ventures are technology and arts or crafts, followed by clothing and textiles, catering, and tutoring.
Most choose to sell their products or services online (49 per cent), others chose eBay or Gumtree (13 per cent) and social media was also another avenue for delivery (11 per cent).
“Students are generating significant sums of money and gaining invaluable experience as a result of their entrepreneurial ventures.” said Simon Bray, director of Santander Universities UK.
“The prevalence of these businesses demonstrates a great deal of skill and initiative from students across the UK, who are already under pressure to meet the demands of their studies,” he added.