L
ack
of
jobs and higher
university tuition fees have led to a growing number of teenagers and young people
aspiring to be their own boss, research by PC World Business has found.
With A-level and GCSE results recently published and a sixth of young people aged 16-24 years classed as NEET (not in education, employment or training), the study found that nearly half (44%) of young people are looking to set up their own business and are using technology to supercharge their business ideas more than ever before.
Forty four per cent claimed they could run their whole business using just a laptop and internet connection leading to PC World Business dubbing them the “Generation Y Not?” entrepreneurs.
Generation Y Not entrepreneurs A massive 80% of 16 year olds have had a business idea for two years or less, (some since they were only 14 years old) and with university tuition fees on the rise, they are now ready to set up their firms and become the next Richard Branson.
Forty six per cent are aiming to set up on their own in the next two years and an ambitious 19% are looking to set up their business in the next six months. Celebrity business programmes, such as The
Apprentice and Dragon’s
Den, are influencing this group of young business stars, with nearly half (49%) claiming they are more aware of entrepreneurial career options after watching business TV programmes.
The research revealed some of the best Generation Y Not? business ideas, which included a device for compressing rubbish so you can fit more into your bin and self hoovering carpets.
Lack of jobs and higher tuition fees fuelling surge
in young “Generation Y Not?” entrepreneurs
UK search for the best business brains.
teen
To celebrate this growing trend, PC World Business is launching a competition to find Britain’s best Generation Y Not? entrepreneurs, rewarding those with the best business ideas as
well as
those who use technology in innovative ways.
The competition is one of the first in the UK to ask entrants to Tweet their business plan in 140 characters or less to
www.twitter.com/Gen_Y_ Not. It opens for entries on 7 September 2011, at the start of the academic year, and the five finalists and ultimate winner will be judged by a panel of the UK’s most successful entrepreneurs including Jamie Murray Wells, who founded Glasses Direct while at university and Oliver Bridge, who founded Bigger Feet when he was 15 years old.
Prizes include the latest IT
kit, free
membership to one of The Office Group’s stylish office spaces and exclusive tailor- made mentoring sessions with Jamie Murray Wells, business experts from Dixons Retail, parent company of PC World Business, and M&C Saatchi PR.
The competition closes on 14 October 2011 and judges will be looking for entrepreneurs with
9 entrepreneurcountry
a great business idea, have demonstrated an innovative use of technology and have drive, passion and vision to realise their goals.
Barriers to setting up a business Even though more young people are looking to start a business, the research found that there are barriers to setting up on your own. When asked what is stopping them from setting up their own business, 42% claimed lack of funding was the biggest hurdle and 29% said they did not know where to start. However, they were aware of the resources available to help them with their business, with 40% saying they would use the internet for advice, followed closely by mum and dad (38%) and the bank (29%).
To enter the Generation Y Not? competition or for more information, please visit: www.pcworldbusiness.
co.uk/gen_y_not
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