Barclays: 'Youth of today' set up businesses for the future

12 October 2007
University of Bristol student Matt Clarke, 21, has been congratulated for the new system he established while in temporary employ at a trucking firm, which helped to increase the company’s revenues by approximately £60,000.

And it seems that other innovative young people in the UK are keen to implement new ideas and systems as figures show that increasing numbers of under 25s are setting up their own businesses.

A new report from Barclays shows that 15 per cent more under 25s started up businesses in the first half of 2007 compared with just six percent across other age groups for the same period.

Marketing director for local business at Barclays, John Davis, said: “These are extremely encouraging figures as young people are key contributors towards UK businesses and the economy.”

Perhaps inspired by Bill Gates (Microsoft), Larry Page and Sergey Brin (Google) and Mark Zuckerberg (Facebook), all of whom established their companies aged 25 or younger, 20,700 businesses were set up by people in the under-25 age bracket during the six-month period compared with 18,000 in the prior-year period.

“Young people can bring sky high levels of ambition and ‘out-of-the box’ creative thinking, characteristics we have found to be perceived as critical to entrepreneurial success,” said Mr Davis.

Barclays statistics show that young people are most likely to set up companies in the construction, hairdressing, restaurants and leisure sectors, in that order.

The number of new businesses set up across all age groups was up seven per cent from 236,300 in the first half of last year to 253,700 from January to June 2007. Again, construction was the most popular field, with figures up 28 per cent year-on-year.

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