Loan News Techno Savvy Teen Entrepreneurs Are Taking Britain By Storm

Written by Editorial Team
30 October 2007

A report released today by Enterprise Nation, the home business website, has found that the under-25 age group is now one of the largest growing sectors of society to take the plunge and start up successful home-based businesses.

The study has provided an in-depth analysis of how the nation has moved away from the traditional office environment to embrace a more relaxed and flexible system of work that now sees almost a third of the entire British workforce operate from a home with a combined annual turnover of £364 billion.

Along with the tenacious teens, recent statistics show that the other demographic sectors that have recently seen a boost in numbers include women and the over 50s with business and professional services making up the vast majority of new companies set to be a success.

There are now more than 2.1 million home based businesses in the UK which compares to a total of 4.5 million small and medium sized enterprises at the start of 2006, an increase of 2.9 per cent on the start of 2005. Accountants, website developers, online trading, personal services (such as home interior designers, hairdressers, party planners), food (products and caterers), and domestic energy (including people selling excess DIY ‘green’ power back into the national grid) are amongst the most popular start-up businesses that make it past the all important first year of trading.

What’s more, it seems that young people are being inspired by their peers to go it alone rather than get a regular job. A recent Generation Enterprise report commissioned by City and Guilds revealed that half of those questioned aged between 16 and 25 knew someone under the age of 30 who had started their own business.

The Enterprise Nation study, which follows recent reports of a number of young entrepreneurs who are set to make their first million even before they leave their teenage years behind, revealed that more than 60 per cent of new businesses are now started from home, which is equal to more than 1,400 start-ups each week, a higher figure than for any other type of business.

Founder of Enterprise Nation, Emma Jones, believes that parents play a crucial role in encouraging young people to become entrepreneurs, not least because the vast majority of them start up their businesses from a room in their parents’ home. “At least 85 per cenr of the young people we have profiled on the Enterprise Nation website in the past six months are living in their parents’ home and running their business from there. Being cared for by their family and paying modest or no rent means that they are able to focus on their business and keep their overheads low.”

In addition, techno savvy youngsters are also more confident about using technology as a base for their business than the older generations.

“Whole sectors that didn’t exist ten years ago are coming up now because young entrepreneurs are defying all previous rules and saying technology means that we can do things like this. They have an open capacity to think of new ideas and as a result they are starting very interesting businesses,” concludes Jones.

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