Entrepreneurial spirit alive and well

Ahead of ILC’s New Generation event, taking place in Manchester on 25 April, new research has revealed that six in 10 young adults aim to be their own boss by the age of 30.

AXA UK polled 2,000 Gen Z adults, born after 1996, and found that 63% have already earned income from their own work. Nearly a quarter (22%) now aim to be their own boss within 12 months, with a further 13% planning to make the move within two years.

The entrepreneurial spirit is alive in the older generation too, with 37% of millennials and 26% of Generation X keen to start their own business.

However, motivations vary according to age brackets, with 45% of Generation X drawn to the idea of being their own boss, while following a passion (38%), personal growth (35%), and job security (31%) were the main drivers for Gen Z respondents.

A lack of money was cited as the main barrier to going it alone, while the three most valuable ingredients to success were identified as hard work (64%), innovative thinking (53%), and vision (47%).

Deepak Soni, Director of Small Business Insurance at AXA UK, said, “Being your own boss can give you freedom, but it also requires a huge amount of hard work, passion and dedication. 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.”


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