Running your own business: the new cool for Britain’s youth - as record numbers of young people set up in business

Bill Gates, Larry Page, Sergey Brin and most recently, Mark Zuckerberg, famously all founded their respective companies (Microsoft, Google and Facebook) aged 25 or under. New figures unveiled today from Barclays show that Britain’s youth are demonstrating increased ‘entrepreneurial spirit’ with a 15 per cent rise in the number of business start-ups, compared to the other age groups which have grown by just six per cent.

Estimates show that 20,700 businesses were started by those under the age of 25 in the first half of 2007 compared to 18,000 for the same period in 2006, this marks the highest level since Barclays started recording figures in 2003.

However, while Gates, Page, Brin and Zuckerberg chose to start up in technology related industries, the new figures point to construction, hairdressing, restaurants and leisure as the most popular area for young business start-ups, although in the tradition of Gates and Zuckerberg three per cent are choosing computing.

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

Other highlights:

* Barclays start-up survey reveals that 253,700 new businesses were set up in the first six months of 2007 across all age groups compared to 236,300, representing a seven per cent increase on the same period last year.
* Construction led the way with start up volumes 28 per cent higher than the first six months of last year (40,900 compared to 32,000).
* 48,000 women started a business in the first six months of 2007 compared to 44,300 for the same period last year. This compares with 174,800 men setting up a business in the first half of 2007.

People with business ideas can find out how to set up in business by attending Barclays free start up events across the country - ‘Lets Talk Business Ideas’ and ‘Let’s Talk Starting in Business’. The ‘Ideas’ event will look at how viable the business is, what are the potential problems and rewards and how to make it happen. The ‘Starting in Business’ events are for people who are about to set up and will cover how to write a good business plan, sourcing finance, managing cash flow, legal requirements, taxation and VAT and marketing. People can find out more by visiting http://www. www.barclays.co.uk/seminars/.