More 18 to 24-year-olds starting up in business

Friday 31 January 2014

Retail is performing well

An increasing number of young people are deciding to enter self-employment, by either starting up a small business or embarking on a freelance career.

Research conducted by PeoplePerHour pointed to a significant rise in the number of people in the 18 to 24-years-old age category using the website.

It also revealed a 97 per cent increase in new micro and small business owners registering on the website in the past 12 months.

When asked why they started a business, 33 per cent said it was to improve their work-life balance, while 26 per cent wanted to pursue a hobby or passion.

Some 78 per cent of those polled said they were looking to expand their enterprise in the coming 12 months.

Xenios Thrasyvoulou, founder and chief executive of PeoplePerHour, claimed that the barriers to people starting a business "have never been lower".

"This could be one of the main reasons we’re seeing such a big rise in the younger generation choosing to take the self-employment route earlier on in their careers," he stated.

"The key to this growing trend of new small business owners, not just amongst 18 to 24-year-olds, but across generations, is how easy and cheap it is now to set up a business and build a client base from scratch."

Find out how Microsoft solutions can make starting up a business so much easier.

Posted by Steve Williams