The rise of the teentrepreneur

The number of UK teens setting up a company has skyrocketed in just a decade with start-ups including tech companies, clothing and accessory lines, food or drink products or health and beauty ranges.

Close to one in five teens would much rather be an entrepreneur than an employee and are inspired by entrepreneurs such as Steve Jobs, Sir Richard Branson, Mark Zuckerberg as well as tech genius and British entrepreneur, Nick D’aloisio.

Market research was carried out by PCP amongst 2,001 teens in the UK aged 13-19* which showed that today, more teens are motivated, creative and digitally focussed. Close to one in five teens would much rather be an entrepreneur than an employee.

In fact, 4,152 UK teenagers, aged 16-19, set up their own company in 2018 – eight times more than 2009! 7% of teens aged 13-19 now say they have their own business, with 5% already making money from it, and 20% using their networks to build their profile and connect with experts.

There are many motivations for starting a business. The main ones being to earn good money to make something of yourself, to follow a passion and work on something that truly interests you, and to have the freedom of being your own boss .

teen-businesses

These businesses run by teenagers, are most likely to be:

  • Tech based (28%)
  • Health or beauty products (19%)
  • Clothing or accessory lines (14%)
  • Design based (14%)
  • Entertainment or media-based (14%)
  • Food or drink (14%)
  • Wellbeing or fitness focussed (8%)
  • Science-related (6%)
  • Construction-based (7%)
  • Charity related (5%).

Below is a list of the top 10 entrepreneurs which teens say they are aspired to be like:

  1. Steve Jobs
  2. Sir Richard Branson
  3. Mark Zuckerberg
  4. Lord Alan Sugar
  5. Kylie Jenner
  6. James Dyson
  7. Nick D’alosio
  8. Victoria Beckham
  9. Evan Spiegel
  10. Charlotte Tilbury

 

Teens and budding Teentrepreneurs say that there are some big challenges of starting up. This includes not knowing where to begin, unpredictable finance risk and not having enough business or finance knowledge as well as difficulties with hiring.

You can increase your finance knowledge with the links below and more on Talking Finance.

* OneFamily commissioned PCP to undertake market research amongst 2,001 UK teens aged 13-19. The data included quotas by age and gender and was weighted to be nationally representative. The research was conducted between 20th October and 6th November 2019.

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