A third of students are either considering starting a business, or already have one, new research from Santander Universities said. This equates to a total of 518,000 students, who generate £913 million every year, the report added.
However, it’s not (just) money that motivates these people. Instead, they’re more interested in pursuing a hobby, or personal interest (70 per cent). Financial gain is only placed second (58 per cent), right before work experience (26 per cent).
The average yearly turnover is £13,213, it was said, which is almost double, compared to a year before. The number of student entrepreneurs has also increased by more than a third (38 per cent), compared to 2015.
Almost half of entrepreneurs (46 per cent) expect an increase in turnover up to 50 per cent within the next five years, with another 10 per cent aiming high – at a 250 per cent increase.
“Student entrepreneurs are an important contributor to the UK economy and it’s great to see an increase of over 30 per cent since last year. It’s also encouraging that many plan to stick with their business as their main career after graduation when their potential to flourish will be vast,” said Matt Hutnell, Director of Santander Universities UK.
“Juggling running a business with studying is not an easy task and the prevalence of these businesses demonstrates skill and initiative from UK students. Santander recognises the importance of supporting and encouraging these young business leaders to dare to invent, innovate, create and be entrepreneurial and this is the very essence of our Entrepreneurship Awards.”
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