According to fresh research from payments provider Worldpay, the number of self-employed young people has doubled since 2001. In fact, 30% of millennials now aspire to be their own boss.

More than a third of those surveyed agreed that starting up a business is now a more attractive investment than going to university. This figure climbed to 43% when focusing on the respondents who sat within the ‘millennial’ bracket.

Unfortunately it seems that entrepreneurial spirit seems to be spreading just as access to funding and investment becomes more difficult.

Investment from the Bank of Mum and Dad

The research revealed that entrepreneurs under the age of 35 are twice as likely as their older counterparts to seek family investment. It’s an indicator of how important it is to offer young entrepreneurs as much support as possible.

Steve Newton is the Executive Vice President of Worldpay UK and Europe.

“While it’s great if a business can be a family affair, not everyone will be in a position where this is possible. It’s imperative that aspiring entrepreneurs can access start up and working capital regardless of their background.”

He went on to observe that the use of technology can be a great way to foster diversity when it comes to opening up routes to finance.

“Our message to entrepreneurs is that it doesn’t matter who you are or where you come from, if you have a drive to grow a small business nothing should stop you.”

Having the tools to make business happen

  • Don’t shut out the help or advice of older people.

They have years’ worth of experience you can capitalise on. They may even become your mentor.

  • Don’t hide away behind a phone or computer screen.

Take a break from the digital world from time to time and make face-to-face connections. Arrange in-person meetings and attend regular networking events to bolster these kinds of relationships.

  • Use your youth to your advantage

A fresh-faced business leader is a commendable USP. Make sure people see you as mature and forward-thinking by the way you project your values and brand identity to the marketplace.

Do you have any of your own advice for young, aspiring entrepreneurs looking to break into the market as their own boss? Leave your tips in the comments below or come and share them with us over on Twitter or Facebook.


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