A significant shift is happening in the way young adults view their careers, with nearly three-quarters of 16 to 24-year-olds expressing a desire to start their own business. Research commissioned by Travel Counsellors highlights that entrepreneurial ambitions are far higher among younger generations compared to older ones.
The findings suggest that a new generation is poised to challenge traditional career paths, with financial independence and flexible working hours emerging as the top motivators. However, despite their eagerness, barriers such as a fear of failure and limited access to capital remain significant hurdles.
Young Generation’s Entrepreneurial Ambition on the Rise
According to a recent survey conducted by Travel Counsellors, 73% of young people between the ages of 16 and 24 are keen to start their own businesses. This figure starkly contrasts with only 45% of those aged 45 to 54, revealing a clear generational divide in attitudes towards entrepreneurship.
The study indicates that the younger generation is increasingly focused on securing greater work-life balance, financial independence, and the ability to work flexibly, making self-employment a more attractive option.
Furthermore, the research shows that 79% of Gen-Zers (aged 16-24) and 78% of Millennials (25-34) are motivated by the flexibility that self-employment offers. In comparison, only 41% of people aged 55 and older view self-employment as an appealing option.
This generational gap underscores the growing demand for jobs that provide autonomy and freedom over traditional nine-to-five roles.
Barriers Hindering the Rise of Young Entrepreneurs
While the desire to become entrepreneurs is strong, many young adults face considerable challenges in turning their aspirations into reality. Fear of failure remains a prominent concern, with 31% of those interested in starting their own business citing it as a major barrier.
Additionally, 48% of respondents indicated that a lack of finance prevents them from pursuing their business ambitions, while 28% noted a lack of confidence in their ability to succeed.
Travel Counsellors’ director of franchise sales, Matt Harding, stressed the importance of providing mentorship, resources, and support to help young people overcome these barriers.
“However, to turn ambition into reality, aspiring entrepreneurs need access to resources, mentorship, and confidence-building initiatives that address their concerns about failure and business skills.” Harding said.
The research highlights that, in addition to financial limitations, the absence of sufficient infrastructure and professional networks are significant challenges for young entrepreneurs.
As a result, while many young adults express a desire to enter self-employment, the necessary resources and support structures are not always readily available to facilitate their success.
