Hiscox finds entrepreneurs

Hiscox says 40% of students in London are now running, or about to launch, their own business, with 33% saying a shortage of jobs has made them consider working for themselves.

Its London students graduating in the next eighteen months found 54% have a business idea and plan to become entrepreneurs. This compares to a national average of 32%. IT (18%), hospitality/catering (11%) and education (11%) are the sectors they hope to succeed in, with a 50/50 split in those opting for ‘bricks and mortar' businesses compared with pure online enterprises.

The research found:

• 30% started their courses intending to be self-employed at some stage
• 40% have been running money-making enterprises while studying or are in the process of setting up now
• 37% of the would-be entrepreneurs plan to be running their own business by the age of 25,
• 37% say they'll be their own boss by the age of 30.
• 78% say some of the best businesses have been set up by young entrepreneurs
• 79% say some of the most inspiring business people are British.
• 47% believe that the UK encourages entrepreneurship
• 84% say the UK must invest more in entrepreneurship

John Heaney, SME expert at Hiscox, said: "It's extremely encouraging that despite the knock on effects of the recession on the job market, the best of British entrepreneurial spirit is alive and kicking amongst London's graduates as many look to set up in the future.

"However, there are both risks and rewards in the business world, and aspiring entrepreneurs may find that gaining some life and employment experience or gaining specific professional qualifications before taking the plunge, would give them the best base for future success."

"It's encouraging that students are so positive about entrepreneurship - this can only mean good things for the future growth of the small business sector, the lifeblood of the UK economy."