Two-thirds of millennials aspire to run their own business

22nd January 2015 | News

More than two-thirds (68 per cent) of 25-34 year-olds would like to run their own business, according to new research conducted by EY and Censuswide.

The survey of 1,000 business professionals suggests that many larger businesses are failing to recognise and utilise the entrepreneurial talents of their staff, with only half of millennials (25-34 year-olds that started work in the 21st Century) feeling that their skills and attributes are made use of.

80 per cent of respondents admitted they currently have or previously had ideas that could deliver new opportunities and additional revenue for their employer, but only half of these have been given the chance to implement their plans.

Steve Wilkinson, UK & Ireland managing partner for markets, EY, said: “An entrepreneurial mind-set is often associated with small start-up businesses.

“Whereas in reality, all organisations, regardless of size and scale, need people who can innovate, create and challenge the status quo.”

With a lack of opportunities and challenges from employers, 64 per cent of employees believe they will not achieve their career goals with their current employer.

The survey demonstrated a disparity between UK regions with businesses based in London appearing to embrace the entrepreneurial culture far quicker than many other areas.

50 per cent of respondents working in the capital feel their employer has an entrepreneurial culture compared to a national average of 29 per cent.

Rajeeb Dey, founder and CEO, Enternships.com and co-founder, Startup Britain, said: “Businesses are failing both to realise significant potential growth and failing to retain their entrepreneurial talent.

“We operate in a knowledge economy and in a competitive economic landscape it is essential for businesses to continue to innovate and stay ahead of their competition.

“In order to do this they need to embrace an entrepreneurial spirit and empower and support their employees to drive growth.”