More than 25% of university students run or plan to run their own business, shows new study
Collectively, student entrepreneurs have a turnover of £1bn
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.More than a quarter of university students are currently running or plan to run a business while studying, new research shows.
The study, conducted by a division of Santander dedicated to funding small businesses and students, found that the young entrepreneurs have an average turnover of £11,408 per annum.
Collectively, student entrepreneurs in the UK have a turnover of £1bn, which represents a 32 per cent increase on the £913m recorded in 2016.
Sixty per cent of students cited financial motivation as the most common reason for starting a business, the survey found.
Fifty-nine per cent said the desire to pursue a hobby led them to start a business and 32 per cent cited the intention to gain work experience as a reason for opening a new venture.
The majority of student ventures are tech-based businesses (27 per cent), followed by arts (17 per cent) and textiles (9 per cent).
“Student entrepreneurs play a key role in shaping the UK economy now and will continue to do so in the future,” said Matt Hutnell, director of Santander Universities for the UK.
“It is encouraging to see that so many students are inspired to start a business while at university, from developing software to designing and selling clothing,” he said.
Subscribe to Independent Premium to bookmark this article
Want to bookmark your favourite articles and stories to read or reference later? Start your Independent Premium subscription today.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments