- A poll by AXA UK to mark the launch of this year’s AXA Startup Angel competition found six out of 10 young adults plan to be their own boss by the age of 30
- Fear of failure, a lack of confidence and money were cited as the main obstacles to starting a small business
- 64% of those surveyed agreed that working hard was the key to becoming a successful entrepreneur
New research, The Startup Angel Report 2024, by AXA UK shows that six in 10 young adults plan to be their own boss by the age of 30, with many already taking steps towards starting their own business.
A poll of 2,000 adults was conducted to mark the launch of this year’s AXA Startup Angel competition, which awards two £25,000 top prizes to budding entrepreneurs. The study found that 63% of those in the Gen Z age group (born after 1996) have tried their hand at a side hustle or small business venture.
Many have already put plans in place, with 22% looking to become their own boss within the next 12 months, and 13% considering making a move in one or two years’ time. Jobs in food and drink (22%), entertainment (19%) and fashion (18%) are the most appealing sectors for this age group.
Being your own boss can give you freedom, but it also requires a huge amount of hard work, passion and dedication. It’s fantastic to see there’s a new wave of would-be entrepreneurs who are relying on enthusiasm to compensate for their lack of entrepreneurial experience. We’re keen to support them on their journey because we know that running your own business can feel like an uphill struggle at times.
The research also examined the attitudes towards entrepreneurship of older generations too, with Millennials (aged 28-43) also keen to be their own boss. More than a third (37%) said they would like to start their own business or side hustle at some point.
Of those in Generation X (44-59), 26% are keen to go it alone in business while only eight% of Boomers (60-69) want to take the plunge.
The motivating factors behind wanting to start a business or side hustle varied greatly depending on age.
The older generations of Generation X and Boomers value being their own boss (45 and 44% respectively) as the most important factor, while the younger demographic of Gen Z favoured personal growth (35%) and following a passion (38%).
In an ever-changing job market, 31% of Gen Z believe being their own boss would give them security – far more so than older generations (just 10% for Gen X and nine% for Boomers). Both Millennials and Gen Z were more selfless in their outlook to starting a business too, with helping their local community (21% and 16% respectively) being a driving factor.
The barriers stopping those surveyed from taking the plunge into entrepreneurship also varied greatly.
Gen Z-ers cited a fear of failure (42%) and lack of confidence (40%) as obstacles – while just nine% of Boomers flagged failure as a concern stopping them.
Across all age groups, a lack of money was the most common denominator stopping people from ditching their day job (29%), with personal savings (47%) and small business loans (21%) considered the finance options of choice.
Being a hard worker (64%), innovative thinking (53%) and having a long-term vision (47%) were the three most important characteristics, according to the research carried out via OnePoll.com.
It’s fascinating to lift the lid on the mindsets of would-be entrepreneurs across different age groups. There’s a whole host of motivating factors for becoming your own boss, as well as various issues that can hold you back.
Money is an obstacle for many, but having someone to mentor and guide you through uncharted territory can offer the reassurance that you’re on the right track. The AXA Startup Angel competition offers a financial boost plus expert mentoring to get an entrepreneur on the road to success.
Following the poll, AXA created The Startup Angel Report 2024 with advice and inspiration from the AXA Startup Angels – leading UK entrepreneurs who act as mentors for the competition winners.