Young entrepreneurs are driven by a desire to work for themselves, a survey by Shell LiveWire reveals.
The research indicates the vast majority (78%) of entrepreneurs set up their own business because they want to be their own boss, with the next most popular reason – being exasperated by a previous job – accounting for just 12% of responses.
Here are some other interesting facts the reseearch reported:
Where they work - The most common location for young entrepreneurs to base themselves is in their own home (37%), followed by a commercial office space in town (25%) or at their parents’ home (13%).
The poll also revealed that many young entrepreneurs conduct business in a less formal manner than has previously been the case, with 31% sealing their biggest deal in a pub, gym, coffee shop or socially, compared to 37% who landed it in their office.
Hours of work - Most of the respondents (52%) work flexible hours with extended periods of leave, while 29% work long hours based around financial reward and just 19% maintain a nine-to-five regime with five weeks’ paid leave.
Criteria for success - 18% of those surveyed stated they will have ‘made it’ when they have £1m in the bank and 15% wanting to buy their parents a new house or car.
But the most popular response to the question of ‘How will you know when you’ve made it?’ was ‘other’, with 35%, suggesting many entrepreneurs have no idea how to judge their success and don’t have a compelling vision.
Dress code - The majority (42%) dress in smart casual attire, with 27% wearing a suit and tie and a further 19% wearing a suit with no tie.
Creativity - Those surveyed reported that they are most likely to have had their idea for a business in their old job (41%), while 30% did so in bed, 20% while commuting and 9% on the toilet or in the bath.
The poll was conducted among 1,300 entrepreneurs visiting the Shell LiveWire website, and found that 75% intend to launch further businesses in the future.
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