Young people starting businesses hits new high

The number of young people starting businesses has risen sharply since the recession.

This is according to new figures from Enterprise Nation, which suggest that under-35s started 247,049 companies during 2013, compared with 145,104 in 2006, representing a 70 per cent increase.

Meanwhile the number of over-35s starting companies also increased, with the rate of incorporations among the age group rising by 55 per cent over the same period.

North Ayrshire saw the biggest jump in new companies started by under-35s, recording a 169 per cent increase over the period. Blaenau Gwent came second with an increase of 161 per cent, while London came in seventh with a rise of 110 per cent.

There are now some 80,000 university students running businesses while studying. A quarter of these intend to turn their business into a career once they graduate.

The figures also suggest that desire for entrepreneurship remains strong amongst even younger people, with 55 per cent of 16 to 25 year olds wanting to start their own business.

But the report found that starting a business remains a male-dominated activity amongst under 35s, with just 24 per cent of those starting a business in that age group being female.