Ruth Mitchell

Member Article

Students shun big firms for self-employment

Increasing numbers of students and graduates are turning towards self-employment as a viable career option, thanks to a pioneering new initiative.

The Young Enterprise ‘Start-up’ Programme, has helped over 1,586 students from across the UK to create their own company in the first six months of this academic year alone. Young Enterprise believe that the final total could reach 2,000 students, a 40% increase on the 2010-11 academic year.

As more institutions look to get involved with the scheme, Young Enterprise is now searching for more business volunteers to mentor 18-25 year olds running their own businesses.

The positive uptake from indivudals on the scheme showns that many entrepreeurial young people are choosing to start their own businesses, rather than wait for major firms to begin hiring again. Ideas range from tea, web design and kitwear, and some have already proved to be very profitable.

Catherine Marchant, Young Enterprise interim Chief Executive said: ’These powerful figures indicate the number of graduates starting their own business is increasing because of the recession.

“With the graduate job market slowing, anyone who’s got a business idea has an even greater incentive to go ahead with it. As there are fewer safe jobs out there it’s a good time to take that risk.”

Adam Soliman, who did start-up at Newcastle University set up his specialist tea business Charbrew in 2009. This year he is heading for a £500,000 turnover.

He commented: “Young Enterprise gave me great insight into the initial structure of setting up a business, registering a company, setting up bank accounts, partnership agreements, trading terms etc.

“It also demonstrated to me how much time and effort is required to make a business work and especially on a collaborative group level.”

Catherine added: “Thanks to the generosity of our supporters, Santander bank, Young Enterprise is there to help them carve their own futures. It is a massive demonstration of the power of enterprise education to transform young people’s lives and make a substantial contribution to the revival of the British economy.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .

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