A new study reveals how student entrepreneurship is changing the UK’s future
Students are taking on the jobs of the future in the UK.
But, how much is too much?
And how can students gain the skills needed to start their own businesses?
These are some of the questions posed by the first UK-wide study to look at student entrepreneurship.
The findings have been released by the Business Innovation and Skills Agency (BISA) as part of the first of a series of studies looking at how students are using their skills and knowledge to take on the future.
The BISA has also released a range of studies to support the findings, looking at a range, from apprenticeships to business ownership.
The Business Innovation & Skills Agency says it aims to make the country’s universities and colleges more relevant and employable.
“There is a real need for more student entrepreneurs, both in the short and long term,” says Dr Karen Walker, director of BISC’s student entrepreneurship programme.
“We are seeing an increase in young people taking on roles at businesses and organisations across the country, including in universities.”
It is about the way they approach entrepreneurship, the skills they have acquired, and how they apply their skills.
“A lot of these young people have already gone through the apprenticeship and entrepreneurship course, and have seen some great results.”
For the study, BISAC looked at the number of students enrolled in business courses between the ages of 16 and 25 and also their level of involvement with their schools.
They found that students who had been in a course for at least three years were four times more likely to have started their own business than those who had not.
They also found that they were more likely than those without business experience to be part of an organisation.
BISAC says the increase in students is due to “increased participation in the labour market and higher numbers in apprenticeships”.
“The number of young people entering the job market and working has increased and we are seeing a surge in young companies,” says Ms Walker.
“The economy is moving towards a more dynamic economy where skills are increasingly being used to create value for consumers and businesses.”
That means we need to look to the future to help young people who are already doing something new with their life experience.
“In addition to the BISACA study, the UK is looking at whether businesses should be able to use student funding to fund business.
The government has set out a plan for the future of the private sector and universities.
But it is not clear whether it is compatible with student-led ventures.
One of the biggest problems for young entrepreneurs is funding.
Many students do not have the means to go into private school and will instead take a more entrepreneurial approach.
The BISA study also looks at the role of businesses in helping students start a business.”
What we found was that a majority of students had the capacity to do their own thing, so that could have helped them with the funding they need to do so,” says Mr Turner.”
And they could do so without any pressure from their parents or guardians.
“If students want to start businesses they need the support of the parents and guardians.”
This is a big deal for students who have had to rely on their parents to get the necessary funding for their start up.
“I’ve seen students who are going to start up a business without the support or encouragement of their parents, which can really affect their career,” says one of the study’s co-authors, Dr Paul Turner.
He says the students need to have the confidence that their parents will support them.
As the government’s plans evolve, he says, more studies will be needed to find out how students can take on their own projects and businesses in a way that is financially viable for them.