Are you young and eager to make a name for yourself?
Are you tempted by the idea of running your own business? Well, new research by EY and Censuswide would suggest that you are in good company. Your entrepreneurial aspirations are shared by more young professionals than you might imagine.
According to the research more than 68% of 25 to 34 year old business professionals share the same dream; that is, to run their own business. Whilst that might surprise many people, given the precarious nature of today’s economy, it does not surprise accountants. The entrepreneurial spirit is alive and well, and will generally prosper given support and encouragement and the right advice.
So why are younger professionals itching to strike out on their own?
Well, the survey of 1,000 business professionals fond that the problem lay with the nature of business itself. Respondents to the survey suggested that many larger businesses were failing to recognise and utilise the entrepreneurial skills and talents of their staff, and that led inevitably to frustration.
The research found that only half of those questioned felt their skills and qualities were being fully utilised. However, this pattern was not consistent across the country. Businesses based in London appeared to be more willing to embrace the entrepreneurial culture far quicker than the regions: 50% of respondents working in the capital felt their employers embraced the entrepreneurial spirit, compared to the national average of 29%.
Perhaps the most damning statistics unearthed by the research was that of the 80% of respondents who had good ideas and were suggesting new ways of delivering opportunities and creating additional revenue streams for their employers, less than half were given the opportunity to implement their plans. Is it any wonder then that the survey found that 64% of the employees questioned were looking elsewhere for the opportunity to further their career goals?
So what’s the problem here?
Why are employers so reluctant to give young employees the chance to develop their potential? Well, according to Steve Wilkinson, EY’s UK & Ireland managing partner for markets, the evidence suggests that employers believe the entrepreneurial spirit is not the right fit for larger businesses: they believe it is better suited to small and start-up businesses:
“An entrepreneurial mind-set is often associated with small start-up businesses. Whereas in reality, all organisations, regardless of size and scale, need people who can innovate, create and challenge the status quo.”
These views received backing from other business professionals. Rajeeb Dey, founder and CEO, Enternships.com and co-founder, Startup Britain, added:
“Businesses are failing; both to realise significant potential growth and failing to retain their entrepreneurial talent. We operate in a knowledge economy and in a competitive economic landscape it is essential for businesses to continue to innovate and stay ahead of their competition.”
“In order to do this they need to embrace an entrepreneurial spirit and empower and support their employees to drive growth.”
If you are frustrated in your current role, and are thinking about starting your own business, then why not speak to Steven Glicher’s accountants? Steven Glicher accountants can provide all the core start-up business services your company will need to compete successfully in the market.
Our accountants can help you with tax planning, VAT registration and National Insurance payments, statutory financial compliance, business structure, business planning and raising finance, book keeping and mentoring. For more information about our start-up services, contact Steven Glicher accountants on 0161 485 8007, or email info@.