The entrepreneurial spirit is alive and well in Britain’s universities, with almost a quarter of university students running their own business or planning to do so, according to new research. The study by research firm YouthSight of 2,000 full-time undergraduate students estimated the collective turnover of student businesses is more than £44million a year. Some 24 per cent of those surveyed were running their own business or planning to start one while studying.
The most popular ventures were in technology-based solutions or arts and crafts, followed by clothing and textiles, catering and tutoring.
Selling online was the most popular channel, with almost half selling their services via their own website, 13 per cent via other websites, such as eBay and Gumtree, and 11 per cent through social media sites. The research was commissioned by Santander Universities UK, which was set up in 2007 as part of the bank’s corporate social responsibility programme to encourage its collaboration with universities and research centres.
The research also found that the majority of students planning to run a business or running one said their motivation was to pursue a hobby or personal interest. Some 38 per cent said they were motivated by financial gain, and one in ten said it was to gain work experience.
The study found that 27 per cent expect to pursue their business as a career after graduating, 53 per cent would like to continue it as a second job or hobby, and 8 per cent would continue under the guidance of someone else. Just six per cent said they would close it down. Read more
