Generation E – the ‘year of young entrepreneurs’

Budding business bosses ‘determined to take problem solving into own hands’

By Nigel Booth
Monday, 24th January 2022, 10:41 am
2022 heralds the rise of Generation ‘E’ - the ‘year of young entrepreneurs’
2022 heralds the rise of Generation ‘E’ - the ‘year of young entrepreneurs’

A new generation of go-getters is appearing in 2022 aiming to make it big in the world of business.

2022 heralds the rise of the Generation of Entrepreneurs – the “year of young entrepreneurs” – with 70 per cent of 16 to 25 year-olds planning to start their own business.

New research found that 89 per cent of Gen Z – the generation born between 1997 and 2012 – say they would like to run their own business, with 86 per cent believing that 2022 could be the year of the entrepreneur.

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Those aged 16 to 25 would rather be an entrepreneur than working for someone else

The study of 1,500 respondents was commissioned by Samsung UK’s Solve for Tomorrow programme, an initiative searching for entrepreneurial individuals with an idea of how tech could help solve a significant issue within one of four key areas in our society; education, sustainability, social isolation or diversity and inclusion.

Of the 89 per cent, 39 per cent don’t know where to start to set up a business, while 34 per cent are worried about turning a profit and 22 per cent don’t have the support they need to set out on the journey.

Socially responsible young people (67 per cent want to solve a social problem with their endeavor) believe that the pandemic has changed their outlook and made it more likely that people will work for themselves rather than others.

The “great resignation” looks likely, as 87 per cent of people aged 16 to 25 would rather be an entrepreneur than working for someone else with 89 per cent of Gen Zs believe that setting up in business is a viable option.

A further 38 per cent of those polled say this is because the pandemic made people see they could turn their hobby into a business. While 37 per cent said that it had made them see that life is too short to do a job you don’t like. A third (32 per cent) said that people just want to be their own boss.

Fashion is the most popular sector for business start-ups – with 23 per cent thinking of going into it. This is followed by finance (19 per cent), food and drink (17 per cent) and social media (16 per cent).

Edinburgh came out as the entrepreneur capital of the United Kingdom, with 44 per cent of respondents in the city running their own business. This was closely followed by Stoke-On-Trent (38 per cent), London (35 per cent) and Manchester (34 per cent). When it came to speaking to Gen Z’s parents they were supportive of their entrepreneurial children.

Successful Solve for Tomorrow entrants will be enrolled on the programme and take part in a series of inspiring workshops and one-to-one mentoring from Samsung experts. The winner, announced in July, will then receive six months of support from Samsung UK and digital technology innovation centre, Digital Catapult along with a fund of £10,000 cash.

Sophie Edgerley Harris, Head of Corporate Social Responsibility at Samsung Electronics UK, said: “At Samsung we’re proud to offer a programme providing young people with an opportunity to tackle some of the issues in society and in particular, the issues that are important to them.

She added: “This research shows that ‘Gen E’ are extremely determined to take problem solving into their own hands.

“Solve for Tomorrow provides those who have an idea with the resources to help bring it to life, no qualifications needed, and we’re so excited to see the ideas that come out of this year’s competition.”

The initiative is open to anyone aged 16-25 and can be entered via Solve for Tomorrow website. No prior qualifications are required for the competition with entries closing on February 20.