Gen Z students and graduates are bringing a fresh approach to the world of work. A growing number of young people are choosing to be their own bosses, becoming young entrepreneurs rather than entering a nine-to-five job or starting their own side-hustles on top of studying at university.<\/p>\n
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Many Millennials in the workplace also embrace the entrepreneurial spirit and start businesses. This trend seems driven by a combination of passion and practicality as a response to decreased stability offered in the job market. <\/p>\n
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The Rise of the “Side Hustle”<\/i><\/b>
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Currently, around 25%<\/a><\/a> of UK workers have a ‘side hustle’, i.e. they run their own business on the side in addition to their day jobs. This number is only expected to grow, with around 50% of the UK adult population projected to have side hustles by 2030. Coronavirus also has had an impact by disrupting employment and our working habits: the number of new businesses registered at Companies House in 2020 was 46% higher than 2019.<\/p>\n <\/p>\n A study<\/a><\/a> covering more than 500 business leaders and 1,100 adults found the following:<\/p>\n 45% of side hustlers consistently work more than 40 hours a week.<\/p>\n<\/li>\n 25% work more than 50 hours a week.<\/p>\n<\/li>\n 30% of people work on their side hustle during holidays.<\/p>\n<\/li>\n<\/ul>\n <\/p>\n Around 50% do the extra work because they need the extra money, but many also do it to follow their passion or explore a new challenge. Reasons cited by these entrepreneurs include:<\/p>\n Flexibility and freedom (57%)<\/p>\n<\/li>\n The desire for change in work-life balance (38%) <\/p>\n<\/li>\n Wanting more meaning and purpose in life (24%)<\/p>\n<\/li>\n<\/ul>\n It’s clear that the side-working trend contributes significantly to the economy. UK workers’ side hustle ideas generate roughly £72 billion for the economy, accounting for 3.6% of the country’s GDP.<\/p>\n <\/p>\n <\/p>\n Research<\/a><\/a> shows that those under 40 are more likely to start a business, with a big slice of this being under 29s. 28% of UK founders are in this age group. <\/p>\n <\/p>\n 25% of Gen Z say they plan to start a business in the next few years. This was closely followed by the 25-34 year age group (Millennials), with 21% saying the same thing.<\/p>\n <\/p>\n The proportion of under 29s starting their own business varies from region to region, with the metropolitan buzz of London attracting the largest ratio of these young innovators:<\/p>\n London<\/a><\/a>: 31.7%<\/p>\n<\/li>\n Northern Ireland<\/a><\/a>: 28.2%<\/p>\n<\/li>\n The Midlands<\/a><\/a>: 27.9%<\/p>\n<\/li>\n The North<\/a><\/a>: 27.4%<\/p>\n<\/li>\n Wales<\/a><\/a>: 25.7%<\/p>\n<\/li>\n Scotland<\/a><\/a>: 25.5%<\/p>\n<\/li>\n The South<\/a>:<\/a> 23.7%<\/p>\n<\/li>\n Republic of Ireland<\/a><\/a>: 16% (under 25-year-olds)<\/a><\/a><\/p>\n<\/li>\n<\/ul>\n <\/p>\n Overall, the top locations for entrepreneurship in the UK<\/a> <\/a>for all age brackets are:<\/p>\n <\/p>\n <\/p>\n For students looking to make a penny or two on the side of their studies, popular options range from the entrepreneurial, such as photography or translating, to more typical options like waiting and bartending.<\/p>\n <\/p>\n <\/p>\n <\/p>\n\n
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Nearly a third of business founders are under 29<\/i><\/b><\/h2>\n
Where are the most young business owners based?<\/b><\/h3>\n
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The Most-Popular Student Side-Gigs<\/i><\/b><\/h2>\n