Sales and event marketing firm, First Phoenix Promotions review how graduates are changing their perspectives on entrepreneurship
Since 2011, annual new business start-up rates in the UK has increased from 440,600 in 2011 to 581,173 in 2014 and 608,110 in 2015, according to the think tank, Centre for Entrepreneurs. First Phoenix discovered there is now a growing number of University leavers choosing to turn away from the corporate route, to become an entrepreneur and start their own business.
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Research compiled and calculated by the Global Entrepreneurship Monitor (an annual measurement of entrepreneurial activity in 10 countries), shows that entrepreneurial activity in the UK is higher than other European countries and only just behind the US.
Despite a strong economic recovery, more job creation, and better earnings today, more graduates than ever before are deciding to start their own business rather than take the traditional working route and entering employment. The UK is going through a sustained cultural shift in its attitude towards entrepreneurialism; it’s not seen as a short-term response to a weak job market but in fact a change towards a new type of job market.
Young entrepreneurs and successful business owners are the new rock stars of society; research according to the Centre for Entrepreneurs indicates that serial entrepreneurs who run the highest number of businesses tend to begin their entrepreneurial journey before they turn 25. The energy and fearlessness of youth seem to be a defining characteristic of a young serial entrepreneur.
Managing Director of sales and event marketing firm, First Phoenix Promotions, Mara Polansky states how she’s witnessed first-hand how graduates want to run their businesses and aspire to become successful business owners in the not so distant future. ‘I work with many young, aspiring entrepreneurs who have decided to turn to self-employment after completing their studies’ explained Mara Polansky. ‘The pull towards entrepreneurship isn’t just financial; the millennial generation are valuing their self-worth over corporations, so factors such as work-life balance, being rewarded for your efforts and more flexibility are pulling this generation towards entrepreneurship’ added Mara Polansky.
There is a strong connection between the outpouring of fresh perspectives that graduates possess and the ideas for new business innovation and opportunities. And with a wide variety of funding opportunities available to help turn these ideas into a business opportunity, the growth of graduates turning their hand to entrepreneurship is only set to increase.
First Phoenix Promotions conclude that in some cases, it’s not a good time to be a student looking for a job. When seeking to enrol on a graduate scheme at a large company, competition is stiff with available positions seeming to decrease by the day. However, a hidden job market has been on the rise in recent years; the jobs you make yourself!
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