Friday 21 February 2020 12:01 am

Young entrepreneurs optimistic going into 2020

Over half of the UK’s young entrepreneurs are more optimistic going into 2020 than they were going into 2019, according to a new report.

A survey of entrepreneurs by the Tata group and the National Association of Colleges and University Entrepreneurs (NACUE) found 51 per cent of entrepreneurs were more positive about 2020 than 2019, while 77 per cent felt confident about the performance of their firms over the next five years.

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More than half (55 per cent) of entrepreneurs expect to increase their turnover over the next year, with 44 per cent hiring more people and 40 per cent expecting to raise investment.

Almost two-thirds (60 per cent) of entrepreneurs believe the UK is a good place to start and run a business.

Tim Jones, Tata executive director, said: “This report highlights the optimism of young entrepreneurs about the UK economy and their own business plans. It’s fantastic that people see becoming an entrepreneur as a viable career choice. We believe that it’s really important for the UK that we nurture our entrepreneurship culture and our entrepreneurs, including, for example, improving access to the right kind of skills training and making the pathways to business clearer for young entrepreneurs.”

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Timothy Barnes, chair of NACUE’s board of trustees, said: “Over the past two decades, start-ups and SMEs have been the only net creators of jobs in this country. It is our mission to power this enterprising generation. 

“This research shows that entrepreneurship has become a credible career choice. It’s absolutely crucial we sow the seeds early on. Schools need to present entrepreneurship as a legitimate option and show that you can go out and create your own job, rather than waiting for someone to give you one.”