Ten years ago, the United Nations designated 15 July as Youth Skills Day to celebrate the importance of equipping young people with the skills they need for employment and entrepreneurship. This year’s theme is “Youth Skills for Peace and Development”, recognising the potential of young people to be agents of peace and supporting them with the skills and opportunities to tackle global challenges.
Throughout my 20-year career, it has been inspiring to witness the growth and ambition of young people to explore entrepreneurial ventures in the UK. From side hustles to full-time business owners, the youngest generation in the workforce is introducing fresh ideas, new business models and innovative solutions across a range of markets and industries. This entrepreneurial ambition is reflected in in-depth research we recently conducted at VistaPrint to better understand the needs of the UK’s youngest generation of entrepreneurs and how we, as businesses, can support them in these endeavors.
The study found that 16-36 year olds are highly entrepreneurial, spending an average of 13 hours per week on side hustles — effectively adding more than a day and a half to their workweek. The study also found that Gen Z entrepreneurs are starting their businesses at a surprisingly young age, starting their businesses at just 19 years old, on average. In contrast, millennials typically start their companies at age 27, highlighting a major shift in the entrepreneurial landscape for recent generations.
It’s clear that young people have a strong desire to become business owners, but this is a difficult task in the current UK climate. The rising cost of living, geopolitical changes and other socio-economic challenges are having a major impact on the ambitions of young people to become their own managers.
Youth Skills Day is an important reminder that, as employers, we can support the next generation to explore entrepreneurial pursuits, whether that be through a parallel endeavor alongside work or by taking the leap into full-time business ownership.
I believe that an entrepreneurial spirit should be championed in all aspects of business. Employers should strive to foster a supportive environment that fosters a growth mindset, which in turn leads to greater innovation and business growth. There is an ever-increasing need to instil this growth mindset by providing tailored support and solutions to small business owners across the UK.
By integrating a culture of entrepreneurship into their business models, companies can unleash the potential of the next generation and foster a more dynamic, innovative and resilient economy.
By Sabine Leveiller, VP of Marketing Europe at VistaPrint
