Tomorrow's Entrepreneurs is a report produced by Youth Business International in partnership with The Entrepreneurs Network. It has revealed the enormous potential for young entrepreneurs in the UK. Often dismissed as ‘generation side hustle’ as many pursue their business passions alongside other work the new report makes clear that these businesses could be a force for good in society.
Young entrepreneurs are creating greener businesses, promoting more responsible working practices and generating a significant boost to the economy, but only if they are given the right support to start up and grow their business.
Tomorrow’s Entrepreneurs looks at the differences between entrepreneurial behaviours of those over and under 35. Based on extensive polling of UK business owners, the report uncovers how they operate their businesses and what sets them apart, indicating the ways the younger generation runs their businesses has changed dramatically in recent years. One of the key findings is a generational gulf in attitudes on the purpose of businesses, with entrepreneurs under 35 more than twice as likely to say their business’s primary aim is to solve a social or environmental problem (39% vs 18%) and also more likely to say their business focuses on promoting diversity and social good, even if that comes at the expense of profit (41% vs 25%.)
The younger generation of entrepreneurs is also more likely to choose suppliers that are aligned to their values, with 51% saying that they will choose suppliers which do good for society, even if they cost more or they have to compromise in another way. However, this social purpose is not incompatible with pursuing growth. In fact, the more a business turns over the more likely they are to agree that their business’s primary aim is to tackle a social or environmental problem, with close to half (47%) of entrepreneurs turning over £1m+ each year agreeing.