Our research, which was published during Global Entrepreneurship Week in November 2013 compares entrepreneurial attitudes, ambitions and activity of young people in the UK against counterparts in other leading enterprise nations, based on latest data from the Global Entrepreneurship Monitor (GEM).
The study, Unlocking Ambitions, Creating Growth, found that nearly one in five (18%) 18-34 year olds in the UK believe they have the entrepreneurial skills to start a business and perceive a potential business opportunity. Yet less than 4% go on to create a company that pays a wage and makes a profit.
Adding those who’ve started a company not yet paying a salary, the UK’s rate for converting potential young entrepreneurs into business owners is still less than half (49%). This rate of conversion is well behind countries including Singapore (84%), China (82%), the Netherlands (55%), Brazil (56%) and the USA (51%).