{"id":16995,"date":"2022-05-11T15:35:19","date_gmt":"2022-05-11T15:35:19","guid":{"rendered":"https:\/\/www.instantoffices.com\/blog\/?p=16995"},"modified":"2022-06-06T17:08:39","modified_gmt":"2022-06-06T17:08:39","slug":"young-entrepreneurs","status":"publish","type":"post","link":"https:\/\/www.instantoffices.com\/blog\/featured\/young-entrepreneurs\/","title":{"rendered":"Young entrepreneurs: More than 24,000 people under the age of 25 started a business last year"},"content":{"rendered":"

<\/code>Young entrepreneurs are on the rise nationwide. \u00a0<\/strong><\/span><\/h3>\n

We analysed Companies House data to reveal unprecedented growth in under 25s launching their own businesses across the country. In 2020, companies started by people under 25 increased by 151%. Last year, this pioneering demographic grew by another 111%, launching 24,330 businesses in the UK.<\/p>\n

It\u2019s perhaps unsurprising that we witnessed such a dramatic spike in innovation during the pandemic. The experience caused many people to reconsider their careers and take the bold step of pursuing a path of their own. Now, young business owners are making their presence felt across various industries, injecting new energy into the economy.<\/p>\n

Notably, the growth rate of young entrepreneurial businesses outranks other age brackets. Compared to under 25s, the pace of new companies created by 26-30-year-olds is 62% slower in the same period. For 31-40-year-olds, the comparison is starker at 86%.<\/p>\n

The data suggests that younger people find the opportunity to start a business of their own particularly attractive compared to other generations.<\/p>\n

\"\"<\/a><\/p>\n

Which UK city has the biggest concentration of young entrepreneurs?<\/strong><\/span><\/h2>\n\n\n\n\n\n\n\n\n\n\n\n\n\n
City<\/strong><\/span><\/td>\nNumber of entrepreneurs under 25<\/strong><\/span><\/td>\n<\/tr>\n
London<\/td>\n6,386<\/td>\n<\/tr>\n
Birmingham<\/td>\n588<\/td>\n<\/tr>\n
Manchester<\/td>\n501<\/td>\n<\/tr>\n
Leicester<\/td>\n288<\/td>\n<\/tr>\n
Cardiff<\/td>\n249<\/td>\n<\/tr>\n
Leeds<\/td>\n225<\/td>\n<\/tr>\n
Wolverhampton<\/td>\n216<\/td>\n<\/tr>\n
Nottingham<\/td>\n215<\/td>\n<\/tr>\n
Liverpool<\/td>\n211<\/td>\n<\/tr>\n
Sheffield<\/td>\n207<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/h2>\n

Sheffield and Wolverhampton lead the charge <\/span><\/strong><\/h2>\n

Unsurprisingly, London is home to the highest number of young entrepreneurs in the country, but pockets of innovation are growing rapidly throughout the UK. Of the UK\u2019s major cities, Sheffield and Wolverhampton saw the most significant year-on-year growth in entrepreneurs under 25. Wolverhampton saw a staggering 484% growth in 2021, and Sheffield\u2018s young entrepreneur pool increased by 368%.<\/p>\n

Ecommerce is the most popular sector for under 25s<\/strong><\/span><\/h2>\n

Confirmed by our analysis, ecommerce is a firm favourite for under 25\u2019s looking to run their own companies. Last year, 2,492 ecom businesses were launched, more than double the next most popular vocation of freight transport and logistics.<\/p>\n

With the rapidly increasing digitisation of shopping enforced by Covid restrictions, thousands of savvy young entrepreneurs took advantage and set up their own operations. London is an excellent example of this trend: 17% of young entrepreneurs in the capital last year operated in eCommerce, more than double the number of London\u2019s next most popular sector for young pioneers, hairstyling.<\/p>\n

Which sector attracts the youngest CEOs<\/strong><\/span><\/h3>\n