Many students are interested in starting a business

A third of students are either considering starting a business, or already have one, new research from Santander Universities says. This equates to a total of 518,000 students, who generate £913 million every year, the report adds.

However, it’s not (just) money that motivates these people. Instead, they’re more interested in pursuing a hobby or personal interest (70 percent). Financial gain is only placed second (58 percent), right before work experience (26 percent).

The average yearly turnover is £13,213, which is almost double compared to a year before. The number of student entrepreneurs has also increased by more than a third (38 percent) compared to 2015.

Almost half of entrepreneurs (46 percent) expect an increase in turnover up to 50 percent within the next five years, with another 10 per cent aiming high at a 250 percent increase.

"Student entrepreneurs are an important contributor to the UK economy and it’s great to see an increase of over 30 per cent since last year. It’s also encouraging that many plan to stick with their business as their main career after graduation when their potential to flourish will be vast", says Matt Hutnell, director of Santander Universities UK.

"Juggling running a business with studying is not an easy task and the prevalence of these businesses demonstrates skill and initiative from UK students. Santander recognizes the importance of supporting and encouraging these young business leaders to dare to invent, innovate, create and be entrepreneurial and this is the very essence of our Entrepreneurship Awards".

Published under license from ITProPortal.com, a Net Communities Ltd Publication. All rights reserved.

Photo Credit: Syda Productions/Shutterstock