How employers can inspire entrepreneurship for the next generation

Ten years ago, the UN marked the 15th of July as Youth Skills Day, celebrating the importance of equipping young people with the expertise required for employment and entrepreneurship. This year’s theme is Youth Skills for Peace and Development, recognising the potential for young people as agents of peace, and helping them have the skills and opportunities to address global challenges.

Over my 20-year career, witnessing the growth and aspiration of young people exploring entrepreneurial ventures in the UK has been exciting. From side hustles to full-time business ownership, the youngest generations of the workforce are introducing fresh ideas, new business models and innovative solutions across many different markets and industries. This appetite for entrepreneurialism has been reflected in a recent deep-dive we carried out at VistaPrint to better understand the needs of entrepreneurs among the youngest generations in Britain – and how we, as businesses, can support them within these endeavours. 

Our research found that young people aged 16-36 are highly motivated to pursue entrepreneurial ventures, dedicating an average of 13 hours per week to their side hustles. This commitment effectively extends their working week by more than a day and a half. We also found that Gen Z entrepreneurs are launching their businesses at an impressively young age, with the average starting at just 19. In contrast, Millennials typically begin their entrepreneurial journeys at 27 years old, highlighting a significant shift in the entrepreneurial landscape in recent generations. 

Despite young people’s obvious tenacity to pursue business ownership, being an entrepreneur in the UK’s current climate is tough. The cost-of-living crisis, geopolitical changes and other socioeconomic challenges have significantly affected the youngest generations in their ambitions to become their own boss.

Youth Skills Day is an important reminder that as employers, we can support the next generation to explore entrepreneurial pursuits, whether through endeavours alongside their jobs or if they are leaping into full-time business ownership. 

I believe in championing entrepreneurialism in every aspect of business. Employers should be committed to cultivating a supportive environment that nurtures growth mindsets, which can lead to significant innovation and business growth. There is an ever-evolving need to instil this growth mindset within small business owners across the UK by providing them with tailored support and solutions. 

By integrating a culture of entrepreneurship into business models, companies can unlock the next generation’s potential, fostering a more dynamic, innovative, and resilient economy.

By Sabine Leveiller, VP of Marketing for Europe at VistaPrint