Young people aspire to start their own businesses

Three out of 10 young people believe they will be self-employed in the future, according to a study by The Prince's Trust.

Of the unemployed young people surveyed, 27 percent said they'd rather start their own business than job hunt.

The Prince's Trust surveyed more than 1,600 people aged 16 to 30. It found that 30 percent wanted to work for themselves, while 25 percent expected to achieve that goal within the next five years.

The figure is much higher than the actual level of self-employment. According to the Office for National Statistics (ONS), only 5.3 percent of people aged 16 to 34 were self-employed between April and June in 2012.

However, ONS data also shows that the number of self-employed 18 to 34-year-olds rose by 71,000 between 2008 and 2012, to reach 842,000.  

According to the Apprenticeship Act 2011, self-employed people are excluded from participating in apprenticeships apart from selected occupations including deck hands and theatre technicians, where self-employment is standard.

The survey, conducted in partnership with Royal Bank of Scotland, also revealed that 33 percent of young people would be more likely to consider self-employment if they had a mentor.

Of the 271 unemployed young people within the sample, 27 percent said they would rather set up their own business than look for a job in today’s competitive market.