With 89% of Gen Z saying they want to run their own business, will 2022 be the year of the Zentrepreneur. Luke Davis, CEO of IW Capital, discusses the ambition of young entrepreneurs and importance of small businesses
A new generation of entrepreneurs is appearing in 2022 and they have high aspirations to succeed in the world of business. 2022 is set to welcome the rise of a new generation of entrepreneurs – with 70 per cent of 16 to 25-year-olds planning to start their own business. New research has found that 89% of Gen Z (people born between 1997 and 2012) say they would like to run their own business and 86% believe that 2022 will be the year of the entrepreneur.
It seems that the UK is the best location for these young entrepreneurs as these welcome developments come shortly after the recent reports that showed that London beat New York to win the crown of being the best city in the world for a young entrepreneur – with 115 entrepreneurs in the Forbes Under 30s list being based in the capital, the UK also ranked second in the most popular countries list with 14% of Forbes Under 30 entrepreneurs being based in the UK.
It is the latest development in what is already an exciting small business eco-system, with 2021 seeing a record 319,000 new businesses registered in the UK, with the number of retailers in the UK increasing 15% – the number of small businesses in the UK now standing at 5.5 million, with recent research showing that two-thirds of the UK workforce want to start their own company. This shows a continued desire, caused by the pandemic, for individuals to start a business of their own in the UK.
Small businesses and SMEs being run by young entrepreneurs have adapted in amazing ways in the UK not just to survive, but to flourish, they are now more versatile, robust, and ready for the future. With 16% of UK investors looking to back start-ups and newly formed businesses it seems they will be given a platform to continue the success and progression of their companies. The community and investors are ready to back small businesses and small businesses are ready to maximise this exciting opportunity.
The ambition of young entrepreneurs in the UK is clear to see and is set to explode into new and exciting small businesses in 2022.
Luke Davis, CEO of IW Capital discusses:
“It’s wonderful to see the ambitions of so many talented young entrepreneurs in the UK. The options available to them to aide their business dreams are more accessible than ever. There is a huge amount of ambition and talent throughout the UK small business ecosystem, and it is exciting times for SMEs, both from an investing and business standpoint. At IW Capital we are always searching and looking to invest in small businesses in their growth journey to provide them with the opportunity to thrive and succeed. It’s great to see the shift from the UK public to have the desire to choose small businesses which paints an optimistic picture for the coming months which are normally crucial for businesses.
“With 2022 already looking very positive – due to the easing of supply chain issues and ending of Omicron restrictions, the maturity of the ‘Gen Z entrepreneurs’ will be fantastic to see. They will continue to innovate and create new and exciting small businesses.
“Small businesses and SMEs throughout the UK have, in many cases, pivoted and grown throughout the past two years which has been truly inspiring to see. SMEs and the individuals that run them are incredibly inventive and versatile with their companies and making sure they are at the forefront of the UK business scene. It is therefore hugely encouraging to see that consumer and investors alike are recognising that SMEs have now become an indispensable part of the UK economy. ”