The study, conducted by travel franchise company Travel Counsellors, and which has recently appointed entrepreneur and businesswoman Sara Davies MBE as the brand’s first Growth and Entrepreneurship Partner, surveyed 2,004 UK workers and found a growing ambition among young people to break away from traditional employment structures in favour of entrepreneurship. Over two thirds (73%) of those aged 16-24 said they would be open to starting their own business, while less than half (45%) of those aged 45-54 years said the same. 

The top five motivations for starting a business included the potential to make more money (39%), followed by better work life balance (30%), and having flexible hours (28%). Additionally, 26% cited the desire for greater control, while 20% said they sought more fulfilment in their careers.   

Flexible working was further emphasised as a driving force behind this shift towards entrepreneurship, with two thirds (66%) of all respondents stating they would invest in setting up their own business if it offered more flexibility and freedom. Looking at generational differences, 79% of Gen Z respondents and 78% of Millennials (25-34 year olds), said they would consider self-employment for the flexibility it provides, compared to just 41% of those aged 55 and over. 

Despite this, key barriers remain to pursuing entrepreneurship. Lack of finance was a key barrier for nearly half of respondents (48%) while fear of failure was a top concern for nearly a third (31%) of individuals looking to start their own business and a further 28% stated a lack of confidence in their abilities. A lack of infrastructure and support (17%) and professional networks (17%) were revealed as other key factors.

Interestingly, over two thirds (70%) of respondents believe that flexible working helps develop key entrepreneurial skills, such as problem-solving, time management, independence, autonomy, innovation, and self-motivation.

Matt Harding, Director of Franchise Sales at Travel Counsellors says: “The findings underscore a fundamental shift in how younger generations view work. With 73% of 16-24-year-old workers considering entrepreneurship and clear shifts in working patterns to prioritise flexibility, it is clear that traditional employment structures are being challenged. However, to turn ambition into reality, aspiring entrepreneurs need access to resources, mentorship, and confidence-building initiatives that address their concerns about failure and business skills.”

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