According to the findings, 52,000 students already run their own companies while studying, with fields including event promotions, software development and clothing design.
Millennials – those born between 1980 and 2000 – are described by Direct Line as “entrepreneurial, ambitious, confident in their own abilities and fiercely independent”.
At 45 per cent, almost half of respondents want to become their own boss, and 27 per cent feel that working independently will provide them with more money than they would receive working for someone else. Meanwhile, a fifth said fear over job opportunities ignited their inner entrepreneurs.
“This research goes to show that we are truly a nation of entrepreneurs. It’s encouraging to know that companies such as Google, Facebook, WordPress, Asceno, and even Time Magazine, which were all founded by students at university, are inspiring the millennial generation to strike out on their own,” said Jane Guaschi, business manager at Direct Line for Business.
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According to the findings, male undergraduates more desire to create their own operation after leaving study behind them than female counterparts, with 20 per cent versus 11 per cent.
In terms of a sector breakdown, 26 per cent of people studying creative, arts & design courses want to start their own firm once they graduate, which makes them the most likely group to do so.
By comparison, of all university studies, students on science, technology, engineering and maths (STEM) course are the group least likely to consider building a business with just 12 per cent.
Guaschi added: “’Even though many student businesses are run out of rented accommodation, it’s vital the operators consider protecting their stock and equipment to guard against the risk of business disruption.
“Home Business insurance can cover student business owners for public and product liability claims, which could be invaluable if they don’t have large assets to defend claims made against their enterprise.”
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