How 16-24-Year-Olds Are Redefining Business

I recently recorded an episode of the Strings To Your Bow podcast with Lucy Hall, founder of TimeFit Tuition. Lucy, an ex-teacher, mentioned that she often talks to young people about self-employment as a viable career option and encourages them to start young and build a business around their passion. It got me thinking… how many businesses in the UK are run by young people. The statistic was impressive!

Of the 5.7 million small businesses that exist in the UK today, more than 450,000 are run by young adults aged 16-24 with the number of teenage business owners increasing by a staggering 700% in just the past decade. According to recent research, 4 in 10 teenagers would rather start their own business than work for someone else and 25% of 18-24-year-olds plan to launch a business within the next five years.

That’s right—young people aren’t just dreaming about starting a business; they’re making it happen.

There are three key reasons young people are so eager to start their own businesses:

1. Financial Independence - Owning a business gives them control over their income and a sense of freedom.

2. Better Work-Life Balance - The typical 9-5 grind is less appealing to a generation that values flexibility and the ability to pursue personal passions alongside work.

3. Job Security - With uncertainty in traditional job markets, creating their own opportunities feels like a safer bet than relying on someone else to provide employment.

Building Businesses With Purpose

It’s not just about making money, though. Young entrepreneurs today are driven by more than just financial gain—they want to build something meaningful. Whether it’s a passion project turned business or a company rooted in strong values and culture, young people are redefining what it means to be an entrepreneur.

In a world where the traditional corporate route is no longer the only option, the next generation of business owners is proving that age doesn’t have to be a barrier to success. Passion, purpose, and innovation are leading the way—and young people are at the forefront.