More than a quarter of university students are currently running or plan to run a business while studying, new research shows.
The study, conducted by a division of Santander dedicated to funding small businesses and students, found that the young entrepreneurs have an average turnover of £11,408 per annum.
Collectively, student entrepreneurs in the UK have a turnover of £1bn, which represents a 32 per cent increase on the £913m recorded in 2016.
Sixty per cent of students cited financial motivation as the most common reason for starting a business, the survey found.
Fifty-nine per cent said the desire to pursue a hobby led them to start a business and 32 per cent cited the intention to gain work experience as a reason for opening a new venture.
The majority of student ventures are tech-based businesses (27 per cent), followed by arts (17 per cent) and textiles (9 per cent).
“Student entrepreneurs play a key role in shaping the UK economy now and will continue to do so in the future,” said Matt Hutnell, director of Santander Universities for the UK.
“It is encouraging to see that so many students are inspired to start a business while at university, from developing software to designing and selling clothing,” he said.
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