By Reporter

Copyright walesonline

Gen Z are setting their sights high on entrepreneurship, as new joint research from Small Business Saturday UK and American Express finds 71% of 18-to 24-year olds are interested in starting their own businesses, with almost a third of this number (31%) saying this is a closely held dream. Retail, hospitality and beauty are the top sectors that young people want to start up in, with 17% interested in running a bookshop and 15% keen to start bakeries, spas or businesses caring for pets. Organisers from the Small Business Saturday campaign – which celebrates and supports the Uk’s 5.45 million small businesses – say Gen Z’s entrepreneurial appetite presents a huge economic opportunity to grow the next generation of UK businesses. This demographic is particularly likely to consider running a business, compared with 56% of 35–44-year-olds and 27% of 45–54-year-olds. Separate research from Amex released earlier this year found that finds that many of those in the Gen Z cohort believe they already possess key skills needed to set up a business: nearly nine in 10 (87%) believe they are confident in their collaboration skills, and eight in 10 in their innovative thinking (82%) and leadership skills (80%). However, campaigners highlight that support is needed from across society for small businesses to succeed. Despite dreams of branching out on their own, many young people can face significant barriers to entrepreneurship, particularly those from under-represented backgrounds, including lack of access to finance and business networks and role models. Small Business Saturday is the UK’s most successful small business campaign, which takes place on 6 December this year, celebrating small businesses and encouraging consumers to shop small and support businesses in their communities. A grassroots, non-commercial campaign, it was originally founded by American Express in the U.S. in 2010, and the brand remains the principal supporter of Small Business Saturday in the UK. Over the decade it has been running in the UK, it has engaged millions of people and seen billions of pounds spent with small businesses on Small Business Saturday. The campaign regularly trends on social media and is supported by leading politicians, business figures and local councils. Last year, it received support from the Prime Minister, Chancellor of the Exchequer, Mayor of London, and Leader of the Opposition, among others. “It is extremely encouraging to see this trend of entrepreneurial ambition among young people, as they have huge potential for innovation and could power the UK’s economic growth through starting their own businesses,” said Michelle Ovens CBE, Director of Small Business Saturday UK. “Small Business Saturday is all about supporting our nation’s fabulous small businesses. During the campaign season and beyond, need to empower everyone on their journey in entrepreneurship, no matter their age or circumstances.” Dan Edelman, UK General Manager, Merchant Services at American Express, added: “Gen Z’s appetite to set up by themselves is heartening as they are vital to ensuring small businesses continue to thrive into the future. Through our continued support of Small Business Saturday, we’re proud to shine a spotlight on the contribution independent businesses make across the UK, and the dedicated entrepreneurs running them.” Ally Peterson, founder of Avo Activewear , a sportswear brand dedicated to petite gym clothing, said: “I started Avo Activewear young from my bedroom with no prior business or fashion experience, just a lot of late nights Googling outside of my 9–5 and figuring things out on my own. It’s brilliant to see more young people considering starting their own businesses – our economy needs their creativity, fresh ideas and new ways of doing things, and with the support and tools available today, it’s such an exciting time to take that leap.”