A new survey has revealed that many students are either currently, or looking to join the contracting sector while they are still at university.
The research, carried out by Santander Universities, found that almost a third of the students surveyed, which is the equivalent of just over 500,000, currently run their own business or plan to contract while studying.
The findings represent a 38% increase on the 375,000 budding student entrepreneurs recorded in 2015.
The research, commissioned by Santander Universities to support their sixth annual Entrepreneurship Awards, found that the most common reason for students to start a business or joint venture is due to pursuing a hobby or personal interest (70%). This is followed by financial motivation (58%), and work experience (26%).
Matt Hutnell, Director of Santander Universities UK, commented on the findings, “Student entrepreneurs are an important contributor to the UK economy and it’s great to see an increase of over 30 per cent since last year. It’s also encouraging that many plan to stick with their business as their main career after graduation when their potential to flourish will be vast.
“Juggling running a business with studying is not an easy task and the prevalence of these businesses demonstrates skill and initiative from UK students. Santander recognises the importance of supporting and encouraging these young business leaders to dare to invent, innovate, create and be entrepreneurial and this is the very essence of our Entrepreneurship Awards.”