I came across an old(ish) press release from NatWest that says:

Nearly three quarters of sixth formers and two thirds of university students would consider setting up their own business after they finish education, according to the 2005 NatWest Student Money Matters survey. What’s more, over 30% have an innovative business idea that they would like to pursue, proving that innovation is alive and well in the UK’s schools and universities.

What’s wrong with our educational system then, why do 75% of students want to start their own business, but few actually go on to do so?

Of those respondents who would consider going it alone, two thirds would do so because of the independence that it might offer them, over half want to be their own boss and 53% think that by starting up their own business, they will make more money.

Perhaps the answer lies here, as few truly successful entrepreneurs seem to be motivated solely by money.

As for aspirations, UK youngsters want the rewards that running a small business can offer. Nearly two thirds hope to reward themselves with flexible working hours, 47% want to buy a property and 44% hope that by going it alone, they will get more holidays than in a standard office job.

Despite holidays being high on their agenda, UK youngsters understand that running a business takes hard work and dedication and they therefore expect to work 10-hour days and only take 24 days holiday a year, to make their business a success.

Only 24 days holiday? Do they not know that 20 is the national average and they’re likely to get much less holiday in the early years of running their own business.

Pete Ferns, Director of NatWest Business Banking, said: “Starting up a business takes a lot of hard work and dedication and can be challenging, but with the right support and guidance, it can be one of the most rewarding things that you do with your life – regardless of age.”

Very true, but you need stronger motivation than money alone and you need to be prepared to work damn hard – but if you’re truly passionate about your business idea it won’t seem like work.

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