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1 in 4 students runs a business or plans to start

Students

A study from research firm Youthsight, commissioned by Santander Universities UK, found that nearly a quarter of university students are running their own business or plan to do so. The study of 2,000 full-time undergraduates estimated that the collective turnover of student businesses is over £44m a year. Around 24% of those surveyed were running their own business or intended to start one while studying. The most popular areas were in technology-based solutions or arts and crafts, followed by clothing and textiles, catering and tutoring. Online selling was the most popular channel with nearly half selling their services via their own website, 13% via other websites, such as eBay and Gumtree, and 11% through social media sites. Santander Universities UK was set up in 2007 as part of the bank's corporate social responsibility programme aimed at collaborating with universities and research centres. Simon Bray, director of Santander Universities UK, said: 'Students are gaining significant sums of money and invaluable experience as a result of their entrepreneurial ventures. The prevalence of these businesses demonstrates a great deal of skill and initiative from students across the UK'. Meanwhile, the government's £310m Start Up Loans finance scheme has distributed more than 20,000 loans across the UK. The Start Up Loans Company, which is chaired by James Caan, said that 54% of the loans have gone to 18 to 30-year-olds.

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