For graduates fresh out of university it is proving extremely difficult to get a job, and even more difficult than ever to find one that matches their new skill set. According to the Guardian nearly half of recent graduates are in non-graduate jobs which do not require degrees. As alumni take on jobs which they are over qualified for, non-graduates are also affected as there are fewer jobs left for them.
This underemployment of graduates in the UK is resulting in an increased number of young graduates thinking about starting their own businesses. Feeling they have nothing to lose, graduates are honing in on their entrepreneurial attributes, and we can now see start-up hotspots growing around the country.
Starting your own business is no easy task. It takes drive, courage, patience and, above all else, money, to get a new business off the ground. However, it seems as though Britain is willing to support new businesses as numerous start-up partnerships and organisations are set up to help with investment, business models and advice. These government backed initiatives and charities, such as Virgin StartUps and StartUp Britain, are on a mission to find and invest in some of the UKs most promising entrepreneurs between the ages of 18-30 in a hope that they can improve the state of the UK’s jobs market.
StartUp Britain recently released figures which show that 526,446 new businesses were registered in 2013, compared with 484,224 in 2012. The top seven hotspots last year were Greater London (136,939), Birmingham (16,281), Manchester (11,765), Glasgow (8,085), Bristol (7,589), Brighton (7,499) and Edinburgh (7,112). Virgin StartUp got in touch with a successful entrepreneur from each of these hotspots to find out why being based in their area has helped them to thrive, and what’s in place there to support young entrepreneurs. To find out what they had to say, take a look at the infographic below.