Eight in ten young adults aiming to start up business within next five years

The entrepreneurial spirit in Britain's young adults has been revealed in a new study, which shows the vast majority of 16-30-year-olds are looking to start their own business in the near future.

Cited by telegraph.co.uk, a survey from Nectar Business reveals that over 80 per cent of young adults have an ambition to form their own company and believe they will enter the world of self-employment within the next five years.

When it came to explaining why they were choosing to venture down this route, being able to work flexible hours in an attempt to gain a good work-life balance was cited by a large proportion of the group.

Though, of course, not having a manager to report to and being able to work on their own schedule carries certain repercussions.

As reported by smallbusiness.co.uk, a lack of income at the start of their venture could lead Britain's budding entrepreneurs on a search to find emergency finance for their start-up. However, this is just one of the many requirements of the modern-day entrepreneur.

The study showed that young adults are most interested in setting up their own shop, while arts and entertainment are also popular routes to go down.

Commenting on the findings, entrepreneur and TV personality Karren Brady CBE said a great deal of positivity can be taken out of Britain's entrepreneurial spirit.

“We all know that small business is the lifeblood of the British economy and it's the thing that is going to turn the economy around more than any other.”