Entrepreneurship gains popularity among student population

More and more students around the world are planning to pursue entrepreneurial career paths, according to a recent survey.

This year’s Global University Entrepreneurial Spirit Students’ Survey (GUESSS) revealed that 6.6% of university students are planning to start a business immediately after graduating, compared to just 3.4% in 2011.

Over the same period, the proportion of students planning to follow entrepreneurial career paths within five years of graduating has increased from 21.6% to 30.7%.

Business ownership was found to be most attractive to students in developing countries, with 67% of students in Mexico, 63% in Argentina, and 56% in Colombia planning to pursue entrepreneurial career paths.

Meanwhile, entrepreneurship continues to be generally more attractive to male students, with 35.1% of all male respondents considering business ownership compared to 27.5% of all female respondents.

This rising trend may be a response to the global recession, and consequent fears over stagnant job markets. However, the survey noted that the notions of "freedom" or being "your own boss" are becoming increasingly attractive to students, further fuelling entrepreneurial aspirations.

Our author Alexander S. Kritikos writes about the many economic benefits of entrepreneurship. As well as introducing innovative technologies and services, entrepreneurs can boost economic growth by creating job opportunities and increasing competition for existing firms. This may, however, result in job losses if these existing firms are forced to close.

Kritikos notes that entrepreneurs cannot flourish in an over-regulated economy, but suggests that governments should stay prepared for certain negative outcomes.

Read the GUESSS report here.