More than half of Gen Z located in the UK say they want to start their own business. At the same time, a third say they do not know where to begin.
A recent poll of 16–28-year-olds found that 52% would like to run a business one day. However, 33% say they do not know where to start, with funding and confidence also emerging as key barriers.
Despite this, entrepreneurial intent remains high. The most common motivations for starting a business are freedom and flexibility (29%) and turning passion into income (23%). Other drivers include financial independence (20%), creating impact (7%), escaping the 9–5 (7%), and building something of their own (7%).
Most members of Generation Z (born from 1997 to 2012) are the children of members of Generation X, and it is predicted that many will be the parents of Generation Beta. The Economist has described Generation Z as a more educated, well-behaved, stressed and depressed generation in comparison to previous generations.
The findings sit alongside wider analysis from the business firm Hiscox, which shows 393,531 UK-registered companies are currently run by directors under the age of 28. Gen Z director appointments have increased at an average rate of 78% per year since 2013/14.
Among young founders is 19-year-old F3 racing driver Felix Baggott, founder of Full Send Racing Lounge in Portsmouth, who describes credibility, funding and execution as key challenges when starting a business at a young age.
Baggott discusses his entrepreneurial approach: “I saw a gap in the market between casual gaming venues and elite motorsport simulators. There wasn’t a space that delivered a truly professional, immersive racing experience while still being social and community-driven.
“I wanted to build more than a business. I wanted to build a hub for racing fans, aspiring drivers, corporate teams, and anyone who loves competition.”
Credibility and scale are the biggest barriers to success
Baggott also shares the difficulties that he has faced as a founder: “The biggest challenge has been credibility and scale. Motorsport is already competitive, and launching a high-end simulation venue requires significant investment, operational precision, and trust.”
He adds: “Being young, I’ve had to consistently prove that I’m not just passionate, I’m capable of executing at a high level. I overcame that by leaning into preparation and performance, just like in racing. I surrounded myself with experienced mentors, focused on data-driven decisions, and built a strong brand identity from day one. Instead of trying to ‘look bigger’, I focused on delivering excellence in every customer experience. Results build credibility faster than words ever will.”
Young founders embrace digital tools in competitive markets
Reflecting on the broader environment for young founders, Baggot states: “It’s more accessible than ever in terms of tools. You can build a brand, launch a product, and reach a global audience from your phone. Technology has removed traditional gatekeepers. However, competition is also higher than ever. Attention is scarce. Consumers are more informed. Standards are higher. The barrier to entry is lower, but the barrier to excellence is higher. The ones who succeed will be those who combine creativity with discipline and long-term thinking.”
