A new study has revealed there are currently 375,000 student entrepreneurs who are turning over an average of £6876 per year.
The research from Santander Universities was commissioned to support the bank’s ‘Big Ideas’ competition which challenges students to put forward their big ideas to transform the banking industry for a chance to win part of £20,000 plus the opportunity to develop the idea.
The poll showed that one in four students start a business while they are at university.
Amongst those that have already started a business, the average turnover is £6876 per annum, the equivalent to a collective £478 million.
However, only 10 per cent of university students plan to start their own business when they graduate or continue with an existing venture, raising questions about the advice and information available to young entrepreneurs.
Simon Bray, managing director of Santander Universities UK said: “Thousands of students across the UK run very successful and profitable businesses whilst at university, but the appetite to continue being entrepreneurial seems to diminish as they come to the end of their studies.
“We want students to continue with their business plans, both during their studies and after they graduate, which is why it’s so important that they are supported every step of the way.
“At Santander we want to reward and encourage students to dare to invent, innovate, create and be entrepreneurial.”