Experts from Mango Telecom, a leading provider of cloud-based business communication services, found out which areas attract young entrepreneurs aged under 25.
The study canvassed companies registered by individuals from the corresponding age group who are Mango Telecom clients with telephony profiles active as of August 2019. The result suggests that one in every five participants (22%) is engaged in retail trade and online stores. Analysts explain such popularity by the fact that online business requires minimum investments, and it is easier for the new generation to work with technologies than for their older colleagues.
According to the study, another noteworthy trend is the owner’s personal interests being used as the cornerstone of the business. Young entrepreneurs choose areas they are familiar with; their businesses are often associated with creative projects and are extensions of their hobbies. The examples are training programs in photography and painting, event agencies and quests, tuning houses and even graffiti studios. Mango Telecom experts consider this approach reasonable. Young people use their creative resources and create unique projects that have good margins with minimum investment.
Businesses associated with manual labor are also quite popular. As many as 8% of respondents design premises, 7% repair equipment, and 4% open car maintenance services. Many work in a social context – educational projects in photography, painting, as well as sports and recreation. Another 4% of businesses are in advertising and marketing; as many are employed in public catering and in beauty and health services.
Finally, the analysts have found that young men open their own businesses four times more often than young women.