Many young people can imagine starting a business

Around 40 per cent of young people can imagine starting their own business. While 11 per cent are already firmly planning to set up their own business, 29 per cent remain uncertain. A third of those surveyed cannot imagine themselves as founders at the moment, but do not rule out the possibility in future. Around 25 per cent said starting a business is not an option for them, the Bertelsmann survey found. Young people cite uncertainty, stress and lack of knowledge as the main hurdles. The likelihood of starting a business depends on e.g., the level of education aspired to, confidence in one's own abilities and the size of a person's place of residence. People who live in big cities are more likely to consider starting a business than those who live in a small town, the study found. Stress is also a barrier that has yet to be sufficiently reflected in entrepreneurship research. Around one in six people worry that they will not be able to cope with the stress of starting a company.

"Three things are needed," said Melanie Köslin, Head of Hamburg Invest's Young Makers Hamburg (YOMA) initiative. "An effective transfer of skills, an open culture for Generation Z, and supportive structures such as functioning networks, centrality and free advice for start-ups,. Young people interested in starting a business need to talk at eye level," she added. "That includes direct access to networks, active contact with mentors and authentic and tangible role models. Education about entrepreneurship should be introduced in schools and involve parents and teachers.

YOMA aims to open up the ecosystem to this young target group, some of whom are minors. "Young people, who are often still attending school, need a different approach and safe spaces where they can develop themselves and their ideas," said Köslin. This is how the #NextGen4Impact network was set up, which brings together 60 stakeholders in the education sector. NextGen4Impact sees itself as a multiplier and provider of opportunities to promote sustainable skills among students and teachers and to pool resources. It also enables Gen Z to review existing policies and projects and involves them in the development of tailor-made offers for this target group.

A lack of transparency also leads to uncertainty. The Startup City Hamburg website offers details, an overview of contact points, funding and networking partners, combined with inspiring and encouraging stories. Potential entrepreneurs can find points of contact as well as an overview of events for targeted networking.

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