Lubbock, Texas – One in 10 university students are already running their own business – alongside their studies. Researchers found 162,000 undergraduates have a side hustle on the go, up from 108,000 in 2018 – a 50 per cent increase. And on average, each venture turns over $483 a month – around $5,900 a year or almost $17,701 in total over the course of a three-year degree.
18 percent of students have plans to begin their own business venture in the near future.
This means 27 percent of current undergraduates either have a business up and running or intend to start one in the coming years. But just 16 percent of those who have set up their own business were motivated due to a lack of money, with a third influenced by their family and one in five by their friends.
A third simply built up a hobby or personal interest while 10 percent wanted to be their own boss.
It comes after the study also found more than four in 10 university students are rethinking their careers in the wake of the pandemic, as 78 percent fear Covid-19 will impact their job opportunities once they graduate.
As a result, of those considering an entire career shift, six in 10 are now looking to work in a role which has a clear sense of purpose and makes a difference.
While 55 percent admit they have a ‘plan B’ in case their top career choice doesn’t work out.
More than a third turned to their parents for help and almost one in five went to a careers advisor, with one in 20 going to the bank.
And of those looking to start a business in the future, 28 percent would seek advice from their university or college and 22 percent would get support from a bank or financial advisor.