The number of people under the age of 35 starting their own business has risen by more than 70 per cent since 2006, with 247,049 new organisations starting in 2013 compared with only 145,104 in 2006, according to new research.
However, it is not only the younger age group starting up on their own; more people than ever are going out on their own. That said, more young men are starting businesses than young women, with 74 per cent of the new firms started last year being run by men.
The research by Enterprise Nation also found that younger entrepreneurs are also less likely to co-found. While 66 per cent of people starting their own firm in 2006 founded the business with a partner, by 2013 that number had dropped to 42 per cent.
The research adds to evidence showing that more than half of young people aged 16 to 25 now want to set up their own firm. Research by UnLtd, a foundation for social entrepreneurship and separate analysis by Santander found that entrepreneurs are getting younger and younger.
For example, the report from Santander estimated that 80,000 university students in the UK combine running a business with their studies and a quarter of these plan to turn it into a career when they graduate.
A spokeswoman for Enterprise Nation said that the statistics show that young people are no longer pinning their hopes on finding the perfect job but taking their destiny into their own hands.
However, other research has found that while 18 per cent of 18-34 year olds in the UK have a business idea and believe they have the entrepreneurial skills to start a venture, fewer than 4 per cent actually go on to create a company that pays a wage and makes a profit.