According to a study commissioned by Wise, the Estonian-founded, London-based money transfer firm, close to half of Estonian teens want to become entrepreneurs, evidenced by the company’s 20 Under 20 competition.

A recent Wise-commissioned Kantar Emor survey reveals that 43 percent of Estonian teens want to start their own businesses.

Kantar Emor’s study also reveals which industries are most attractive to young people. At the top of the list are IT and technology, followed by accounting, marketing, advertising, design and catering. Women prefer to start a business primarily in the field of design, catering, entertainment or tourism, while men are primarily interested in IT, business and marketing.

One of the main things attracting teens to starting a business is the flexibility of working hours, which is considered very important by 61 percent of respondents. Almost as much importance is given to creative freedom (58 percent). Alleviating some social problems and doing something meaningful were mentioned as very important by 44 percent. The financial aspect or the opportunity to become wealthy was mentioned by 41 percent.

Youth not considering an entrepreneurial career cited a lack of interest as the main reason (63 percent). An absence of good ideas or necessary knowledge was mentioned by 43 percent and 40 percent respectively. Nearly a third, or 34 percent, of the respondents, highlighted the significant responsibility associated with entrepreneurship as why they didn’t wish to start a company.

A pan-European competition encourages entrepreneurship

Entrepreneurial interest among Estonia’s youth and across Europe at large is also noted by Wise’s 20 Under 20 – a pan-European competition the company has organised for the past five years. The competition looks for promising entrepreneurs under the age of 20 to help their businesses take off.

“Creativity, determination and cleverness are the keywords that characterise young entrepreneurs all over Europe, and this is also reflected by this year’s 20 Under 20 finalists. Youngsters are motivated by the desire to solve society’s social and environmental problems. Sustainable solutions and technology are used more and more for this, without forgetting customer focus and aesthetic appearance,” Taavet Hinrikus, a co-founder of Wise and chairman of 20 Under 20, said of the competition’s results in a statement.