Staying at university wins out over entrepreneurship
The entrepreneurial dream of dropping out of university to develop a hugely successful start-up appears to remain just that in the UK, according to official higher education figures.
This week’s revelation that competition for university places this year will be more intense than ever is supported by data from the Higher Education Statistics Agency that show the number giving up their studies has hardly changed in recent years.
Figures for 2008/09, the latest available, show that 8.6 per cent of full-time first degree students across the UK dropped out of their course during the year, slightly down on the 9 per cent who did so in 2003/04.
These figures will provide depressing reading for those who believe the UK needs to ape the US, where companies such as Microsoft, Apple and Facebook were all formed by entrepreneurs who quit college to pursue their business plan.
But, it is not to say that many Britons do not take this route each year.
Jessica Ratcliffe has put her business management degree on hold to pursue her idea for a computer games exchange, called Gaboom. “When you are busy raising money, it is hard to justify going to lectures on modern management,” the 19-year-old said.
Another example is 21-year-old Suleman Sacranie, who dropped out of a chemistry degree to launch 99pShopper, the discount shopping website.
“My parents urged me to go into one of the professions rather than go down the business road . . . but the academic life just wasn’t for me,” he said.
Tim Barnes, executive director of UCL Advances, which tries to foster greater entrepreneurship among students and staff at University College London, said part of the reason so few undergraduates quit their studies to launch a start-up is that the concept is flawed.
“Bill Gates had a brilliant idea that no one else was doing so he was already as good as anyone else,” he said. “Other people, however, need to acquire more knowledge.”
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Showing posts with label Enterprise Zone. Show all posts
Showing posts with label Enterprise Zone. Show all posts
Tuesday, 24 August 2010
Mail On Sunday - Suleman Drops Out For 99p
Suleman drops out for 99p
WITH rising food prices, shopping around for a cheaper deal is high on the agenda for consumers, which is good news for entrepreneur Suleman Sacranie.
Suleman, 21, abandoned his chemistry degree at Leicester University, to launch discount food website 99pshopper.com earlier this month.
The site offers brand name products, with everything priced at 99p or less. Further reductions are available to bulk buyers.
Suleman, from Leicester, says the idea was inspired by his father and grandfather, who have run a string of shops. ‘Last summer I knew I didn’t want to return to university. I was thinking about the family’s shops and the rise of discount stores during the recession and came up with the idea of an online discount store.’
The site registered 12,000 hits in the first two days and Suleman says about 50 per cent of those visiting the site go on to spend money.
About 40 per cent of orders come from expats in Continental Europe and Suleman is considering expanding overseas.
‘Most online retailers work on a two per cent ratio of buyers to visitors. For us the ratio is closer to 50 per cent,’ says Suleman.
And although 99pshopper.com can’t match the huge profit margins of the major supermarkets, with a strategy of careful product selection and volume sales, the business is aiming for a margin of ten to 15 per cent.
Growing interest from expats – about 40 per cent of orders have come from Brits living in Europe – has prompted Suleman to consider franchising the concept and expanding overseas
WITH rising food prices, shopping around for a cheaper deal is high on the agenda for consumers, which is good news for entrepreneur Suleman Sacranie.
Suleman, 21, abandoned his chemistry degree at Leicester University, to launch discount food website 99pshopper.com earlier this month.
The site offers brand name products, with everything priced at 99p or less. Further reductions are available to bulk buyers.
Suleman, from Leicester, says the idea was inspired by his father and grandfather, who have run a string of shops. ‘Last summer I knew I didn’t want to return to university. I was thinking about the family’s shops and the rise of discount stores during the recession and came up with the idea of an online discount store.’
The site registered 12,000 hits in the first two days and Suleman says about 50 per cent of those visiting the site go on to spend money.
About 40 per cent of orders come from expats in Continental Europe and Suleman is considering expanding overseas.
‘Most online retailers work on a two per cent ratio of buyers to visitors. For us the ratio is closer to 50 per cent,’ says Suleman.
And although 99pshopper.com can’t match the huge profit margins of the major supermarkets, with a strategy of careful product selection and volume sales, the business is aiming for a margin of ten to 15 per cent.
Growing interest from expats – about 40 per cent of orders have come from Brits living in Europe – has prompted Suleman to consider franchising the concept and expanding overseas
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