Santander UK has partnered with entrepreneur Sam Jones to create a test that assesses individuals’ potential to succeed as a business person. The test, designed by Jones, the mastermind behind a highly successful Dragons’ Den pitch and the founder of Gener8 (now valued at £39m), analyses personality traits, strategic thinking, and decision-making skills. It also examines lifestyle factors to help aspiring entrepreneurs identify areas for improvement before embarking on their own ventures.
The test is part of the Santander X UK Awards, with 100 shortlisted businesses vying for up to £25,000 in equity-free funding. Research involving 2,000 adults revealed that Gen Z is the most entrepreneurial generation, with 76% aspiring to be their own boss. Compared to previous generations, Gen Z is more inclined towards entrepreneurship, leveraging their digital upbringing for innovative and agile thinking.
Sam Jones remarked on Gen Z’s entrepreneurial spirit, attributing it to their immersion in the digital age, where information and tools are readily accessible. A survey found that Gen Z and millennials are confident in their entrepreneurial abilities, with many believing in the advantages of growing up in the internet era. While technology and digital tools facilitate entrepreneurship, concerns exist about the potential hindrances they pose, such as the need to keep up with AI advancements.
Moreover, the study highlighted that aspiring British entrepreneurs typically start considering self-employment in their late twenties, with some not exploring this path until their mid-thirties. The Santander X UK Awards, attracting over 850 entries (with a significant Gen Z representation), aim to support budding entrepreneurs of all ages with funding and resources to catalyse business growth and innovation.
Mike Regnier, CEO of Santander UK, emphasised the importance of entrepreneurship for the UK economy, noting that start-ups and early-stage businesses drive job creation, productivity, and innovation. He underscored the significance of passion, curiosity, and the drive to create meaningful solutions in entrepreneurial pursuits, regardless of age.
The collaborative effort between Sam Jones and Santander UK reflects a commitment to nurturing entrepreneurship across different age groups and promoting a culture of innovation and creativity in business endeavours. Whether it’s Gen Z harnessing digital savvy or older generations tapping into accumulated wisdom and experience, the landscape of entrepreneurship in the UK continues to evolve, propelled by diverse perspectives and a shared passion for driving positive change.