The Changing Face of Entrepreneurship: Why Young People and Women Are Leading the Way

Entrepreneurship is evolving at an incredible pace, and from my work with Katie Nairn Consulting, I see this shift firsthand. More young people are embracing self-employment, and women are driving this change. However, while progress is being made, challenges remain—especially when it comes to funding and support.

The Rise of Young Entrepreneurs

The UK is becoming more entrepreneurial than ever. According to the latest Global Entrepreneurship Monitor (GEM) report, the percentage of people engaged in early-stage entrepreneurial activities has doubled to 29.4% since 2002. The most striking increase has been among women, whose participation in entrepreneurship has risen from 3.5% in 2002 to 10% in 2023.

At Katie Nairn Consulting, I work closely with young people, many of whom are choosing business ownership over traditional employment. Generation Z is at the forefront of this movement, with 76% aspiring to be their own boss. They are digital natives who understand branding, e-commerce, and social media, giving them a head start in creating businesses with real impact.

The Gender Gap in Funding

While women are driving the entrepreneurial boom, they still face significant barriers—especially in funding. The Scottish Government’s Pathways Report reveals an alarming gender disparity, with a disproportionately low percentage (2%) of women receiving investment compared to their male counterparts.

This is something I find deeply frustrating. Many of the talented women I work with are launching incredible businesses, yet they struggle to secure the financial backing that would allow them to scale. It’s clear that while women are leading in entrepreneurship, the system still isn’t supporting them equally.

Challenges Young Entrepreneurs Face

Despite the rise in entrepreneurship, young people still face major obstacles. Youth unemployment remains a concern, with 12.2% of 16- to 24-year-olds in the UK currently not in education, employment, or training (NEET). Mental health is another growing challenge, with 31% of young people reporting conditions that affect their ability to work or start a business.

These issues can’t be ignored. That’s why I’m passionate about supporting young entrepreneurs, helping them build confidence, develop resilience, and access the right opportunities to succeed.

The Importance of Support Networks

The good news is that things are changing. Organisations like Youth Employment UK and various mentorship initiatives are providing young people with career exploration opportunities. Not least the amazing Pathways to Success project I have been lucky enough to be a part of, supporting individuals from minority groups across the South of Scotland, thanks to my client South of Scotland Enterprise. Helping pre-starts and newly established business to navigate the entrepreneurial world. However, more needs to be done—especially in ensuring women receive the funding and backing they deserve.

My mission is to empower young people and women especially, to take control of their future. Whether it’s through guided coaching, business support, or connecting them with opportunities, I believe in breaking down barriers to success.

Final Thoughts

The future of entrepreneurship is bright, but it needs to be fair. Women and young people are proving they have the drive, creativity, and resilience to succeed in business. Now, it’s time for the system to catch up and provide the funding, coaching, mentorship, and opportunities they need to thrive.

Are you a young entrepreneur or a woman in business looking for guidance? Get in touch—I’d love to help you on your journey.