The number of young entrepreneurs starting their own business has increased by nearly a quarter (22%) in the past three years, says research by business information group Experian.

And it showed that the number of young directors aged between 16-25 in the North West rose by 24% in the same period, the third highest in the UK behind the East Midlands and London.

But the figures also reveal that almost half (45%) of young start-ups fail within 2½ years, but the survival rate increases when a young director teams up with someone aged 26 or older, and survival rates soar when a young director joins forces with more than one older director, demonstrating the advantages of tapping into experience.

The research by Experian has also revealed that areas that have a high level of unemployment have seen higher levels of start-ups, which may be because those who are unemployed see fewer options other than to set up on their own.

Source: The Liverpool Daily Post