In October 2022, 25,992 people between 15 and 30 in the European Union participated in a survey organised by the EU commission on social entrepreneurship--504 participants from Luxembourg participated.
Self-employment for positive impact and passion
The study wanted to collect the opinions of young people on work, companies, and self-employment. It found, among others, that a significant number of youths would be open to becoming self-employed: in the EU, 39% preferred this path to working for a company. In Luxembourg, 43% would opt for this option, while 55% of Europeans and 47% of Luxembourgers preferred working for a business.
The majority of respondents were also very or fairly interested in self-employment, with 68% of EU participants and 62% of Luxembourg participants being open to the idea. Being their own boss (60% of Luxembourgers), being free to put together their workspace and schedule (45%) and personal fulfilment “from bringing an idea to life” (39%) were cited as the biggest reasons to be independent.
As for motives, 55% of Luxembourgers said they would start their own business to follow a passion or interest, compared to 46% of Europeans. 32% wanted to make a positive impact on the world, while 29% wanted to become wealthy and 28% wanted to “create their own job.”
Youth interested in coaching by entrepreneurs
However, if they had to work for someone else, the majority of participants in Luxembourg said the company’s social goals were very important (34%) or fairly important (49%), while environmental goals were very important (25%) or fairly important (50%). EU participants responded similarly. 78% of Europeans as a whole also believed that including employees in decision making was the way to go.
Many also felt like the EU should do more to support young people starting a business (48%) or those starting a business with a positive impact on society (43%).
Interestingly, despite being open to the idea of entrepreneurship, 66% of Luxembourg participants said they were only a little bit or not at all familiar with entrepreneurship. Even less were familiar with social entrepreneurship. 31% of Luxembourgers said that they would therefore find education or training useful, while 30% hoped for coaching and mentoring by experienced entrepreneurs.