Young entrepreneurs on the rise

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Almost half of the new ventures are wound up within two-and-a-half years and a further fifth fail after three years, information services firm Experian said.

The survival rate for start-ups increases if there is an older director - aged over 25 - on the board, said the report.

Simon Street of Experian said: "Such strong entrepreneurial appetite amongst young people is exciting and encouraging to see, yet just one third of business start-ups with a young sole director survives for more than three years."