In Russia, the number of sole proprietorships and self-employed under 25 increased to 2.7 million

The number of individual entrepreneurs (IE) and self-employed under 25 has grown to 2.7 million people. This data follows from the Ministry of Economic Development's report on the state of small and medium-sized enterprises (Izvestiya has it).

Since 2019, when the national project to support SMEs was launched, the number of young businessmen has increased sixfold. Young people are more courageous in making decisions about starting their own business - they are not afraid to make mistakes and gain their own experience, emphasized Alexander Isaevich, CEO of the SME Corporation.

Starting a business in Russia in general is becoming easier - young people are attracted by the convenience of taxation, he added. Digital marketing services and content creation, IT, creative industries, fitness are popular among young businessmen, said Natalia Gromova, Chair of the HR Committee of the Moscow branch of Business Russia.

Development of youth entrepreneurship allows to create new final products and services, increases labor productivity and helps to use labor resources more effectively, told "Izvestia" in the Agency for Strategic Initiatives (ASI). At the same time, the self-employed can adapt faster to changes in the market - this makes the economy more sustainable.

"Nevertheless, the involvement of young people in entrepreneurial initiatives is noticeably behind the similar level in the EU and the US. The high cost of financing and monopolization of sectoral markets act as barriers," said independent expert Andrei Barkhota.

Read more in the exclusive material of Izvestia:

Young people in business: the number of IEs and self-employed under 25 years of age has grown to 2.7 million