Fresh Student Living has explored today’s young entrepreneurs and found that over 450,000 of UL small businesses are being run by 16-24-years-olds, and the number of teenagers who have started a business has increased by 700% since 2010.

72% of secondary school students, 64% of university students are interested in starting their own business, and 25% of 18-24s are aiming to start a business in the next 5 years. Young entrepreneurs and those who have figured out how to start a business at a young age are an inspiration to a generation, with many becoming millionaires before the age of 25. Facebook’s Mark Zuckerberg was 22 when he became a millionaire, Snapchat founder Evan Spiegel was 23.

The research also showed that today’s young adults start twice as many businesses than their baby boomer counterparts did – where previous generations usually founded their companies typically around age 35, young adults are starting their SMEs in their early 20s.

The average age of a CEO or manager has also dramatically dropped from around the age of 40 to just 22 years old. Globally, 53% of men and 55% of women say they started managing before the age of 30, with the average age of a millennial manager being between 25 and 29 years old. Just under two-thirds of Generation X are in management positions today, closely followed by 62% of millennials.