Half of all Brits want to set up their own business
7 March 2008
Almost half of Britons (49 per cent) would like to set up their own business, but many fear they will never achieve this due to lack of money, lack of knowledge and economic uncertainty according to new research from Abbey Business Banking.
According to the research almost two thirds of men (60 per cent) and over a third of women (39 per cent) yearn to be their own boss but only 3 per cent are currently taking steps to make this happen. In fact one in five Britons openly admit that although they want to establish their own business they doubt that they ever will.
Ian Wilson, managing director of Abbey Business Banking, said: “Many people dream of being their own boss, yet more than one in five doubt themselves before they even begin. Lack of money and knowledge are understandable hurdles to getting started, but there are people who can offer advice and information in both of these areas. It is at least worth talking to your bank and other Small Business owners before resigning yourself to a life of working for making money for someone else”
Almost one in ten (9 per cent) would-be entrepreneurs has grand plans of setting up their own pub or restaurant, however the Internet and technology sector is by far the most popular choice for entrepreneurial men, with a quarter (25 per cent) hoping to start up a web-based business. More than one in ten aspiring entrepreneurial women would also choose the Internet or Technology sector however retail is the most popular choice for women, with almost one in four (23 per cent) dreaming of setting up a shop.
Abbey’s research also found some interesting contradictions to modern day stereotypes. The value of hard graft has apparently not gone unnoticed in younger generations, with almost one in ten 18 to 24 year olds hoping to start a business in skilled trades. And modern technology may not be as confusing to the older generations as is often perceived, with more than one in five 55 to 64 year olds intending to start businesses in the technology or Internet industries – the highest percentage across all age groups.
Wales and the South West have the most active entrepreneurial dreamers with almost one in five (19 per cent) having already set up their own business, compared to the national average of 12 per cent.
Those in Wales and the South West are also most likely to be attracted to business consultancy or investment industries, with one in seven (14 per cent) hoping to start up business in these areas compared with the national average of one in twelve (8 per cent).
Scots would least like to start up a technology business (5 per cent) industries.
One in twelve (8 per cent) budding entrepreneurs from the South East would like to start their own B& B or Hotel, the highest percentage across the country.
Midlanders are most likely to set up business in skilled trades, with one in ten (10 per cent) favouring this industry.
