Growing number of entrepreneurs in Britain says research
More than a third of entrepreneurs have turned their personal passions into successful businesses according to biggest ever UK research by Weebly
- 45% of British entrepreneurs are women
- The UK crowned best place to start a business by the entrepreneurial community
- 85% of British entrepreneurs sell UK made products on their e-commerce sites
- Almost 45% of UK entrepreneurs put revenues back into their business to support growth plans
- Only 26% of entrepreneurs have started a business with a partner
A state-of-the nation report on the new breed of UK entrepreneurs conducted by Weebly reveals that 37% of UK entrepreneurs have turned their hobbies and passion projects into successful businesses.
Weebly, the platform helping more than 30 million entrepreneurs worldwide bring their small business dreams to life online, questioned more than 2,660 of its UK users, and discovered that almost 90% of entrepreneurs think Britain is a good place to start a business and feel confident about the future.
A potential Brexit from the EU and recent uncertainties in the Asian stock market unleashing fears of a new global recession are not worrying the UK’s new generation of entrepreneurs, with almost 80% of those interviewed feeling optimistic about the future of small businesses in the UK over the next five years.
The survey, which also explores the fabric of the entrepreneurial community, shows that women now make up more than 45% of the UK’s new breed of entrepreneurs. Although Millennials and Generation X are the largest demographic of the UK’s entrepreneurial community, at 31% and 38% respectively, a growing number of Baby Boomers (19%) are giving up retirement and opting for a second career, starting up their own business. A contagious entrepreneurial fever has hit teens too, with a staggering 11% of 13 to 17 year-olds claiming to have launched a hobby or business site in the UK.
A strong and growing interest in launching small enterprises has spread across the nation’s biggest cities with Birmingham, Bristol, Edinburgh, Glasgow, Leeds, Liverpool, London and Manchester identified as the fastest growing UK’s entrepreneurial hotbeds.
Providing evidence that digital technologies are fuelling the UK’s entrepreneurial ecosystem and helping people turn their interests into a viable career path, the study highlights that more than 37% of respondents have started their enterprise as a passion project, which they managed to transform into a successful business and a full-time job. And once entrepreneurs savour some sort of success with their start-up, the study finds that almost 45% of them put revenues back into their business to support growth plans.
The survey also debunks myths about the internet being the cause of the death of the “physical” business by showing a 50/50 split between entrepreneurs setting up online-only and online and offline hybrid. Moreover, the study highlights that this new breed of entrepreneurs is boosting UK’s manufacturing, as 85% of them sell UK made products on their e-commerce sites.
Dion McKenzie, Country Manager at Weebly UK said: “This study is clearly showing how the UK entrepreneurs are fully taking advantage of the opportunities offered by the digital economy to build their businesses. Now there is a record 5.2 million** small businesses in the UK, making a massive contribution to the country’s economic output, and intuitive and user-friendly technologies will only further boost the growth of the UK entrepreneurial community, paving the way for a new UK economy. Our sophisticated technology platform is empowering millions of wannabe entrepreneurs to unlock their potential in the most seamless and accessible way.”
FURTHER KEY FINDINGS:
- 72% of British entrepreneurs are on their first business venture
- Most businesses essentially remain a ‘one-man band’ with more than 73% of respondents being the sole owner of the business
- Almost 13% of respondents have set up a business with their significant other
- 85%of e-commerce sites set up by British entrepreneurs sell UK made products
- Almost 19%of British entrepreneurs came up with their business idea while at their day job
- Almost 21% of respondents employ between two and ten people
- Arts & Crafts, Entertainment and Leisure, Travel & Tourism are the sectors most start-ups operate in
- 49%of entrepreneurs use their laptop to manage their online business
- An increasing number of entrepreneurs are using mobile devices to manage their online business (10%)
- Almost 53%of British entrepreneurs thought if was scarier to skydive before starting a business
- Business concerns keep 35% of British entrepreneurs up at night