Third of Brits yearn to start up a business

Third of Brits yearn to start up a business

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Date03 Apr 2013
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Posted ByAdmin
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One-third of Brits want to start up their own business, according to new research, which is the equivalent to around 17.7 million people.

The study conducted to launch the fifth Nectar Business Small Business Awards found that many of these people are using their evenings and weekends to get their start-up company going.

It found that two-thirds of those working nine-to-five jobs intend to put in a whole extra working day (eight hours) a week beyond their full-time occupation into getting the ball rolling with their business.

Entrepreneurs are driven to start up their own company for a variety of reasons but the overriding one is to make their own money, cited by 47 per cent of respondents to the survey. The power to be their own boss came in close behind (46 per cent), while taking on new challenges (26 per cent) and creating a family business (18 per cent) were also motivations.

The survey found that the most popular startup ideas are for jewellery and craft stores, and restaurants and cafes, with only 16 per cent of people wanting to stay within their current employment sector. Unsurprisingly, 45 per cent of people want to be paid to undertake their passions, ensuring they can make a living from their personal interests.

London and the south-east boasts the biggest concentration of would-be small business owners, standing at 30 per cent.

“This research is really encouraging and shows that Brits are more determined than ever to reach their business potential – even giving up their precious spare time to do so,” said Karren Brady, judge at the Nectar Business Small Business Awards and star of BBC One’s The Apprentice.

“The UK has grown some of the greatest entrepreneurs in the world; it really is the land of ingenuity and I’m proud to be able to celebrate this with the Nectar Business Small Business Awards.”