Majority of Business Owners Start Up to ‘Become Their Own Boss’
Barclays’ research reveals key drivers for UK entrepreneurs
A new survey by Barclays has revealed the majority (57%) of UK entrepreneurs wanted to launch a business to become their own boss.
The report, which surveyed more than 200 business owners, investigated the key motivations for small business entrepreneurs. While the desire to not work for anyone else came out on top, the findings also revealed a fifth of small businesses are launched due to unemployment, 16% are the result of a hobby and 8% are inspired by the influence of family and friends.
The research also highlighted what drivers influenced various demographics with double the amount of men citing redundancy as the key driver compared to women, 23% to 11%.
In contrast, more women named a childhood dream (11%) and having children (9%) than men, 6% and 2% relatively, as their reasons for starting a company.
In regards to age groups and regions, the older generation (55+) were more inclined to launch a start-up as they want to work for themselves more than any other group, closely followed by the 35-54 age group at 43%. Additionally, more business owners in the South and East (59%) launched in order to work for themselves compared to any other region.
Managing director of Barclay’s business lending and enterprise, Rebecca McNeil, commented on the research:
“It is important that business owners are passionate about what they do, as commitment and motivation are key tools to getting a successful business up and running, so it’s good to see that one in six small business owners have turned their hobby into a source of income.
“For some, their childhood dream has not been forgotten and explored later in life. The fact there is a higher number of women starting a business after having children compared to men is interesting and shows a move away from the security of traditional employment and a brave step into working for themselves.”