Quarter of Startups Created Through Redundancy

Redundancy continues to drive the creation of business start-ups in the UK as new research has shown. According to small-business insurer Hiscox, 17% of new businesses are started by people who have recently been made redundant. With economic conditions remaining tough and the unemployment rate at 7.7%, starting up could be the best way forward for many recently unemployed. According to their research, 28% of respondents cited wanting to be their own boss as the key reason for starting up, while 20% wanted to “live their dream”. Three-quarters (77%) admitted their business idea was not new, merely “an improvement on existing offerings”. “Entrepreneurs are starting businesses to take control of their future, whether they have experienced redundancy or want to p... »