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 childr... »

Start-ups undeterred by economic problems

The National Federation of Enterprise Agencies (NFEA) has stressed that new start-up figures prove entrepreneurs are undeterred by the state of the economy. According to the Barclays quarterly survey, there were 98,000 new start-up businesses in England and Wales in the first quarter of 2008, compared with 86,400 in the fourth quarter of 2007. The most popular industries for start-ups were business and financial services, construction and retail. “It’s encouraging to see the numbers of new businesses holding up in these worrying times, which is a tribute to the determination and persistence of the current generation of entrepreneurs,” said NFEA chief executive George Derbyshire. “No-one with a sound idea, a solid business plan and the right skills need be deterred b... »

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