According to latest findings from accounting software company Xero, 27 is the magic number when it comes to the age that Brits decide to set up their own business for the first time.
The survey of 1,000 SMEs shows that 20 is the average age that young business owners (18 – 34) decided they would like to set up shop compared to those aged over 45 who had the same ‘lightbulb moment’ at 35.
Nine in ten SMEs say setting up their own business is one of the accomplishments they are most proud of, as nearly half liken the feeling to buying a first home (48%). One in five compare it to the birth of their child (19%) and some to their wedding day (16%).
The research also found that entrepreneurs are driven by a need for more flexibility (36%) and to take control (35%), while other reasons include not enjoying working for somebody else (23%) and wanting to make their family proud (19%).