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%).
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I want to be a contractorInterestingly, respondents named Bill Gates (25%), Richard Branson (24%) and James Dyson (17%) as the three living business icons they most look up to – beating out US Business tycoons Donald Trump (6%) and Elon Musk (14%).
Gary Turner, MD and co-founder of Xero, said, “Small business owners don’t always have an easy run of it. But, despite this, every day I see just how passionate and eager they are to turn their dreams into realities. While this passion is fantastic, it will only get you so far. We know that survival rates of small businesses with watertight business plans and the right processes are far greater than those who fail to put the right provisions in place – so it would be a huge shame to see this enthusiasm go to waste.”
To find out more about contracting please contact Sophie on 01442 795 100 or email sophie.lewis@dolanaccountancy.com
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