A recent report has shown that are as many as seven million people ready to kickstart our economy with their own business, but a lack of support means that their dream of being their own boss is yet to become a reality.
The AXA Business Insurance data, which involved surveying 8,500 people, found that these latent entrepreneurs account for 13% of the population and are drawn from all walks of life and demographics.
Interestingly, if these plans were realised they would massively boost the UK’s private sector economy which currently numbers 4.8 million businesses.
Of those planning to start up their own business, a regional analysis shows:
- 19% live in London
- 13% Wales
- 12% North West
- 11% North East and West Midlands
- 10% East Midlands and Scotland
- 9% Yorkshire and Humber, East Anglia, South East
- 8% Northern Ireland
According to the findings, amongall demographics, six in ten of these budding entrepreneurs said they needed to acquire crucial skills or training before they could set up. Only half of them said the courses and training they need are available and accessible to them.
Just one in ten said they felt there was good start-up support available to them. When asked who they would turn to for knowledge and advice on starting a business, just 15% named a governmental, local authority, bank or other institutional source. Instead, 19% said they didn’t expect anyone to help them. Most (52%) will turn to family members, particularly mum and dad.
Gareth Howell, Managing Director, AXA Insurance, commented, “The UK population has an enormous pool of latent entrepreneurship, and it will be a tragedy if it goes to waste. It’s a personal tragedy for individuals who don’t realise their potential, and a national issue as the economy misses out on talent and revenue.”
“This isn’t just about dreams, it’s also about economic survival. With such a rapidly changing workplace and impending challenges like automation, self-employment will become a rite of passage for future generations.”
“For someone just out of university today, it’s highly likely that over the course of a forty-year career they’ll need to switch career paths several times over. The likelihood they’ll meet automation, redundancy, parenthood, life crises and other changes that put them out of the workplace for a spell is also very high.”
“Lifelong learning opportunities will be crucial if this population is going to be adaptable, competitive and capable of surviving what the future will throw at us. Our study shows that at present the opportunities out there are scarce, under-funded, under-promoted and tend to involve debt.”
To find out more about contracting please contact James on 01442 795 100 or email james.trowell@dolanaccountancy.com.
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