Nearly half of Brits want to start their own business

Monday 7 December 2015

A new report has found that nearly half of all British adults wish to start their own business, Small Business reports.

According to the international research by Idinvest Partners, the UK comes second only to Germany in terms of the amount of people who want to be entrepreneurs.

The survey, which looked at 7,000 adults, found that just under half of those in the UK (44 per cent) wanted to start their own business. In comparison, 56 per cent of people in Germany and 30 per cent in France had the same desire.

It also revealed that entrepreneurs in the UK are the most financially independent, with half of respondents wanting to start their own business with money they had saved over the years. This is marginally higher than the responses from both Germany and France, which saw 48 per cent and 45 per cent say the same, respectively.

Of all the respondents, just one in five from the UK saw themselves taking out a bank loan to cover the costs of setting up a new business. This was significantly lower than in other regions, with 38 per cent of both German and French participants considering turning to the bank.

The research also suggests that the climate is much more positive for would-be small business owners in the UK as 22 per cent were confident the bank would grant them a loan for their venture. In comparison, just 18 per cent could say the same in France.

However, the highest levels of confidence on this point were felt in Germany, where more than a third (34 per cent) were happy that they'd get approval from the bank. This comes despite the nation having less impressive growth prospects than the UK.

More than half of respondents in Germany (57 per cent) thought the country's economic situation was an advantage when it came to starting a business. In contrast, just 29 per cent in the UK and 13 per cent in France said the same about their nation's current financial situation.

Christophe Bavière, chief executive of Idinvest Partners, said: "As longstanding, experienced investors in the ‘companies of tomorrow’, it is inspiring to see so many young, ambitious and talented individuals looking to launch their own businesses as opposed to starting their careers in large corporate institutions."

Mr Bavière said there has been a significant increase in "early-stage financing inquiries" across Europe, especially from those looking to set up digital or science-based sectors. He added that the new research suggests that the pipeline for Europe’s emerging entrepreneurs is "extremely strong".

 


By Victoria McDonnell

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