'Serial entrepreneurs' key to economical success

Monday 14 March 2016

A new report has highlighted the importance of serial entrepreneurship for the UK's economy.

The document, published by Coutts and the Centre for Entrepreneurs (CFE), looked at the depth and extent of serial entrepreneurship for professionals across the country by combining case studies and analysis, as well as interviews.

Defined as a professional who comes up with more than one business idea, serial entrepreneurs are a significant part of the UK's economy.

The report, entitled ‘Beyond the first business: the myths, risks and rewards of being a serial entrepreneur’, found that many business owners decided to become serial entrepreneurs as a way to grow their company.

Showing that more financial gain is not the main motivator, the research revealed that business growth was the reason for 90 per cent of respondents, while interacting with people (79 per cent) and contributing to society (73 per cent) both also ranked highly.

Dylan Williams, managing director for England and Wales at Coutts, said millennials are "widely challenging" the idea that entrepreneurs give up and retire after founding one successful business.

"Entrepreneurs are starting businesses younger and have faster expectations to sell - these factors together with longer life expectancy means we are starting to see a new breed of serial entrepreneurs," Mr Williams explained.

The research also looked at the difference between one-time founders and serial entrepreneurs.

It found that people who manage just one business enjoy being immersed in their company much more than those who have multiple ventures, 80 per cent compared to just 55 per cent respectively.

In general, the report revealed that many businesses are being started by people at a younger age, with more than half (57 per cent) of respondents having set up their company under the age of 25. In comparison, less than a quarter (23 per cent) created their firm when they were over the age of 35.

Mr Williams added: "There is huge untapped potential for serial entrepreneurship and the role of experience seems invaluable to success. Unlocking that further could provide significant economic benefits."

Knowing the best way of growing your business model can be a significant challenge whether you are self-employed, a contractor or part of a limited company. However, professional advice can help make this transition much easier and smoother for those involved.

One of the biggest challenges in starting another new business, becoming self-employed or going limited can be adhering to any subsequent tax changes. Brookson can help you determine what this will mean for you, your income, and the best way to pay what you need to.

By Victoria McDonnell

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