Business development · 4 October 2018

Life after Brexit: Could corporate disillusionment spark a wave of entrepreneurship?

Life after Brexit
Britons are looking at the world differently to their grandparents

Millions of Brits are planning to become their own bosses as they respond to life after Brexit, survey findings have revealed, as younger generations consider starting a business more attractive than the corporate ladder.

A report from the Enterprise Investment Scheme Association found that 16 million Brits consider an entrepreneurial route to be more attractive than working for someone else, with 18 million believing that they have more opportunities to be a business leader than their parents or grandparents.

The study, which looked at how Brits perceive their wealth and career opportunities post-Brexit, also found that 15.3 million British people feel the government is more supportive than ever before to start and drive their own business forward.

Londoners were particularly bullish with 48% of people feeling they have more opportunities to become business leaders than their parents or grandparents. This compares with an average of 25% in the North.

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Just under half of Londoners, 46%, feel they are more entrepreneurial than their parents and grandparents compared to 30% in the North East and 24% in the North West.

However, only 29% of Brits feel they have more capital than their parents to start their own business.

Regarding wealth prospects, over a third of Brits said that they will be richer than their parents and grandparents. However, over a third of 18 to 34 year olds believe they will be worse off.

“British people in the workforce today are looking at the world of work differently to both their parents and grandparents,” said Mark Brownridge, director general of the Enterprise Investment Scheme Association.

“They are more disillusioned with the corporate ladder and see opportunities to work for themselves as a more attractive prospect.

“A decade ago, workers would have witnessed the global financial crash, and since then, they have realised that a traditional career path may not necessarily be the route that they would like to take. Therefore, working for themselves, becoming an entrepreneur, and having a more flexible working structure is a popular alternative to corporate career pathways.”

Read more about the impact of Brexit on small UK businesses:

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