Business development ยท 13 December 2016

Women set to be more entrepreneurial than men in 2017

men and women
Could female entrepreneurship surpass that of males in the UK next year?
More than a quarter of people in Britain would like to start their own business in 2017, with women flying the entrepreneurial flag higher than men, new research has found.

According to a new survey among more than 3,000 UK professionals from business broadband provider Hyperoptic, 28 per cent of women dream of starting their own business venture next year, compared with just 24 per cent of men.

In an effort to better understand which types of people are more likely to start their own business, the research also discovered the UK regions most likely to produce entrepreneurs next year, and their ages.

The proportion of the working population most likely to set up their own firm next year is aged between 45 and 54 years-old, as nearly two thirds of this group said they?d like to do so.

Roughly 35 per cent of workers aged between 35 and 44 aim to start a business, compared with 34 per cent of those aged between 55 and 64, and 28 per cent of 25 to 34 year-olds. Britain?s millennials are the least entrepreneurial according to the data, with only 22 per cent of 18 to 24 year-olds thinking of launching a venture in 2017.

The South West of England is seemingly producing the highest proportion of would-be startup founders. As many as 28 per cent of people living in the region would like to start a business next year, compared with just 24 per cent in London, where individuals are more likely to be in full-time employment.

Chief customer officer at Hyperoptic, Steve Holford, said that it was vital that those aspiring to start a business were given the greatest chance for success. Commenting on the research he said: ?The fact that so many people are planning to join the market in 2017 is incredibly encouraging. The key is ensuring they have the tools and a support network in place.?

The prospect of more income, greater freedom to take care of children and the draw of ?being your own boss? all factor highly in people?s consideration for becoming an entrepreneur, the data has shown.

Money, however, was shown to be the key issue holding people back from taking a leap and starting their business, with 34 per cent admitting that the prospect of not having a steady income was too daunting. Some 23 per cent of people claimed confusion around tax and liability held them back, whereas 17 per cent believed setting a business would ?take too long?.

Throughout Britain, aspiring entrepreneurs agreed that faster broadband and greater internet connectivity would be the most useful tool when planning a startup.

Flexible working set to increase as commuting becomes unbearable ?

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Fred Heritage was previously deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London.

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