NEW STUDY: 85% of UK Workers Want to Start their Own Business
- Almost one in five of these workers (18%) plan to start their business in 2022
- Millennials are the most likely to want to start their own business
UKbusiness founders are concerned about the current business environment and are shifting their priorities to focus on profitability
- 85 percent of
UKworkers want to start their own business; 18 percent of these plan to do so by the end of 2022, and 62 percent plan to do so in the next two years.
- More millennials want to start their own business than people in any other individual generation, with 40 percent of
UKworkers that plan to start a business being 25-34 years old.
- 25 percent of
UKworkers believe a side hustle is the first step to setting up their own business, 35 percent already have a side hustle, and 47 percent are considering embarking on one.
- The top three reasons
UKworkers want to start their own business are to become their own boss (54 percent), gain more control over their lives (44 percent), and become wealthier (35 percent).
- Current economic conditions are stalling the plans of some future entrepreneurs, with 31 percent stating they don't want to start a business now due to rising inflation, and 23 percent delaying due to a possible recession.
Growing interest in starting a business comes at a time when existing
UKbusiness founders are concerned about the current business environment, with rising inflation (88 percent), a possible recession (83 percent), geopolitical events (67 percent), and supply chain disruption (66 percent) the top worries.
- To address these challenges, founders noted that they have shifted their 2022 priorities and are focused on improving profitability (45 percent), increasing revenue (41 percent), and managing costs (30 percent).
- In addition to adapting to a difficult business environment, 79 percent of
UKbusiness founders admitted that starting a business is more challenging than they initially expected.
- To be successful, 91 percent of
UKbusiness founders said they have had to develop new skills since starting their own business. The top three skills business founders have had to learn are customer relations (56 percent), marketing and communications (49 percent), and financial and accounting practices (45 percent).
Current and future
Cloud technology is helping founders navigate a changing economic environment and grow their businesses.
- 64 percent of
UKbusiness founders say technology is essential for running their business and 98 percent of future founders believe technology will play a key role in the success of their business.
UKbusiness founders are using cloud technology to navigate economic challenges and overcome skill gaps, and 87 percent of founders using cloud technologies are seeing the benefits.
- 75 percent of
UKbusiness founders using cloud computing said they grew their business in 2021. The top three benefits they attribute to cloud computing were being able to run their business remotely (38 percent), connecting data for an accurate view of the business (27 percent), and conducting accurate financial reporting (25 percent).
- In addition,
UKbusiness founders using cloud technologies believe they can effectively grow their go-to-market channels (63 percent) and expand internationally (58 percent).
"It's inspiring that the culture of entrepreneurism that the
"With so many people making the transition from corporate roles to life as an entrepreneur, all 'workers' could be viewed as potential founders," said
Learn more about the new research findings – State of Entrepreneurship Report: How Founders Are Adapting and Succeeding.
Research findings are based on a survey conducted by
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