UK Enterpriseurship Boom sees two-thirds of young women planning to start a business
Britain is on the cusp of business planning that can re-employ workers and inject billions into the economy, according to new research which reveals that one in ten adults plan to start a business in the next year, the equivalent of more than five million people.
The findings, published in the inaugural report Entrepreneurship from the Block and Community First, paint a picture of a UK powered by private equity, side-hustles and digital startups. This report warns, however, that outdated financial systems and the lack of modern tools pose a great risk to the financial world.
The report suggests that the country’s startup culture is dominated by young adults. Two thirds (67%) of 18-34 year olds say they are thinking of, or have an active desire to, start a business, compared to the national average of 40%. Nearly two-fifths (38%) of young adults have already launched a small business or side business.
Side-Humpul is fast becoming a mainstay of the UK economy with 15% of Brits already working alone and 13% doing extra work, such as looking after children or supporting their income.
Ethnic minorities are playing a significant role in the shift, with 25% currently co-working and 23% planning to start a business within 12 months.
But gender segregation remains. While almost a third of young women (29%) have already started a business or side business, this rises to 42% among young men.
Only one in five pustlers said they were not interested in turning their idea into a full-time job – a sign that a new generation of entrepreneurs could be waiting in the wings.
But access to finance remains the biggest barrier with 37% saying better access to finance would help them grow, followed by improved tools and technology (30%) and marketing support (30%).
The report also highlights the economic failure of $ 4bn in the loan market: More than 50,000 SMSes run out of loans every year, despite low interest rates. Meeting this demand, the report says, could unlock £7.4bn of additional economic output.
John O’Beire, CEO of SquareP International, said that the findings reveal a hidden system in critical research, but many entrepreneurs find and founders just face them, managing the flow of business, managing cash flow and investing and investing in growth. “
Research shows the early success of non-traditional financing models such as sales-linked financing. More than half of the Square merchants surveyed said accessing funds through Square was easier than through banks.
Meanwhile, today’s payment solutions are proving a change.
The latest Buy Now, Pay tools have helped generate £6.6BN in additional sales by 2024, according to the report.
Rich Bayer, CEO at Celepay, says even a marginal increase in productivity can make a seismic difference: “If only 1% of other SMEs grow money faster than the headcount, it has a great opportunity for the UK.”
‘I started as a hobby baker – now it’s my full-time business’
Among those driving the boom is founder Gaya Varaika of Gaya Bakery, which turned a locksmith’s passion into a thriving patisserie.
“Baking started as a creative outlet when I was working in finance – but the demand quickly grew,” she said.
“Our online store has been instrumental in that growth. But using the store has its own magic. Customers walk in, smell the freshly baked cakes – that human connection can’t be healed online.”
As business appetite intensifies, research makes one thing clear: the UK is on the edge. Get money and finance digital tools, and Britain can usher in a new era of growth powered by small, creative, self-help businesses. Get it wrong, and a generation of talent crashes through the cracks.
