Stats show entrepreneurial drive higher than ever
With COVID-19 curtailing our expectations of the business world once again, it might be a surprise to learn that the entrepreneurial drive is higher than ever. Young people in the modern day and age, within the millennial generation, have opened up twice as many businesses as the generations that came before them, with many sectors flourishing as a result.
These sectors include: Music and Arts, Food and Beverage, and even the Retail sector – all of which have made more money thanks to this entrepreneurial input, as there are clearly many benefits to running your own company that the millennial generation understand better than any that have come before.
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The benefits to being self employed
With 15% of the entire UK workforce being self employed, there’s got to be some clear and overreaching benefits to turning away from the traditional workplace. And indeed, there are various benefits to being self employed. Cited as being the number one reason, being able to be your own boss, and make all the decisions yourself, is the defining factor behind why they started their own business in the first place.
But a lot of people quote the relative flexibility, and the work life balance, as being the number one reason as to why they believed entrepreneurship was the career path for them.
There’s at least one company founded per minute in the UK, adding up to an average 672,890 businesses per year, as was seen in 2019. Even with these numbers showing just how popular entrepreneurship is already, a further 64% of the UK workforce have the dream to open up their own business, which shows the entrepreneurial spirit is catching on, more so than ever before.
The success rates of starting your own business
Following on from this, it’s important to take a look at the startup success rates. First, there are varying success rates to starting a business of your own. Indeed, depending on where you are in the world, you may find more success than most. In 2018, the UK was named by Forbes as the best place to start a business, and in 2017, 89% of all businesses founded that year survived the first 12 months at least.
Because of these success rates, there’s a lot more out there to feed the economy at large. For example, more and more insurance companies are seeing the chance to make big money here. With many varying types of insurance on the market, including insurance for business consultants (and seeing as 80% of UK businesses hire consultants, this is a booming market in itself), entrepreneurs have a much bigger chance of breaking into a sector than ever before, and keeping themselves covered whilst they’re at it.
With the stats of a report like this so clear, it’s on show that the entrepreneurial drive is alive and well, and when it comes to starting a new business, millennials are more likely to take up the helm than anyone before them.
