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HomeBusiness StrategiesEntrepreneurshipNew survey reveals the most entrepreneurial regions in the UK

New survey reveals the most entrepreneurial regions in the UK

Have you ever thought about how many people wish to start a business and then don’t? Financial comparison site; Know Your Money wanted to know why, and in a bid to find out, have commissioned a survey to learn more about the UK’s entrepreneurial ambitions.
It seems as though almost half of UK adults (47.6%) have at some point considered starting a business of their own, however, only 1 in 10 people actually commit to their ideas and follow through.
What is interesting is to know why people go against their dreams and decide not to pursue their own business. According to the survey and the responses gathered, the main reason for not going ahead is a lack of personal funds, along with a small percentage of people (3.6%) claiming that there isn’t enough government support given to start-up businesses. Over half of the people (54.7%) between ages 16-24 believe that the government isn’t doing enough to support entrepreneurs.
FSB chairman Mike Cherry said: “Local Enterprise Partnerships and, in England, Growth Hubs, do some good work but awareness of the support they offer, including when it comes to starting up, is not good enough in certain areas. They also need long term funding guarantees to ensure they can properly plan for their future.

Government also needs to foster a more entrepreneurial culture, with larger firms helping smaller counterparts to grow. 

Simplifying the process of complying with regulation, mitigating the impact of rising costs on start-ups and tailoring business support for those thinking about starting a firm, as FSB has done, would go some way to making setting up shop that much easier.” 
When it comes to money, the UK population seemed to underestimate just how much money is needed to start a business of their own, with 67.5% suggesting amounts below the average £68,614, which according to the British Banking Authority (BAA), is the average business loan approved for a small business in the first quarter of 2017.
The survey splits up into regions to determine which were the most entrepreneurial. Greater London came up top with 66.2% of people saying they would consider starting their own business, which was 11% higher than any other region, suggesting that the business hub of the UK is inspiring its residents to get up give entrepreneurship a go.
To find out more about the survey results, you can take a look at this resource page here: https://www.knowyourmoney.co.uk/are-we-a-nation-of-entrepreneurs/

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