Tag Archive | "entrepreneurship"

UK Population “Optimistic” About Entrepreneurship

In a recent study it was revealed that people in the UK were more optimistic about working for themselves, compared to other European countries.

These findings are no doubt going to surprise many experts, who have long been claiming that factors such as Brexit will mean less British people decide to do things like start a business, become a contractor, and get started in the gig economy. Well, according to this study the opposite is true.

Out of those asked, 44% of people in the UK said it was the best country to go down the self employed route, with 57% saying they were optimistic about the economy.

This doesn’t surprise me at all to be honest, because despite all of the negativity we keep hearing about in the news, the reality of the situation is that many Britons are hard working, ambitious, and want to work for themselves…and many won’t let anything stop them.

Sure, Brexit might cause a few problems with the economy, and yes, nothing is ever perfect…but when you are determined to succeed then nothing can stop you, and it seems that many people in the UK have this mindset.

Something tells me we are going to be alright, this nation of ours, as long as entrepreneur’s, small business owners, contractors, freelancers…they all keep pushing forward and don’t let anything or anybody stop them.

What appears to be even more encouraging is that younger people are more interested in becoming their own boss, with 76% of 18 to 24 year olds saying this is their goal. Compare this to 48% of 50 to 64 year olds, and it’s easy to see why UK economy is only going to become stronger, no matter what happens in Europe.

That isn’t to say that everyone is in support of Brexit though, as the study found that many people do have some concerns about becoming isolated from our European neighbours.

For example, 30% wondered about what our access to the single market will be like once Brexit has taken place, which of course, is very important for anyone that wants to do business with a company in Europe.

Of course, we don’t even know for sure exactly how much Britain is going to leave the European Union, so it’s difficult to predict exactly what is going to happen.

Back to the study and it was found that the 2 main reasons for wanting to become self employed were financial success (48%) and freedom and independence (47%).

You know, I hear this a lot from all you contractors, freelancers and gig workers out there…you just want to make a decent amount of money, but most importantly, you want to be your own boss and set your own schedule.

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Being an entrepreneur is better than unemployment

Denise Taylor from amazingpeople.co.uk is urging jobseekers to start up their own limited company instead of spending a long period of unemployment.

The career psychologist said that people looking for employment could put their skills and knowledge to better use by going into business on their own account. She advises her older clients that it looks better on a CV to have six months in business for themselves rather than a huge gap where nothing seems to have happened.

She went on to say that young people are more computer literate than their older counterparts and should be able to utilise those skills to their own advantage.

Ms Taylor made her comments after the Higher Education Statistics Agency published a report showing that 28% of 2007 university graduates took three and a half years to secure a full time position.

If you’re considering starting up your own business you should start planning as soon as possible says Business Link.

Ray Lambe, a Business Link director, said people are often motivated by a topic they have a big interest in or by a skill they have to develop for themselves. However, it’s a big step to set up on your own and very different to being employed by somebody else.

He went on to say that you can never start planning too early. Prospective entrepreneurs should make full use of available resources to aid their decision making and understanding of cash flow and the importance of acquiring new customers.

A recent report from Wickes Tradebuilder revealed that more than 50% of new start ups lost money because customers did not pay them and 75% of those who suffered said they did not take further action.

© 2011 All rights reserved. Reproduction in whole or in part without permission is prohibited.

Image: Villa-Maria by Esther Gibbons

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13% jump in new business start-ups says the Royal Mail

For the six month period beginning March this year, nearly 40,000 new businesses have been launched, a rise of 13% on the previous period, according to a study from the Royal Mail.

The largest number of new start-ups can be found in Sunderland, making up slightly less than 2% of the business population. In the start-up league table, Sunderland leads the way, closely followed by Rotherham and another north-east location, Stockton-on-Tees. The leading Welsh town was Swansea at 1.67% and in Scotland; Aberdeen led the way with 1.28%.

The British Library recently proclaimed the north-east as the most inventive region in the UK. Population wise, the north-east is a third of the size of London and yet proportionately it generates the same amount of patents, design rights and trademarks but with a quarter the amount of research and development investment. The East of England Development Agency later challenged this claim saying that 23% of R&D private sector spending could be attributed to the East of England.

Doug Richard, the Dragons Den investor who founded the School for Start-ups said he was not surprised that there has been an increase in the number of start-ups. The difficult market conditions have led to people becoming more creative and opportunistic. In the past six months there has been increased interest in the School for Start-ups; a sure sign that new companies will follow, he added.

A lot of organisations track start-up activity and they each produce slightly different conclusions due to their method of obtaining data. Barclays Bank, for example, claim there have been many more start-ups because it calculates its figures based on the amount of new business bank accounts opened during the period.

© 2010 All rights reserved. Reproduction in whole or in part without permission is prohibited.

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Is going it alone the answer to unemployment?

The current employment environment should be encouraging entrepreneurship among Britons according to the REC.

The comment follows the 60th birthday of Richard Branson and might inspire more people to become contractors and start working for themselves or through umbrella companies. The REC believes that young people will have a better chance of getting their first foot on the jobs ladder if they look to alternative routes such as self employment. The director of the organisation’s Business Support Unit pointed out that sometimes all it takes is one good, marketable idea.

He went on to add that effective support structures can enhance entrepreneurship and as new businesses expand it is a key driver for the future creation of jobs.

The FSB also agrees and expects that this year will see a record number of people turning to self employment and become freelancers as a direct result of the UK’s high unemployment rate. The national chairman of the Federation, John Walker, said that the low employment rate worries everybody and he expects more people will go it alone and become their own boss. However, on a cautionary note, he warns that anyone setting up on their own needs to be aware on certain tax legislation and he advises limited company contractors to get professional advice from a specialist accountancy service if they are unsure about any aspect of their tax affairs.

Over 55% of the UK’s students think the country does encourage entrepreneurship but 87% think the government should invest more in entrepreneurs to ensure continued job creation.

Richard Branson was only 16 when he started his first business and he is now worth £2.6 billion.

© 2010 All rights reserved. Reproduction in whole or in part without permission is prohibited.

Image: Alone by frielp

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