Barclays Survey Reveals Drivers Behind Entrepreneurship

The UK's small business owners are mostly driven by a desire to be their own boss, a new survey from Barclays has found.

The poll revealed that 54% of small business entrepreneurs are most attracted to the idea of working for themselves, particularly among the 55+ and 35 to 55 age groups.

One in five said they were motivated by a redundancy from a previous job, with men twice as likely to cite this reason as women. Others said the desire to turn a hobby into a business (16%) or to follow a childhood dream (11%), was the most important driver to them.

"January is a popular time for new business plans to be made, and many making new year's resolutions may decide to take the plunge and start their own business," said Rebecca McNeil, Managing Director for Business Lending and Enterprise at Barclays.

She added that the survey also revealed a growing number of women starting a business after having children, showing a shift away from the perceived security of traditional employment.

Expert Opinion

As this report highlights, the New Year is an ideal time for people to think about the future and ultimately making a fresh start in their personal or working lives. <br/> <br/>"There are many reasons why people choose to start their own business, but the one issue that they have in common is that they should not go it alone when getting started. Advice is key to getting things right from the off and entrepreneurs need to have a support network to help them through all aspects. Legal advice is a vital part of the mix, with lawyers being able to advise on key recruitment, real estate and regulatory issues." Fergal Dowling - Partner