Young Brits drive UK's entrepreneurship boom as two-thirds plan to work for themselves

"Britain is on the cusp of an entrepreneurship surge that could reshape the workforce and inject billions into the economy, according to new research revealing that one in ten adults plans to start a business within the next year, the equivalent of more than 5 million people. The findings, published in the Entrepreneurship Revolution report from Block and Public First, paint a picture of a UK increasingly powered by independent enterprise, side-hustles and digital-first microbusinesses."

"The report suggests the country's startup culture is being fuelled overwhelmingly by younger adults. Two-thirds (67%) of 18-34-year-olds say they are considering, or actively interested in, starting a business, compared with the national average of 40%. Nearly two in five (38%) young adults have already launched a small business or side-hustle. Side-hustles are fast becoming a pillar of the UK economy with 15% of Brits already running one and 13% doing additional work, such as tutoring or childcare, to supplement their income."

One in ten adults in Britain plans to start a business within the next year, equivalent to over 5 million people. Independent enterprise, side-hustles and digital-first microbusinesses are increasingly powering the economy. Younger adults lead the trend: 67% of 18–34-year-olds are considering or interested in starting a business, and 38% have already launched a small business or side-hustle. Side-hustles are common, with 15% running one and 13% doing additional paid work to supplement income. Ethnic minorities show strong participation, while access to finance, tools and marketing remain the main barriers and over 50,000 viable SMEs are rejected for loans each year, an estimated £4bn shortfall.

Read at Business Matters