One in five Brits intends to set up their own business in the next five years, according to research.
In a survey of 1,000 Brits by WebsiteToolTester, almost a fifth (19%) said they plan to set up their own business by 2025, with 23% considering themselves “entrepreneurial”.
Retail, catering and Leisure industries are the hardest to start a new business in, according to Brits, with respondents stating that those industries would be the least welcoming to venture into. This was closely followed by IT and Telecoms and the Finance industry.
However, 40% of respondents felt confident that no industry is harder than another to set up a business in.
Not everyone is as confident though – half (49%) of Brits think that it is risky starting a business in the UK today, with 41% of those surveyed saying that they lack the confidence to start their own business.
Common barriers that may prevent people from setting up a business include age and gender, with 28% of people saying they would set up their own business if they were younger, and 15% if they were older.
When asking specific age groups, 57% of the older generation – 45 and older – said they would start their own business if they were younger, and an incredible 77% of the younger generation – 16 to 44 – said they would start their own business if they were older.
It seems that millennials are regarded as the best age group to start an enterprise, with over half (51%) agreeing that 25 to 34-years-old is the optimum age to start a new venture.
The best age to start a business is 25 or 30 years old according to 19% of Brits.
Furthermore, a quarter of people stated they think it’s harder for women to start a business, and 9% of female respondents revealed that if they were a man, they’d be more likely to take the leap.
These findings reflect the ongoing issues surrounding the gender gap in business owners and entrepreneurship – according to recent government statistics, only one in three UK entrepreneurs is female. This is a gender gap equivalent to 1.1 million missing businesses.
A quarter of Brits would not want to invest their own money if they were to start a new business, with a surprising 22% of respondents saying they think it’s possible to set up a new enterprise without any money at all.
At the other end of the spectrum, one in 20 (6%) said they would need at least between £90,000 and £100,000 to start a new business, and almost half of Brits (46%) think they would need at least £20,000.
However, government-backed schemes such as the Start Up Loan, which offers entrepreneurs in the UK between £500 and £25,000 to help them set up their new businesses, mean that business owners don’t need to have the entirety of their start-up funds to get going.
Robert Brandl, CEO of WebsiteToolTester, said: “It’s great to see that so many people are keen to nurture their inner entrepreneur, with plans to set up their own business in the next five years. While funding and connections help when setting up a new business, a great idea and enthusiasm need to come first!”
“It’s interesting to gain insight into some of the reasons people feel like they can’t set up a business, with age and gender appearing to be key barriers for people.
“More needs to be done so that there is more equality in access to business funding, opportunities and training, so that anyone, regardless of their age, gender or background has a great shot at setting up the business of their dreams.”