Coutts UK Entrepreneur Index reveals what drives entrepreneurs to start their own businesses
by Startacus Admin
CUEI release their latest findings outlining the level of entrepreneurialism in the UK and the desires and barriers faced by those starting a business...
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Coutts, the wealth manager and private bank, has just released the latest findings of the inaugural Coutts UK Entrepreneur Index (CUEI) which outlines the level of entrepreneurialism in the UK as well as the desires and barriers that they have faced when starting their business.
The CUEI has already revealed that one in four people in the UK have launched their own business, meaning they can officially call themselves an entrepreneur and it has also revealed what the drivers are behind those entrepreneurs making that decision.
Indeed, for British entrepreneurs, the flexibility to work for oneself was the number one factor, with 52% declaring so. The same figure (52%) also said they wanted their business to be a truly interesting place to work. 34% were attracted to the possible financial reward and 25% simply wanted to build something from scratch.
It was also clear that launching one’s own business is also an opportunity for many to do something for their society or community. 33% declared that it is important to them that their business has a positive impact on society, 21% said that they wanted it to create jobs and 17% wanted their business to be diverse.
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Interestingly, Coutts found that more female entrepreneurs wanted their business to have a positive impact on society than their male counterparts and more women also found the idea of simply doing something more interesting a bigger driver than men .
The CUEI also compared the different sentiments of the UK’s entrepreneurs depending on their age, with some fascinating insights coming to light. More younger entrepreneurs, those aged between 18-34, for instance, wanted their business to have a positive impact on society than their senior counterparts - 43% of Britain’s younger entrepreneurs stated so. More younger entrepreneurs were attracted to starting their own business in order to build something for future generations whilst the desire to do something or work somewhere genuinely interesting was the biggest driver for those aged 55+.
Commenting on the findings, Greg Kyle-Langley, Head of Entrepreneurs at Coutts, said: “While entrepreneurs have a number of reasons for starting up, they all share a recognition of the power of enterprise to change lives – whether their own, their family’s, or the broader community. What is encouraging to see is that here in the UK, there is a huge appetite to launch a business. To do so in the face of a global pandemic shows just how passionate, adventurous and powerful enterprise can be. It is our view that no matter what happens now or in the near future, it will be enterprise that helps rebuild the economy and we’re excited to see so many entrepreneurs ready to do what they can.”
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Published on: 28th October 2020
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