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Record amount of people starting up their own business

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A recent report has revealed that there are more people expected to start their own limited company or become self-employed in the future.

The latest research, which was carried out by Aston Business School, has found that the freelance lifestyle has become a popular choice, as 20 per cent of the working age population were thinking of either setting up their own business in the next three years, were actively trying to start a business, or were running their own business.

The Global Entrepreneurship Monitor Report highlighted that this is the highest percentage since recording began in 1999.

The proportion of working age adults actively trying to start a business who were not already running another business rose from 2.9% to 4.1% in 2011, while a further 6.8% expected to start a business in the next three years, up from 4.6% in 2010.

Professor Jonathan Levie of Aston Business School comented, “After the recovery in people’s entrepreneurial attitudes in 2010, we have seen a real increase in intentions and start-up attempts in 2011.

“While necessity-driven start-up attempts increased significantly, they comprised less than 15% of all start-up attempts in 2011. Even in a continued recession, most entrepreneurs in the UK start up because they spot an opportunity.”

Professor Mark Hart, also of Aston Business School, added, “The growth of early-stage entrepreneurial activity among young adults in Wales is particularly striking.

“Since 2002, the proportion of people aged between 18 and 29 in Wales grew steadily from 3.4% in 2002 to a remarkable 9.7% in 2011. Is it a coincidence that the Welsh Government has had a comprehensive set of entrepreneurship policies aimed at young people throughout that time period?”

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