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The Great British dream? Owning a business

by LLB Reporter
25th Oct 16 9:35 am

New research shows

Three quarters of British workers dream of running their own business one day, according to new research from St. James’s Place Academy, the training and development arm of the FTSE100 financial services company.

In total 78 per cent of men and 73 per cent of women aged 25-55 surveyed by Opinium for St. James’s Place Academy said they had dreams of becoming an entrepreneur.

In terms of the most attractive things about running a business, 51 per cent of respondents thought that having more control/setting their own hours would be the best thing. A further 21 per cent thought that better job satisfaction would result, 15 per cent believe they could increase their earnings and 11 per cent like the idea of working from wherever they like.

Adrian Batchelor, Academy Director at St. James’s Place Academy, said:

“It’s also great news to see women and men equally enthusiastic about the prospect of running their own businesses – indeed, the entrepreneurial vision seems to be something that unites the sexes rather than dividing them.”

Other significant findings of the research include:

Younger workers (those aged between 18-35) are more predisposed to the entrepreneurial dream (82 per cent) than older people in employment (compared to the 58 per cent of those aged 55+ who expressed a desire to run their own business);

Londoners are the most entrepreneurially-minded (81 per cent want to run their own business) while the Scottish are the least (69 per cent);

Employees working in advertising/marketing are the most entrepreneurially-minded (89 per cent) while those in the public sector are the least (68 per cent);

85 per cent of higher earners (those on £70k+) want to set up their own business vs 71 per cent of those earning less than £20k.

When it comes to perceptions of what might be the hardest thing about running a business, men and women slightly differed. A significant minority of women think that managing the finances would be the hardest thing (30 per cent) compared to the 38 per cent of men who think attracting customers would be the toughest challenge. Roughly equal numbers of men and women thought that long hours (19%) and stress (16.5%) would be the hardest thing to deal with.

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