The time is now

Recent figures reveal that one in 10 people in the UK plan to start their own business this year, which means that 3.2 million more are expected to be running their own enterprise by this time next year.

According to the study, 25 per cent of Britons aim to become self-employed at some point in their career, with 10 per cent saying they hope to make the move this year, while a further 30 per cent claim they want to do so but do not have any concrete plans at present.

The main reason for striking out on their own is to have a better work/life balance, as cited by 52 per cent.  Meanwhile, 51 per cent said they wanted to choose what they work at, 37 per cent wanted to earn more money and 36 per cent and 35 per cent respectively wanted to follow their passion and have a greater sense of achievement.

Interestingly, more women than men plan to start a business this year, at 11 per cent compared with 8 per cent.

Younger people are also keen on becoming entrepreneurs, with 67 per cent of working 18 to 24-year-olds saying they plan to have their own business at some point compared with only 41 per cent of the over 55s.

Commenting on the study, one commentator said that it is interesting to see that working fewer hours does not motivate many people keen to become their own boss, indicating that would-be entrepreneurs evidently understand the time commitments necessary to build a successful business.

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