Serial entrepreneurs key to success of UK economy
Serial entrepreneurs are the central to the success of the UK economy, according to a report from Coutts and the Centre for Entrepreneurs (CFE).
The report, titled “Beyond the first business: the myths, risks and rewards of being a serial entrepreneur”, showed the differences between one-time entrepreneurs and serial entrepreneurs.
The report found that individuals are now starting up a business at a younger age, with over 50 per cent having set up their own business by the age of 25, compared to 23 per cent of individuals aged 35 and above.
Younger entrepreneurs were found to be more impatient to exit their business, with 63 per cent planning to leave the business within the next five years, compared to 46 per cent of individuals aged 35 and over.
The report also listed the main motivation for serial and one-time entrepreneurs, with 90 per cent stating business growth as their main motivation, 79 per cent interacting with people and 73 per cent contributing to society.
Serial entrepreneurs were found to have more confidence, with just 13 per cent saying that they are afraid of failure, compared to 40 per cent of one-time entrepreneurs.
Coutts Managing Director – England and Wales, Dylan Williams, commented on the findings, stating that entrepreneurs are starting businesses younger and have “faster expectations” to sell ,and that these factors, along with longer life expectancy, means that there is a “new breed” of serial entrepreneurs.
He added that more of these “seasoned business owners” are investing in and mentoring a portfolio of companies rather than starting businesses from scratch.
“There is huge untapped potential for serial entrepreneurship and the role of experience seems invaluable to success. Unlocking that further could provide significant economic benefits,” he said.