London named the UK’s most entrepreneurial region

A study from financial comparison website Know Your Money has revealed that London is the UK’s most entrepreneurial region, with 66.2% of London-based respondents considering starting their own business.

The study found that 47.6% of UK adults want to set up their own business, with this figure increasing to 64.8% for those between the ages of 16 to 24.

Rewards

The survey revealed the top reasons for people wanting to set up their own business, with being your own boss topping the list at 41.7%, followed by potential financial rewards at 33%.

Richard Branson was found to be the most favoured entrepreneur in the UK, while innovative thinking, creativity and intelligence were cited as the top three traits for entrepreneurs.

The study also found that UK adults want more support when it comes to starting their own business, with more than 40% calling for more government support for entrepreneurs, while 18.5% of respondents believe that setting up a business can be achieved without any money.

Refreshing

Commenting on the study, John Ellmore, director of Know Your Money, said: “The UK has produced some of the world’s most successful businesses, so it’s refreshing to see that there is still that veracious appetite for business endeavour amongst the UK population.”

He stated that while wanting to become their own boss is a common goal for people, many entrepreneurs are unable to follow these ambitions, with a lack of personal funds being the main barrier for many. He added that there are plenty of alternative funding avenues, from grants to business loans, that can get businesses started.