More people starting up business to tackle unemployment, survey shows

More people are choosing to start up their own business to tackle unemployment, according to a survey from AXA.

The research showed that 30 per cent of businesses were created in the past five years as a result of redundancy or long-term unemployment.

Increase

The survey also found that there has been an increase in the number of businesses being created for reasons such as caring duties, disability, and age.

Over 15 per cent of businesses were created by parents to combat the rising cost of childcare, and the number of entrepreneurs aged between 55 and 65 has risen to 25 per cent.  

The majority of respondents (80 per cent) said that they had been taught the skills needed to run a successful business as a result of a life crisis.

Diversity

AXA Business Insurance Managing Director Darrell Sansom commented on the research, stating that entrepreneurs are coming from “a wider diversity of backgrounds than ever before.”

“They’re giving our economy a huge shot in the arm, bringing fresh ideas, creativity and life experience to business. And with the majority telling us they are a success, even at an early-stage, we can certainly see the new style of doing business works,” he said.