By Pernille Bruun Jensen, Managing Director of Intuit UK
In celebration of Global Entrepreneurship Week Intuit UK has launched a YouGov survey to understand the appetite for entrepreneurialism in the UK. The findings reveal that while there continues to be a lack of confidence in the economy, Brits are still keen to set up their own business.
Britain has always been a nation of business enthusiasts and the latest survey findings continue to paint an optimistic picture. Of the 2,120 GB adults surveyed, more than a third (34%) of Brits want to, or have already started their own business and this is up from 32% last year.
However, the findings also reveal that the economic recovery is denting entrepreneurial confidence. More than half (49%) of UK adults agreeing that now is a worse time to set up a business than a year ago and when asked whether they plan to set up a business in the next year, only 12% agreed, this is down from 18% in 2009.
It was also really fascinating to learn the reasons why people are keen to start their own businesses. The most popular reason given was to be their own boss (58%). This was closely followed by being able to reap the rewards of hard work (54%) and making more money (43%). Perhaps unsurprisingly, more men want to set up their own business than woman with only 22% of women saying they want to set up their own business compared to 31% of men.
The survey also asked what was stopping people from turning their business ambitions into reality, and asked what can be done to encourage further entrepreneurialism. According to the findings, the number one barrier is lack of cash (53%), followed by finding the right business idea (38%) and finding the courage (32%).
In order to support start-ups the UK public highlighted a clear call to action for banks. 58% of respondents would like banks to cut loan interest rates for small business and increase lending to small businesses (55%) and 41% of people thought that more tailored products would help small businesses.
The small business community in the UK generates over 50% of national turnover and employ 13.7 million people making it the backbone of the British economy. It is therefore clear that providing British entrepreneurs with better advice and support, including applying for finance and managing cashflow, is needed to give them the courage to take the plunge.
As we look ahead to 2011 it will be very interesting to compare this year’s findings with next year’s, especially to see whether the proposed measures from government and banks to restore confidence in this sector and inspire men and women across the country to start their own small businesses prove successful.
To read the full announcement based on the findings, please visit Small Business Britain community site.
About the survey
All figures, unless otherwise stated, are from YouGov Plc. Total sample size of the 2010 survey was 2,120 GB adults. Fieldwork was undertaken between October 29 and November 1 2010. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
Total sample size of the 2009 survey was 2011 adults. Fieldwork was undertaken between November 6 — 9 2009. The survey was carried out online. The figures have been weighted and are representative of all GB adults (aged 18+).
About Intuit UK
Intuit UK is a leading provider of business and financial management solutions for small organisations and their advisors including accountants and bookkeepers. Intuit’s solutions are based on the simple principle of ease-of-use, backed by the highest levels of service and support. The flagship product QuickBooks is designed to help small businesses succeed through taking the worry out of managing business finances. Intuit works through its QuickBooks ProAdvisor Programme and Intuit Developer Network to partner small businesses nationwide, saving them time so they can focus on running and growing their businesses. Intuit UK is a subsidiary of Intuit Inc. For more information please visit www.intuit.co.uk.