When it comes to starting a business, women under 35 appear to have the magic touch, as they are more likely to succeed than their male counterparts, according to new research.
New start-ups run by those under 35 are three times less likely to make a loss than those ran by over 55s, whilst just 3% of businesses owned by under 35-year-olds are currently running to a loss compared to 9% for those aged over 55.
The research, by Microsoft 365, also indicated that women are currently doing a better job of keeping their young businesses afloat than men, as just 2% of businesses ran by women said they were making a loss compared to 8% for men.
Geographically, Bristol was found to be the most successful place for starting a business, as 86% of businesses in the study are currently recording a healthy profit according to the data, indicating that the formula for success for launching a business today is to have a female owner, aged under 35 and based in Bristol.
Ashley Asdourian, Microsoft’s Office 365 Lead said: “It is inspiring to see young people throughout Britain leading the charge in launching successful new start-ups. The study clearly demonstrates a fierce competition and drive to get ahead among younger people, which makes me excited for the future. At Microsoft, our aim is to help provide these people with both the insights and the technology they need in order to fill their future career aspirations.”
The research, which questioned 250 people who currently aspire to own their own business, revealed that despite the success many under 35s enjoy from their business ventures, their younger age sees more of them stalling their business idea due to a lack funds (55%), general financial risk (35%), lack of experience (23%) and not knowing where to start (21%). In the face of this, surprisingly still only 18% of those wanting to start a new business think having a mentor is important.
When it comes to motivations, half (50%) said they started their business because they wanted to be their own boss, while for 38%, it was the opportunity to work more flexibly that it presented.
Bianca Miller, apprentice finalist and founder of ‘The Be Group’ & ‘Bianca Miller London’, said: “It’s so exciting to see so many young people full of ideas and with an ambition to set up their own business. I’ve always had an entrepreneurial spirit and I can really pinpoint those lightbulb moments where I was spurred on to make an idea a reality or given the guidance that made all the difference to my business developing.
“I know how confusing and nerve-wracking taking that first step can be. The advice I’ve been sharing has played a major role in not just my ability to run my businesses but also in my confidence to just go for it. I really want to be able to do the same thing for other young budding entrepreneurs.”