Skip to main content

London 'UK's budding entrepreneur hotspot'

Paystream News

Paystream

Tuesday 29th May, 2018

London is the place in the UK home to the highest proportion of budding entrepreneurs, suggesting that the capital could be set to see an increase in limited company contractors in the near future.

According to research carried out by financial comparison site Know Your Money, over two-thirds (66.2 per cent) of workers in London are considering working for themselves one day, with 41.7 per cent motivated by the desire to become their own boss.

After London, the north-east of England was named the next most entrepreneurial region, with 55 per cent of its residents dreaming of working for themselves, followed by the West Midlands (49 per cent), the south-west (48.9 per cent) and Yorkshire and the Humber (46 per cent).

Throughout the UK as a whole, almost half (47.6 per cent) of workers were found to have entrepreneurial ambitions, with this rising to 64.8 per cent for those aged between 16 and 24. This trend is increasingly being seen among younger workers, as more members of this generation want to be able to work flexibly, which contracting and freelancing both allow.

Budding entrepreneurs said they were most inspired by Sir Richard Branson, but 40 per cent felt there was more that the government could do to support people like them who were interested in setting up their own business venture.

Overall, survey respondents cited innovative thinking, intelligence and creativity as the three most important traits for aspiring limited company contractors to have. Money came much further down on the list, with 18.5 per cent of those questioned believing that a successful business can be set up with very little finance.

John Ellmore, Director of Know Your Money, commented: "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."