More than a third of Britain’s small and medium-sized business owners say they fell into entrepreneurship by accident, new research suggests.
A survey of 1,000 entrepreneurs commissioned by Santander UK found 35 per cent described themselves as “accidental” business owners, while 62 per cent had no previous experience in their chosen industry when they started out.
Rather than pursuing a long-held ambition to become an entrepreneur, many said circumstances pushed them towards setting up on their own.
The most common motivation was the need for greater flexibility, cited by 34 per cent, followed by a desire for financial independence at 25 per cent.
Being out of work or made redundant was a factor for 21 per cent, while the same proportion said they had turned a side hustle into a full-time business.
Other triggers included spotting a gap in the market, being ready to take a risk and wanting to become more self-reliant.
The findings come amid continued growth in new company formations. Some 79,325 businesses were registered in the second quarter of 2026, according to figures cited by Santander, up 2.2 per cent on the same period last year.
But making the leap into entrepreneurship can involve a steep learning curve.
Nearly four in 10 business owners surveyed – 39 per cent – said they did not understand the basics of running a company when they started, while 79 per cent said they learned almost everything on the job.
Six in 10 said the reality of owning a business had proved harder than expected, with the same proportion reporting that day-to-day tasks became more complex as their companies grew.
The research also points to continued demand for practical support. Some 71 per cent of respondents wished they had more tools and assistance to help grow their business, with networking, cash-flow management and long-term growth planning among the most commonly cited needs.
Meanwhile, 81 per cent said they valued having someone to talk to when navigating difficult business situations, and 83 per cent said they valued human guidance over relying solely on digital tools.
The study was released alongside the 2026 Santander X UK Awards, which provide entrepreneurs with a share of £150,000 in equity-free funding.
Olimera Therapeutics, a technology and biotechnology company developing treatments targeting incurable diseases including Parkinson’s, won the University category.
Wearable medical device company Peripear took the Startup award for its work on a device designed to minimise tearing during childbirth, while Think for the Future won the SME category for its school inclusion centres aimed at improving pupil behaviour, resilience and engagement.
Puja Patel, head of strategic programmes and universities at Santander UK, said the research showed there was no single route into entrepreneurship.
“Our research shows that the UK is a nation of innovators and entrepreneurs, with more than a third of business owners describing themselves as ‘accidental entrepreneurs’ who never planned to start their own business,” she said.
“Whatever their route into entrepreneurship, having the right support, skills and connections can make a crucial difference.”