• Privacy policy
  • T&C’s
  • About Us
    • FAQ
    • Meet the Team
  • Contact us
TLE ONLINE SHOP!
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
SUPPORT THE LONDON ECONOMIC
NEWSLETTER
  • TLE
  • News
  • Politics
  • Business
  • Sport
  • Opinion
  • Elevenses
  • Entertainment
    • All Entertainment
    • Film
    • Lifestyle
      • Horoscopes
    • Lottery Results
      • Lotto
      • Thunderball
      • Set For Life
      • EuroMillions
  • Food
    • All Food
    • Recipes
  • Property
  • Travel
  • Tech/Auto
  • JOBS
No Result
View All Result
The London Economic
No Result
View All Result
Home Business and Economics Business

Young people more likely to set up their own small business “than any other age group”

Young people are now more likely to set up their own small business than any other age group. According to new research almost 69 per cent of new businesses set up in the past five years were started by those aged between 18-34. And 27 is the age Brits are most likely to take the […]

Jack Peat by Jack Peat
2018-03-15 08:24
in Business, News
FacebookTwitterLinkedinEmailWhatsapp

Young people are now more likely to set up their own small business than any other age group.

According to new research almost 69 per cent of new businesses set up in the past five years were started by those aged between 18-34.

And 27 is the age Brits are most likely to take the risk of starting a company by themselves.

Gary Turner, MD and co-founder of Xero, which carried out the study, said: “Small business owners don’t always have an easy run of it.

”But, despite this, every day I see just how passionate and eager they are to turn their dreams into realities.

“While this passion is fantastic, it will only get you so far.

“We know that survival rates of small businesses with watertight business plans and the right processes are far greater than those who fail to put the right provisions in place – so it would be a huge shame to see this enthusiasm go to waste.”

RelatedPosts

Watch: ‘Moving to tears’ as EU flag brought into Ukranian Parliament ‘to stay’

Does Sue Perkins’ NSFW comment about ‘the government’ chime with you?

Watch: Turkish president scares PM but is it due to poem Johnson wrote about him?

Metropolitan Police officers sacked over ‘abhorrent and discriminatory’ messages

The study also found nine in 10 small business owners say setting up shop is one of the accomplishments they are most proud of, with 48 per cent likening it to the buzz of buying a first home.

When asked what the best thing about setting up their own business was, 51 per cent said being their own boss, 38 per cent like being able to control their work life balance and 38 per cent enjoy being able to get things done the way they want them to.

Overall, 82 per cent of small business owners said they are now running the business they always dreamed of.

However, setting up your own company is not without its risks, with only four in 10 businesses reaching their fifth birthday.

And 20 per cent of startups launch without a fully fledged business plan.

The insight comes as a previous report from Xero found that just 14 per cent of failed small businesses used software to manage their finances compared to 58 per cent of successful business owners.

While only 20 per cent of failed small businesses spent money on marketing campaigns versus 49 per cent of those who have succeeded.

Small businesses named making the right hires, the inability to switch off and late payments as their biggest barriers to success.

The concern around hiring has even led to 85 per cent resorting to enlisting friends or family to work for their business.

Yet despite the stresses and strains of owning your own business, today’s small business owners put a priority on work life balance – as eight in 10 say they ‘work to live’ rather than ‘live to work’.

The ability to be adaptable, putting accounting support in place from day one, and networking with inspiring people and peers were the three pieces of advice small business owners wish they’d been given when they started out.

Respondents named Bill Gates, and homegrown talent Richard Branson and James Dyson as the three living business icons they most look up to – beating US Business tycoons Donald Trump and Elon Musk.

RELATED 

https://www.thelondoneconomic.com/news/research-unearths-shocking-stories-of-london-business-owners-forced-out-of-their-premises-because-of-spiralling-rents/12/03/

Since you are here

Since you are here, we wanted to ask for your help.

Journalism in Britain is under threat. The government is becoming increasingly authoritarian and our media is run by a handful of billionaires, most of whom reside overseas and all of them have strong political allegiances and financial motivations.

Our mission is to hold the powerful to account. It is vital that free media is allowed to exist to expose hypocrisy, corruption, wrongdoing and abuse of power. But we can't do it without you.

If you can afford to contribute a small donation to the site it will help us to continue our work in the best interests of the public. We only ask you to donate what you can afford, with an option to cancel your subscription at any point.

To donate or subscribe to The London Economic, click here.

The TLE shop is also now open, with all profits going to supporting our work.

The shop can be found here.

You can also SUBSCRIBE TO OUR NEWSLETTER .

Subscribe to our Newsletter

View our  Privacy Policy and Terms & Conditions

Trending on TLE

  • All
  • trending
Abdollah

‘Rescue us’: Afghan teacher begs UK to help him escape Taliban

CHOMSKY: “If Corbyn had been elected, Britain would be pursuing a much more sane course”

What If We Got Rid Of Prisons?

More from TLE

University students forced to waste £1bn on empty accommodation

Marcus Rashford subjected to racial abuse following Arsenal game

Asylum seeker with leukaemia living at scandal-hit Barracks as Covid spread through site

Forgotten Film Friday: Overlord (1975)

Boris Johnson says no-deal Brexit ‘very, very likely’

Police kill man after shooting him “numerous times” on M5 motorway

Jeremy Corbyn attacked for celebrating Passover with Jews – but apparently Jewdas are the wrong sort of Jews

Wetherspoons heaviest loss on record & sympathy – like everything else – is in short supply

Gun-toting carjacker who robbed string of women drivers is jailed

Tory donor helped secure £100m PPE contract for firm he advises

JOBS

FIND MORE JOBS

About Us

TheLondonEconomic.com – Open, accessible and accountable news, sport, culture and lifestyle.

Read more

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.




No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Entertainment
  • Lifestyle
  • Food
  • Travel
  • JOBS
  • More…
    • Elevenses
    • Opinion
    • Property
    • Tech & Auto
  • About Us
    • Meet the Team
    • Privacy policy
  • Contact us

© 2019 thelondoneconomic.com - TLE, International House, 24 Holborn Viaduct, London EC1A 2BN. All Rights Reserved.