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A quarter of Brits launch a business during their lifetime

Lily Canter
·2-min read
The biggest challenge to entrepreneurs is the lack of access to capital says a new report. Credit: Getty.
The biggest challenge to entrepreneurs is the lack of access to capital says a new report. Credit: Getty.

Some 23% of Brits have launched their own business and a further one in six plan to launch one in the future according to new data.

The level of entrepreneurialism in the UK, which sees Wales at the bottom of the table at 13%, has been revealed by the inaugural Coutts UK Entrepreneur Index.

Northern Ireland is home to more entrepreneurs than any other region in the UK with 34% of residents stating their have set up a business during their lifetime.

Position

Region

% of Entrepreneurs

1

Northern Ireland

34%

2

Yorkshire & Humberside

32%

3

London

30%

4

East of England

24%

5

South West

23%

6

South East

23%

7

Scotland

21%

8

East Midlands

19%

9

North East

18%

10

West Midlands

18%

11

North West

17%

12

Wales

13%

Chart: Coutts

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The biggest challenge to entrepreneurs is the lack of access to capital and struggles with financial security.

A quarter of those polled said not knowing how to launch a business was a major challenge, with one in five lacking the confidence to launch their dream business.

The report highlighted that 10% of British entrepreneurs admitted a lack of role models held them back from launching their business — something that was more prominent for those aged 18 to 34, where the figure jumped to 20%.

Younger entrepreneurs were also more impacted by criticism, with this being listed as a reason for their business launch being held back for 22% of respondents, compared to a 12% average.

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“Entrepreneurs have long been a central part of not just the British economy, but our culture and identity,” said Greg Kyle-Langley, head of entrepreneurs at Coutts.

“Starting and scaling a business of your own is exciting and enormously empowering. It’s also scary for many because it’s definitely not the safe option — but that’s the point,” he added.

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