Our website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.
Home Business 2.6 MILLION BRITS PLAN TO LAUNCH NEW BUSINESS BY 2023
dd

2.6 MILLION BRITS PLAN TO LAUNCH NEW BUSINESS BY 2023

by Wanda Rich
0 comments
  • Global higher edtech upGrad announces plans for entrepreneurship programme to support UK’s ambitious new business owners
  • Start-up boom on the horizon with 2.6 million Brits on track to launch a business in the next two years
  • Appetite for new business creation motivated by desire for greater freedom, autonomy, and passion for an idea
  • 68 per cent of budding entrepreneurs already in full-time employment

The number of UK entrepreneurs is set to explode as new data shows more than 2.6 million Brits under the age of 40 plan to start a new business in the new two years. 

The research, commissioned by global higher edtech company upGrad, reveals an ambitious 60 per cent – representing more than 1.5 million – plan to launch their business in the next 12 months. 

The top three motivations for starting a new business are cited as seeking greater freedom and autonomy (66 per cent), genuine passion for a new idea (56 per cent) and wealth generation (50 per cent). This was closely followed by the desire to take on a new challenge and solve problems (46 per cent). 

In contrast, only 18 per cent note job loss or furlough as a reason for starting a new business. 

Commenting on the results, Ronnie Screwvala, Co-founder and Chairman of upGrad, said: “These results show that ‘necessity’ is no longer a primary driver of new business creation. 68 per cent of our survey respondents are in full-term employment, indicating the UK’s entrepreneurial spirit is borne out of a genuine passion for business. This is an exciting prospect, but we must exercise caution. To help these businesses succeed, we need to equip our entrepreneurs with the right skills. As an entrepreneur myself, who has been at the sharp end of a failed business more than once, I know just how important this is.” 

The top three challenges preventing people from starting their own business, or never doing so, are lack of funds (61 per cent), knowledge (42 per cent) and feeling uncomfortable with the risks involved (41 per cent). 

The research also revealed the key skills entrepreneurs and start-up business owners feel are the most important to learn in order to successfully launch or run your own business include marketing (38 per cent), financial management (37 per cent), sales (32 per cent), and networking (29 per cent). 

To help address this, upGrad has announced plans for a new entrepreneurship programme. The programme, which has been built using these key insights, will provide new business owners with the knowledge, tools, and confidence to get their ideas off the ground. 

With a structured methodology focussed on business building, participants will take part in hands-on new business sprints, benefit from the advice and guidance of a network of founders and mentors and gain access to lifetime support, which includes playbooks and resources. 

Ronnie Screwvala concludes: “We know that new business owners need support when it comes to developing certain proficiencies. Building our programme around the specific needs of UK entrepreneurs, and teaming this with real-world scenarios and expert guidance for life, will help even more fledgling businesses make it past that vital three-year point.”

Recent Post