- 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.”