Some 37 per cent of UK entrepreneurs have turned their hobbies and passion projects into successful enterprises, research finds.
A study by Weebly also finds that almost 90 per cent of entrepreneurs think Britain is a good place to start a business and feel confident about the future.
A potential Brexit from the EU and recent uncertainties in the Asian stock market unleashing fears of a new global recession are not worrying the UK’s new generation of entrepreneurs, with almost 80 per cent of those interviewed feeling optimistic about the future of small businesses in the UK over the next five years.
The survey, which also explores the fabric of the entrepreneurial community, shows that women now make up more than 45 per cent of the UK’s new breed of entrepreneurs.
Although Millennials and Generation X are the largest demographic of the UK’s entrepreneurial community, at 31 per cent and 38 per cent respectively, a growing number of Baby Boomers (19 per cent) are giving up retirement and opting for a second career, starting up their own business.
Even teenagers are keen to start up, with 11 per cent of 13 to 17 year olds claiming to have launched a hobby or business site in the UK.
A strong and growing interest in launching small enterprises has spread across the nation’s biggest cities with Birmingham, Bristol, Edinburgh, Glasgow, Leeds, Liverpool, London and Manchester identified as the fastest growing UK’s entrepreneurial hotbeds.
Providing evidence that digital technologies are fuelling the UK’s entrepreneurial ecosystem and helping people turn their interests into a viable career path, the study highlights that more than 37 per cent of respondents have started their enterprise as a passion project, which they managed to transform into a successful business and a full-time job.
And once entrepreneurs savour some sort of success with their start-up, the study finds that almost 45 per cent of them put revenues back into their business to support growth plans.
The survey also debunks myths about the internet being the cause of the death of the ‘physical’ business by showing a 50/50 split between entrepreneurs setting up online-only and online and offline hybrid.
Dion McKenzie, country manager at Weebly UK says, ‘This study is clearly showing how the UK entrepreneurs are fully taking advantage of the opportunities offered by the digital economy to build their businesses.
Now there is a record 5.2 million small businesses in the UK, making a massive contribution to the country’s economic output, and intuitive and user-friendly technologies will only further boost the growth of the UK entrepreneurial community, paving the way for a new UK economy.’