Entrepreneurial Britain bristling with business brains

Britons generate more than 13,000 new business ideas per hour, according to a study.

Research from online print and design company MOO reveals that more than eight in ten (82 per cent) Brits had an idea for a new business in the past year, with 5.5 million of these planning to launch their venture in the next six months. 

The younger generation is driving this trend, with Brits aged 25-34 having the most new business ideas overall.

In terms of regions, Wales (27 per cent), Brighton (26 per cent) and Liverpool (24 per cent) are the UK’s top three entrepreneurial hotspots – home to the highest percentage of people who have already started work on their new venture.

Brits reveal that they have most of their good ideas when in bed (27 per cent) or while at work (18 per cent).

The shower (7 per cent) and driving (6 per cent) are other popular creative spaces, along with the toilet, which is the setting for (4 per cent) of ‘eureka’ moments.

Most commonly, these new business ideas relate to arts and crafts (16 per cent) cooking and baking (13 per cent) and design (13 per cent). Writing (12 per cent) and reselling goods via online auction sites (11 per cent) make up the remainder of the top five sectors sparking the imagination of the British public.

The significance of new online technologies is also reflect in the results, with apps (7 per cent) and gaming (7 per cent) placing joint tenth.

Men have considerably more new ideas than women in relation to both apps and gaming. Conversely, women are nearly three times as likely than men to generate eureka moments relating to arts and crafts.

Passion for a particular area of interest is the motivation behind the majority of entrepreneurial ideas (33 per cent), followed by spotting a gap in the current market (30 per cent).

Frustration with existing products/technology (18 per cent) and determination to change a life for the better (13 per cent) also rank highly.

And successful entrepreneurs admit that it wouldn’t have been possible to get their brainwaves off the ground without the practical (16 per cent), financial (17 per cent) and emotional support (18 per cent) provided by friends, family members or a partner. 

Richard Moross, founder and CEO at MOO says, ‘As an entrepreneur, I’m delighted that Britain’s entrepreneurial spirit is booming, with thousands of people coming up with ideas for new businesses every day.

Having been through this myself, I know just how important presentation and storytelling can be to a small business. You only get one chance to make a first impression so you’ve got to make it count.’

Further reading on ideas and business planning

Ben Lobel

Ben Lobel

Ben Lobel was the editor of SmallBusiness.co.uk from 2010 to 2018. He specialises in writing for start-up and scale-up companies in the areas of finance, marketing and HR.