Research from Barclays Wealth and the Economist Intelligence Unit found 46 per cent of Europeans set up their firm so they can manage their own time.

Almost 30 per cent said they want to make money, compared to the US where wealth is seen as the key driver.

The opportunity to create products and services was cited by 38 per cent of British people as the reason behind their new venture.

In addition, 39 per cent also say they wanted to get financial independence through starting their own firm.

Mark Esner, area director of Barclays Wealth in Liverpool, states: ‘Independence and the ability to innovate are deemed far more important to local entrepreneurs, rather than creating large sums of money.’

The research also identified that perseverance is essential to starting a company, in addition to willingness to take risks and creativity.