- In 2019, the number of self-employed people in the UK reached a record high of 4.9 million.
- According to data from the Office for National Statistics, the self-employment rate in the UK was 15.3% in 2019.
- In 2019, small and medium-sized enterprises (SMEs) made up 99% of all UK businesses, employing 16.3 million people.
- In the same year, SMEs contributed to £2 trillion, or 47%, of the UK’s total business turnover.
- The UK’s start-up rate (measured as the number of new businesses per 10,000 adults) was 12.3% in 2019.
- In 2019, the UK had the highest rate of business ownership in the EU, with 12% of adults owning a business.
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Small Business Statistics UK
- There were an estimated 5.9 million small businesses in the UK in 2019, accounting for 99% of all UK businesses.
- Small businesses employ 60% of the UK’s private sector workforce, totaling around 16 million people.
- In 2019, small businesses contributed to a total of £1.9 trillion in turnover, or 44% of the UK’s total business turnover.
- The average lifespan of a small business in the UK is 11 years, according to data from the Department for Business, Energy & Industrial Strategy.
- In 2019, small businesses in the UK received £19.3 billion in loans from banks, an increase of 9% from the previous year.
Entrepreneurship in the UK by Age
- In 2019, the highest rate of entrepreneurship in the UK was among those aged 35-44, with a start-up rate of 14.5%.
- Those aged 25-34 had the second highest start-up rate at 13.7%.
- The start-up rate for those aged 45-54 was 11.5%, and for those aged 55-64 it was 8.8%.
- The start-up rate for those aged 65 and over was 5.3%, and for those aged 18-24 it was 5%.
Entrepreneurship in the UK by Gender
- In 2019, the start-up rate for men in the UK was 13.5%, compared to 9.5% for women.
- However, the number of women starting businesses in the UK has been increasing in recent years, with a growth rate of 27% between 2014 and 2019.
- In 2019, female-led businesses in the UK received £1.2 billion in investment, a record high.
- According to a survey by the Department for Business, Energy & Industrial Strategy, the main barriers to entrepreneurship for women in the UK are a lack of confidence and a lack of knowledge about how to start a business.
Entrepreneurship in the UK by Region
- In 2019, the region with the highest start-up rate in the UK was London, at 15.9%.
- The South East and the East of England had start-up rates of 14.5% and 14.1% respectively.
- The start-up rate for the North West was 12.3%, and for the West Midlands it was 11.5%.
- The start-up rate for the East Midlands was 11.3%, and for the South West it was 10.9%.
- The region with the lowest start-up rate in the UK was the North East, at 8.7%.
Successful UK Entrepreneurs
There are some notable entrepreneurs in the UK who have achieved significant success in their respective industries. For example:
- Sir Richard Branson is the founder of the Virgin Group, which is a diverse conglomerate of businesses in industries such as travel, media, and health. He is known for his risk-taking and innovative approach to business.
- James Dyson is an inventor and entrepreneur who is best known for developing the Dyson vacuum cleaner. He has also founded the James Dyson Foundation, which supports education and research in science, technology, engineering, and math.
- Martha Lane Fox is an entrepreneur and philanthropist who co-founded Lastminute.com, an online travel and leisure company. She has also served as the UK’s Digital Champion, promoting the importance of digital literacy and access.
- Elon Musk is an entrepreneur who is originally from South Africa but has lived and worked in the UK. He is the founder of SpaceX and Tesla, and has made significant contributions to the fields of space exploration and electric vehicles.
These are just a few examples of successful entrepreneurs in the UK. There are many others who have achieved success in a variety of industries and sectors.
Importance of Entrepreneurship
Entrepreneurship is important in the UK for several reasons. First and foremost, it drives economic growth and creates jobs.
By starting and running their own businesses, entrepreneurs can contribute to the overall prosperity of the UK economy. They can also bring innovative products and services to the market, which can improve the quality of life for people in the UK.
Entrepreneurship is also important because it allows individuals to be their own boss and pursue their own interests and passions.
It can be a fulfilling and rewarding career path for those who have the drive and determination to succeed.
Additionally, entrepreneurship can be a way for people to make a positive impact in their communities, whether by solving a local problem or providing a much-needed service.
Overall, entrepreneurship plays a vital role in the UK by promoting economic growth, creating jobs, and fostering innovation and progress.