Greater London accounts for 26% of new business
According to data released by the University of Greenwich, small businesses are leading a revolution that is keeping the country strong through tough economic times. The UK’s growing army of home-based business owners now contribute more than £300bn to the UK economy each year.According to a new report by entrepreneur organisation Enterprise Nation and Direct Line for Business and some 64 per cent of homepreneurs are female. However, just three in 10 have children under 10, suggesting that women are not solely starting companies at home in order to work flexibly to cope with family commitments. Most of the homepreneurs surveyed said that they started their business from home as a way to monetise their favourite hobby. The majority also said that they had spotted a gap in the market, or that their previous job was insecure or unsatisfying.
The Home Business Report analysed data from the Department for Business, Innovation and Skills (BIS) to assess the true impact of UK homepreneurs on the economy – it found that there are currently 2.9m business owners running kitchen table businesses. This represents 50 per cent of small businesses in this country. According to data from the University of Greenwich (2013), 55% of entrepreneurs have a university degree and 20% of entrepreneurs have started their businesses before the age of 24.
The highest concentration of these businesses can be found in the South East and Greater London, naturally considered the “entrepreneurial power house” of the country, with over 137,000 new businesses started in 2013 accounting for 26% of the total in the country (UoG, 2013). London and the South East specifically accounted for 19 per cent and 17 per cent of the total ‘homepreneur’ sector respectively too.
The Global Entrepreneurship Monitor 2013 Global Report surveyed almost 200,000 people across 70 different economies and found that entrepreneurs reported the highest levels of life satisfaction. This seems to create a strong connection between getting a degree, being able to build a business and ultimately have a happier life.