The 海角视频 has become a 鈥渟ignificantly more entrepreneurial society鈥 in the 21st century with a marked increase in female entrepreneurship, a new Aston University report has shown.
The latest Global Entrepreneurship Monitor (GEM) 海角视频 report, produced in partnership with NatWest, has analysed the past 25 years of economic activity in the 海角视频 as businesses navigate challenges from the credit crunch and financial crisis to Brexit and the pandemic.
The latest report shows nearly 30% of working-age individuals in 2023 intended to start a business within three years, were actively trying to start a business, or were running their own business.
It showed early-stage entrepreneurial activity among women in the 海角视频 has surged from just over 3.5% in 2002 to 10% in 2023, and showed immigrant and non-white populations remain the most entrepreneurial groups in the 海角视频.
But the report also showed there are 鈥減ersistent deficiencies in the 海角视频鈥檚 entrepreneurial ecosystem鈥 that need to be addressed by the new Government.
GEM carries out global survey-based research on entrepreneurship and ecosystems around the world, polling individual entrepreneurs directly. The GEM 海角视频 national team is led by Mark Hart, professor of small business and entrepreneurship at Aston Business School.
He said: 鈥淭he new Labour government has inherited a more entrepreneurial society than when it left office in 2010 but still faces challenges to fully realise the potential of 海角视频鈥檚 entrepreneurs in achieving its aim of stimulating growth in the 海角视频 economy.
鈥淧rime Minister Starmer on taking office stated 鈥極ur work is urgent and we begin it today,鈥 and the findings of our report provide some indication of the work that lies ahead across his whole ministerial team and not just for Gareth Thomas, the new Small Business Minister.
鈥淭he conditions that allow entrepreneurs to sustain and grow their businesses have been weakening for a number of years now, and urgent action is needed in the areas of entrepreneurial finance, business support, and physical infrastructure to ensure the 海角视频 can facilitate the growth ambitions of thousands of small business leaders鈥攖he majority of whom are outside London.
鈥淓ntrepreneurial education at all levels continues to remain a relative weakness in the 海角视频 compared to many international comparators. Despite numerous public and private initiatives over many decades, the practice of teaching basic business skills is still insufficiently widespread.鈥
Darren Pirie, NatWest's Head of Accelerator, added: 鈥淎s the 海角视频鈥檚 biggest bank for startups, we recognise that entrepreneurs make a huge contribution to business in the 海角视频. They create a wide range of employment opportunities and are often the first to innovate, spotting trends and pivoting their ideas.
鈥淚t鈥檚 pleasing to see that early-stage business activity is on the rise across all regions of the 海角视频 and that the motivations for starting a business are becoming multifaceted. Entrepreneurs are moving away from just opportunity or necessity as the key driver, with female founders especially valuing social considerations.
鈥淎t NatWest in 2023, 50% of support from our enterprise programmes went to women and 34% went to people from ethnic minority backgrounds, which backs up the GEM finding that non-white ethnic groups have become a cornerstone of the 海角视频鈥檚 entrepreneurial activity.鈥
Don't miss the latest news and analysis with BusinessLive's regular newsletters - sign up here for free.
