Millennials Most Entrepreneurial

Millennials have been found to be the UK’s leading entrepreneurs, setting up almost half (49%) of all new businesses over the past 11 months.

New research from cloud accounting company Ember has revealed that those currently aged between 25 and 40 have been the most active entrepreneurs in the UK since July 2020.

Millennials were marginally ahead of those in Generation X (currently aged between 41 and 56) who set up 33% of new businesses.

Baby Boomers (aged between 57 and 75 years old) set up 9.6% of new businesses, while Generation Z (aged between 16 and 24 years old) were responsible for 7.8%.

The study analysed more than 400,000 records from Companies House over the past 11 months to discover the common traits of the UK’s newest entrepreneurs.

In total, more than 227,000 businesses were set up by Millennials, equivalent to 1.6% of the total population of that generation.

For Generation X, the same figure was 1.09%.

The most popular type of business created in the past year has been ecommerce, with the study finding more than 26,000 new companies registered as “Retail sale via mail order houses or via Internet”.

The second most common type has been management consultancy activities and other financial services, which saw more than 14,000 registrations.

Ember Co-Founder Daniel Hogan said: “It’s fascinating to see the trends and themes that emerge when we look at the UK’s newest entrepreneurs.

“The country has had to adapt to massive changes over the past year, so despite the uncertainty it’s inspiring to see so many people taking the initiative to set up their own business.”

Key takeaways:

  • Millennials are the first generation to have grown up with digital technologies and are increasingly entrepreneurial in their outlook
  • More than 227,000 new businesses were registered by millennials in the last 11 months – 49% of all registrations
  • If you’re aged between 25 and 40 and are thinking about setting up a business, head over to the UMi platform for more information and advice: https://www.weareumi.co.uk/webapp/

 

Richard Dawson
Article by Richard Dawson
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