September 2007

Rise in British entrepreneurs

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Rise in British entrepreneurs due to reality TV show Dragons Den

Reality business TV shows such as Dragon’s Den and The Apprentice have helped give rise to a further surge in Britain’s entrepreneurial spirit, so says new research from small business insurer, MORE TH>N BUSINESS.

Almost a fifth (17 percent) of 18-44 year old1 Brits questioned by MORE TH>N BUSINESS claimed that watching such shows has led to an increased interest in starting their own businesses, or working towards developing an existing business idea. One in ten 18-24 year olds said that though they had always wanted be their own boss, reality TV shows had inspired them to do so.

Almost half a million people across Britain2 have been so impressed by the successes of contestants on the shows that they had actually taken positive steps towards setting up a business, such as writing a business plan, applying for a bank loan or registering at Companies House. A further small, but significant, four per cent of Brits said that while they didn’t want to start their own business, a friend or family member harboured new business ambitions thanks to the Dragons.

Peter Jones, one of the five expert panellists on BBC’s Dragon’s Den, commented: “Shows like Dragons Den set out not just to make successes out of a few lucky entrepreneurs, but to inspire people across the country to take control of their fate and achieve their full potential. It’s thrilling to see that shows like these do really make a difference to peoples lives, just like Bolton entrepreneur, Imran Hakim, who with a little help has turned his great iTeDDy idea into reality.”

But MORE TH>N BUSINESS is warning that despite this deluge of entrepreneurial spirit, business owners must protect themselves from becoming part of a statistic which sees almost a third of businesses cease trading within three years.

Mike Bowman, Head of MORE TH>N BUSINESS, commented: “These days it is becoming more and more difficult to succeed in business. To give owners a fighting chance at survival, MORE TH>N BUSINESS is launching a tailor made insurance plan to make things easier in those initial years.

“Not only will we honour our quotes for 120 days to make putting together a business plan easier, but we also offer a 0% direct debit option to help spread the cost. On top of that, we’ll provide a 10% discount for those with prior industry experience, and a further discount just for getting through those first years.”

And when it comes to finding premises for their new businesses, the nation’s entrepreneurs are typically opting for city centre locations. Normally the domain of major high street stores and powerful retail brands, figures suggest that small businesses and independent retailers are shunning the suburbs for the increased competition of city centres.

While London tops the lists of popular places to establish a new venture, other major city centres such as Birmingham, Leeds and Glasgow are experiencing a similar surge of business start ups, with Edinburgh, Manchester, Bristol, Bradford and Sheffield also claiming spots in the top ten. Surprisingly, Europe’s 2008 Capital for Culture, Liverpool, proved only the thirteenth most popular area for new business.

TOP TWENTY-FIVE MOST POPULAR AREAS FOR NEW BUSINESS STARTUPS3:
Top 25 areas for new businesses Number of new businesses
1 Inner London 18,605
2 Outer London 15,310
3 Birmingham 2,425
4 Leeds 1,935
5 Glasgow 1,470
6 Edinburgh 1,390
7 Manchester 1,330
8 Bristol 1,265
9 Bradford 1,195
10 Sheffield 1,165
11 Kirklees 1,115
12 Brighton & Hove 1,010
13 Liverpool 985
14 East Riding of Yorkshire 930
15 Leicester 905
16 Stockport 875
17 Milton Keynes 865
18 Trafford 845
19 Cardiff 800
20 Wakefield 760
21 Dudley 750
22 Aylesbury Vale 715
23 Macclesfield 710
24 Coventry 710
25 Windsor & Maidenhead 690