A recent study has revealed that 49% of new business owners (since July 2020) are between 25 and 40 years old, making millennials the UK’s leading entrepreneurs.
The study analysed over 400,000 records from Companies House, identifying new business trends to find that more than 227,000 businesses were set up by millennials in the past 11 months.
- Generation X (aged between 41 and 56 years old as of July 2021) accounted for a third of new businesses
- Baby boomers (aged between 57–75 years old as of July 2021) launched 9.6% of new businesses
- Generation Z (aged between 16-24 years olds as of July 2021) set up 7.8% of new businesses
The data also reveals a higher proportion of Gen Z has set up a business compared to Baby Boomers. Of the eligible 7 million members of Gen Z that are the minimum age to register a company (16 years old and over), 0.51% have set up a business, compared to 0.33% of 13.5 million baby boomers.
The changing business environment over the last year has created endless opportunities for new start-ups. The most popular business type established over the past 11 months is eCommerce, with over 26,000 new companies registered as retail sale via mail order houses or internet - a reflection of the increased digitalisation experienced during the pandemic.
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“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.” Ember co-founder, Daniel Hogan