Half of the UK’s youngest business owners are millennials

Originally written by Anna Jordan about Small Business

Almost half (49 percent) of the start-ups since July 2020 are between 25 and 40 years old.

More than 227,000 businesses were started in the past 11 months by millennials of 14.2 million (1.6 percent) of the people in this age group.

Generation X (between the ages of 41 and 56) has now founded a third of the new companies. Baby boomers – currently between 57 and 75 years old – have founded 9.6 percent of the companies and Generation Z, 16-24 year olds, 7.8 percent of the startups.

The numbers come from a study by cloud accounting firm Ember that analyzed 400,000 records from Companies House.

Ilford is the UK’s most entrepreneurial district, followed by Manchester and Dagenham. Romford is fourth, Hayes is fifth and Southall is sixth. This means that five of the six most entrepreneurial places in the UK are London boroughs. However, the capital is on the list for the ratio of start-ups to population at 25.

Area Relationship of the start-ups to the population
Ilford 1.5663%
Manchester 1.4043%
Dagenham 1.2942%
Romford 1.2877%
Hayes 1.2446%
Südall 1,1982%
swamp 1.1843%
Aylesbury 1.1525%
Watford 1,0851%
read 1,0459%

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The most popular type of new business is e-commerce. More than 26,000 new companies have registered as “retail through mail order houses or via the Internet”. The second most popular type of new business is defined as “business consulting activities other than financial management” with over 14,000 new providers.

Third was “Other Service Activities, nec,” which can encompass a wide variety of businesses – from animal care services and street performers to tattooists and genealogists.

David is the most common name of new male entrepreneurs while Sarah is the most common name of new female entrepreneurs.

rank Women’s names Man names
1 Sarah David
2 Emma Michael
3 Rebecca James
4th Laura Andreas
5 Nicola Paul
6th Claire Daniel
7th Victoria Mark
8th Charlotte Christopher
9 Lisa John
10 Rachel Muhammad

Commenting on the study, 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 had to adjust to massive changes in the last year, so despite the uncertainty it is inspiring to see so many people taking the initiative to start their own business. “

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Half of the UK’s youngest business owners are millennials

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