Budding London entrepreneurs keen to go it alone

The survey, conducted by Business Link for London, found that nearly half of all Londoners have considered becoming their own boss, with only 25 per cent wanting to be an entrepreneur to earn more money.

Ethnic minority groups were most keen to go it alone, with black and Asian respondents twice as likely as their white counterparts to start a business over the next three years.

Business Link said that there was also an emerging trend of ‘grey entrepreneurs’, with 16 per cent of 50 to 60 year olds saying that they would start a business to see them into retirement.

Londoners appear to be realistic about the life of an entrepreneur, with a third expecting an annual salary of below £25,000. Three-quarters said that running a business was harder than being an employee, while over half thought they would be working over 40 hours a week.

However, the research revealed there are still many budding entrepreneurs who are unsure of how to gain funding for their venture or where to get advice on going it alone.

A third of those quizzed said that they would rely on family and friends for startup advice, while over 20 per cent could not estimate how much it would cost to set up their venture.

Judith Rutherford, chief executive of Business Link for London said that the survey provides a fantastic insight into tomorrow’s entrepreneurs.

“London’s entrepreneurs are increasingly drawn from all ages and ethnic backgrounds and while they seem to be bursting with great business ideas, our survey shows they are being realistic about the hours they will need to work and the money they will earn while getting their business off the ground.

“There seems to be two ends to the scale in terms of awareness of startup funding. Many people simply don’t realise the costs involved, but just as many people seem to be over-estimating what it takes to get things moving,” she said.