Majority of UK’s young entrepreneurs are women
Over half of the UK’s entrepreneurs under the age of 35 are women, a new report has revealed.
The HSBC Private Bank Essence of Enterprise report 2016 discovered that 59% of Britain’s young entrepreneurs are women – a figure which has nearly doubled among recent generations.
In contrast, just 16 per cent of UK entrepreneurs over the age of 55 are women.
The UK has a higher proportion of female entrepreneurs under 35 than many other countries. Globally, 47% of all millennial entrepreneurs are female.
When asked why they started their own business, over 70% of British entrepreneurs cited lifestyle reasons as part of their decision, while 78% said they chose their career path to do the best for their family.
The report also found that the highest proportions of young entrepreneurs are in the Middle East (63%), China (44%) and Hong Kong (44%).
Almost 80% of business owners under the age of 35 engage in philanthropic activities – higher than older business owners.
Nick Levitt, Head of Global Solutions Group, HSBC Private Bank, said that women across the world are launching and operating new businesses at an ever faster pace. He also said that the entrepreneurs of today are starting in business younger than previous generations and are involved in a greater number of enterprises.
Mr Levitt said: “For the first time ever, we are seeing near gender equality in the next generation of entrepreneurs. The new generation of millennial entrepreneurs are revolutionising the nature of entrepreneurship.
“These entrepreneurs are building bigger businesses and creating more jobs. They are as motivated to create an impact on the world as they are to make money and they are having a positive impact on their communities.”
HSBC surveyed 2,834 business owners from across the world for the report.
Source: HSBC Private Bank