New start-ups have best chance of success under young female owners
Research finds female entrepreneurs under the age of 35 located in Bristol are the most likely to operate successful businesses
The UK’s newest start-ups are most likely to succeed if they are owned by under 35 female entrepreneurs, according to research from Microsoft Office 365.
The study showed that just 3% of UK companies owned by under 35 year-olds are currently running at a loss, compared to 9% of those owned by entrepreneurs over the age of 55.
Of those surveyed, women were also revealed to be better at managing their firm’s financial health than men, with just 2% of female-owned businesses making a loss compared to 8% of their male counterparts.
Chiming with Startups’ Start-up Cities Index – which found Bristol to be the best city to start a business in – 86% of business respondents from Bristol recorded a healthy profit, suggesting under 35 female business owners from the city stand the best chance at success.
The study also questioned 250 aspiring entrepreneurs, who cited a lack of funds (55%), general financial risk (35%), a lack of experience (23%) and not knowing where to start (21%) as the main reasons for stalling a business idea. Only 18% of those wanting to start a new business thought having a mentor was important.
50% of current business owners said they started their business to become their own boss, with 38% saying it was the opportunity to work more flexibly.
Ashley Asdourian, Microsoft’s Office 365 lead, said: “It is inspiring to see young people throughout Britain leading the charge in launching successful new start-ups. The study clearly demonstrates a fierce competition and drive to get ahead among younger people, which makes me excited for the future.”
Bianca Miller, The Apprentice finalist and founder of The Be Group & Bianca Miller London, added: “It’s so exciting to see so many young people full of ideas and with an ambition to set up their own business.
“I’ve always had an entrepreneurial spirit and I can really pinpoint those lightbulb moments where I was spurred on to make an idea a reality or given the guidance that made all the difference to my business developing.”