Business mums boost UK plc
Entrepreneurial mothers worth £4.4bn to the UK economy
The UK’s economy is benefiting from a new entrepreneurial class – the Business Mums, it has been claimed.
Research, commissioned by Yellow Pages, suggests that mothers who ‘turn their kitchens into boardrooms’ are worth £4.4bn to the British economy.
The survey’s authors, found that mums who set up businesses from home have become a powerful force within UK plc
Dubbed the ‘Kitchen Table Tycoons’ by researchers at the London School of Economics, these individuals aim to successfully juggle the roles of mother and magnate.
The Yellow Pages says that there has been an upsurge in their directory listings for businesses run by women.
Motivated by a need for greater work flexibility at the birth of their first child, two thirds (66%) of ‘Kitchen Table Tycoons’ are more satisfied running their own business than working in their previous jobs.
Nearly half (48%) opt to go it alone, while more than a third (37%) of business mums keep it in the family by setting up a business with their partners.
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Savvy business mums make sure they have the relevant skills or training before they embarked on their new business venture, with 43% saying they had done this.
But when asked what factors are critical to the success of their start ups, one in five (20%) chose a supportive family ahead of fundamentals like sound financial advice.
Tim Leunig, from the London School of Economics, said: “The findings of this study chime with recent government figures that show half of small businesses are run with women at the helm as an increasing number of mums dream of a career that they can enjoy in tandem with motherhood.”
© Crimson Business Ltd 2006