ENTREPRENEURIAL TIME

Entrepreneurial nuggets of wisdom
and stats to provide food for thought.

NUGGETS
INC.

142

nationa...
ENTREPRENEURSHIP THE NUMBERS

28%
Sizable forecasts

196,651

When asked how did their actual revenue grow over
the last y...
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Entrepreneurial nuggets of wisdom and stats

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Entrepreneurial nuggets of wisdom and stats to provide food for thought.

This was first published in Business Strategy Review, Volume 24, Issue 3 - 2013. Subscribe today to receive your quarterly copy delivered to your home or work place. http://bit.ly/BSR-subscribe

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Entrepreneurial nuggets of wisdom and stats

  1. 1. ENTREPRENEURIAL TIME Entrepreneurial nuggets of wisdom and stats to provide food for thought. NUGGETS INC. 142 national benchmarks 4.6 million There were 4.6 million microbusinesses in the UK in 2012 (businesses with 0-9 employees), accounting for £624bn in turnover and 96% of all businesses. Source: House of Commons Library business statistics – www.parliament. uk/briefing-papers/ SN06152 The number of nations who had their Entrepreneurship and Opportunity performance assessed as part of the 2012 Legatum Prosperity Index, a global benchmark of wealth and wellbeing. The Entrepreneurship and Opportunity sub-index looked at entrepreneurial environment, innovative activity, and access to opportunity, in particular. Denmark (1) and Sweden (2) led the ranking. The UK was 6th, the US 12th, China 66th and India 99th. 1 billion ready, steady, go! For many of the top ten billionaires in the Forbes list of billionaires, starting their own business or buying one (as opposed to inheriting one, or working for someone else) was a significant factor in their accumulation of wealth. That includes Carlos Slim Helú, Bill Gates, Larry Ellison, Amancio Ortega, Warren Buffett and Li Ka-shing. Source: www.forbes.com/billionaires/list 91.1% Desirable career choice Entrepreneurship appears a popular career choice in Africa – possibly out of necessity rather than choice. In 2010, nine out of ten 18-to-64 year olds in Ghana agreed with the statement that in their country, most people consider starting a business as a desirable career choice. Compared with 65.4% in the US, and 51% in the UK. Source: www.gemconsortium.org – Global Entrepreneurship Monitor Source: www.prosperity.com 32% Risky business “The overwhelming majority of successful innovations exploit change.” Peter Drucker =100,000 Entrepreneurs are stereotypically risk takers. But, the current trends are towards hoarding rather than investing. A total of 32% of UK entrepreneurs are stockpiling assets or retaining cash according to Deloitte’s 2012 survey. Source: Deloitte Entrepreneurship UK 2012/2013 09 holiday blues The life of an entrepreneur may sound idyllic to some. Deciding when you come into work. Taking time off when you feel like it. The reality is a little less rosy. Take holidays, for example: the average entrepreneur in the UK takes just nine days holiday during their first year in business. Source: Barclays. Starting up in 2009: a comparison to the experience 1999 16 BUSINESS STRATEGY REVIEW ISSUE 3 – 2013
  2. 2. ENTREPRENEURSHIP THE NUMBERS 28% Sizable forecasts 196,651 When asked how did their actual revenue grow over the last year 32% of entrepreneurs said it was in line with forecasts; 30% were only 5% out either way; but a sizeable 28% got it wrong by more than 5%. In fact, 14% under-performed by more than 5%. Source: Deloitte Entrepreneurship UK 2012/2013 30% Not better off 71% More optimistic Busier 63% 81% Happier Compared to when they were working for someone else, entrepreneurs running their own business say that they are: Source: Starting up in 2009: a comparison to the experience 1999 44% Survival rates Entrepreneurship is not for the faint hearted, but the start-up survival rate is better than the often quoted five or so per cent. The number of UK start-ups managing to make it past the first five years is a little under a half. Source: www.ons.gov.uk 12% training hard The number of businesses set up in the UK in 2013, as at 15 May, according to StartUp Britain's StartUp Tracker tool. The tool supplies daily monthly and yearly figures on business start-ups in the UK (with up to a couple of days delay). Source: www. startupbritain.co = 4,370 11.6% male start-ups Despite talk of an upsurge of female entrepreneurs it is still the case that more men than women start their own business. The percentage of the male 18-64 population who are either a nascent entrepreneur or owner-manager of a new business in the UK in 2012, for example, was just over one in ten (11.6%); for women the percentage was 6.3%. Source: www.gemconsortium.org - Global Entrepreneurship Monitor 46% Incompetent failure Finance, insurance and real-estate. These are the industries to be in if you want the best prospect of startup survival according to research by the University of Tennessee, with 58% still going after four years, compared to 37% in information technology. The main reason for failure – incompetence (46%). Source: www.statisticbrain.com/startup-failure-by-industry “Entrepreneurs are simply those who understand that there is little difference between obstacle and opportunity and are able to turn both to their advantage.” Niccolo Machiavelli Of those countries classed as having innovation-driven entrepreneurs, which includes the UK, Japan and Germany, for example, just 12% on average of the working age population had received in-school start-up training. Source: Global Entrepreneurship Monitor Special Report on Entrepreneurship Education and Training 2010 www.london.edu/bsr BUSINESS STRATEGY REVIEW 17

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