Bank of mum and dadkey to business start-ups

BUSINESS: More Scots hoping to set up alone

More than half of work-age Scots under 34 are considering going it alone and setting up their own business.

Research for Bank of Scotland (BOS) found a strong entrepreneurial streak within the age group.

In contrast, just 8% of over 55s said they were interested in setting up a new venture.

However, the researchers – who interviewed more than 2,000 people – found the desire to go it alone was often tempered by the need to have the cash

available to build and sustain a start-up.

The study found most would-be entrepreneurs are already in employment and dedicating evenings and weekends to building their business idea.

It also found that access to finance was a major issue, with many young entrepreneurs looking to their parents for help in getting their business off the ground.

The research suggests almost a third of start-ups are initially funded by such means, despite more than half of those interviewed saying the thought of tapping family for cash to fund a business venture makes them feel unhappy.

BOS managing director for business banking, Jo Harris, said there was a lot to consider when setting up a business.

“It’s wonderful to see the entrepreneurial spirit is thriving in Scotland,” Ms Harris said.

“Starting up in business can be one of the most rewarding and exciting of adventures, but it’s a good idea to consider a few basics before you begin.

“I recommend you think carefully about whether working for yourself is right for you, make sure you create a sound business plan, research your market carefully, pay close attention to your finances and stay safe online.”

Organisations like start-up accelerator Elevator – which opened its doors in Dundee in the autumn – are helping aspiring entrepreneurs achieve their business dreams. Picture shows Daniella Hernandez working on her business plan.