Entrepreneurship is for young

Setting up your own business is a young person’s game according to new research that suggests that the average age entrepreneurs decide to go it alone is 27.

The survey of 1,000 small business owners by cloud accounting software company Xero also found that eight out of ten start-ups begin life with friends or relatives of the founder being roped in to help out.

Nine in ten of those quizzed said that setting up shop is one of the accomplishments they are most proud of, as half likened the buzz to the feeling of buying a first home. One in five compare it to the birth of their child and some even to their wedding day (16 per cent).

The research discovered that entrepreneurs are driven by a need for more flexibility (36 per cent) and to take control (35 per cent), while other reasons include not enjoying working for somebody else (23 per cent) and wanting to make their family proud (19 per cent).

Meanwhile, respondents named Bill Gates (25 per cent), and home-grown talent Sir Richard Branson (24 per cent) and Sir James Dyson (17 per cent) as the three living business icons they most look up to – beating Donald Trump (6 per cent) and Elon Musk (14 per cent).

Gary Turner, co-founder of Xero, said: “Small business owners don’t always have an easy run of it. But, despite this, every day I see just how passionate and eager they are to turn their dreams into realities. While this passion is fantastic, it will only get you so far.

“We know that survival rates of small firms with watertight business plans and the right processes are far greater than those who fail to put the right provisions in place, so it would be a huge shame to see this enthusiasm go to waste.”