GBSLEP amongst Top 9 areas for ‘Ambitious Entrepreneurs’
The GBSLEP area has been ranked amongst a Top 9 cluster of LEP areas for proportion of high growth expectation early-stage entrepreneurs.
The Global Entrepreneurship Monitor (GEM) UK 2014 report, written by a team of entrepreneurship researchers from Aston and Strathclyde Business Schools, has identified that a new generation of entrepreneurs is emerging with Britain’s economic recovery and surging ahead of European counterparts.
In 2014 one in five working age individuals in the UK were running their own business, were actively trying to start a business or intended to start a business within the next three years.
The total early-stage entrepreneurial activity (TEA) rate now stands at 8.6 per cent in the UK in 2014, a significant increase in the 2013 figure of 7.3 per cent. This compares with 5 per cent in France and Germany where the TEA rate has not changed since 2011.
This growth in early-stage entrepreneurial activity in the UK is mainly because more men, especially those aged between 50 and 64 years old, are taking the first steps to running their own business.
The report identifies that the percentage of non-entrepreneurs of working-age in the UK who agreed there were good opportunities for starting a business in their local area in the next six months has now risen to 37 per cent in 2014. This marks a return to pre-recession levels of 2007 and suggests a growing sense of optimism among the wider population for business start-up.
Analysis of ONS data shows that a higher proportion (6.1%) of new businesses starting in GBSLEP and surviving 3 years have achieved turnover of at least £1 million by this time than the averages for Core City LEP areas (5.5%) and England (5.4%).