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Research conducted by the British Library’s Business and IP Centre (BIPC) and Comres Global says that 70% of London residents dream of launching a start-up.
Over a thousand of adults residing in the capital were surveyed.
Asian and Black minority ethnic groups were discovered to be 20 percent more likely to want to have a start-up but at the same time had less opportunities to do that due to the lack of a reliable financial resource (44%).
For the majority of Londoners interviewed, the wish to work on their own was the main stimulating factor to start a business (47%), followed by the desire to have a better work-life balance (40%) as well as having more control over their future success (39%).
Capitalising on a gap in the market (16%) was Londoners’ least common motivation.
The lack of funding (38%) was stated to be the main obstacle preventing from starting a business, with not being aware of how to start (26%), a lack of knowledge and experience (22%), financial commitments (22%) and simply “fear” (20%) following.
Surprisingly enough, males were more keen than women on the idea of starting a business based around technology or an app (26% compared to 7%), while women were twice as likely to start an arts and crafts-based business (10% to 5%).
Rajesh Agrawal, London’s deputy mayor for business, commented on the study: “Entrepreneurs and founders are, and always have been, central to London’s thriving economy and future success, creating and supporting thousands of jobs and creating innovative new businesses that benefit the economy and consumers.
“London is always open to talent and innovation and I would like to wish the centre the very best as it supports the next generation of great business minds.”