New research uncovers the secrets of entrepreneurial success in Yorkshire
ENTREPRENEURS in Yorkshire have a number of defining characteristics according to a new report.
Research from Alliance & Leicester Commercial Bank has found that more than half (57%) of business owners are the first born child – drawing on inner confidence and healthy self esteem to help them succeed in business.
The bank’s study, which profiled entrepreneurs across the UK, identified a number of traits which today’s tycoons have in common, wherever they are based in the country.
In Yorkshire more than four fifths (83%) have one or more siblings, putting to good use leadership and teamwork qualities learnt at a young age.
Private education seems to have little influence compared to natural entrepreneurial flair, with almost three quarter (74%) coming from a state school background.
However, further education does help with nearly a fifth (19%) of business owners in the region left education with GCSEs or O levels, while more than a third (34%) were educated to degree level and almost two in ten (18%) continued to secure a Masters or PhD.
Meanwhile, a wealthy background appears to deter entrepreneurialism, with more than nine out of ten successful Yorkshire business people describing themselves as either middle-class (38%) or working class (53%).
The research reveals that nearly half (46%) started their business between the ages of 26 and 35.
With nearly three in ten (29%) of small businesses failing before they reach three years (2), it seems business owners are learning to combat risk, with nearly half (48%) in Yorkshire saying that their approach to business is attention to detail and over a third (34%) saying it is being prudent with money.
Nearly all entrepreneurs in the area are united in sharing the same motivations for starting up.
Nearly three quarters (71%) wanted independence, more than seven in ten (71%) wanted more control over their lives and over two thirds (67%) wanted to be their own boss so they didn’t have to answer to anybody else.
David Spencer, regional director of Alliance & Leicester Commercial Bank’s Yorkshire and North East Business Centres said: “Enterprise is the lifeblood of British business and it is vital that we continue to support entrepreneurialism and the Yorkshire SME community. The research shows that some types of people are more likely to take the leap into business than others but, whatever your personality, there are certain things that everyone can do to ensure the success of their business.”
