A report released today by Coutts and the Centre for Entrepreneurs (CFE) provides an overview of the depth and extent of serial entrepreneurship in the UK. The report entitled ‘Beyond the first business: the myths, risks and rewards of being a serial entrepreneur’ combines insights from some of the UK’s leading serial entrepreneurs along with case studies and analysis.
Dylan Williams, Managing Director – England and Wales, Coutts said: “Millennials are widely challenging the notion that entrepreneurs hang up their boots and retire after just one business. Entrepreneurs are starting businesses younger and have faster expectations to sell – these factors together with longer life expectancy means we are starting to see a new breed of serial entrepreneurs. Instead of starting businesses from scratch, more of these seasoned business owners are now investing in and mentoring a portfolio of companies. There is huge untapped potential for serial entrepreneurship and the role of experience seems invaluable to success. Unlocking that further could provide significant economic benefits.”
The research found that individuals are starting businesses at a younger age; 57 per cent of those studied had started their business by the age of 25 compared to only 23 per cent seeing up after the age of 35. The results also show that younger entrepreneurs are more impatient to exit from their business, with 63 percent planning their route out out in the next five years.
“To go beyond the first business can be an entirely different challenge to being a one-time founder.” says Matt Smith, Director at CFE. “We wanted to create a report that explores the motivations, fears, and ingredients for success that surround serial entrepreneurialism. Our report delves into the role of luck, the attraction of multiple projects, and attitudes towards risk, but also indicates areas for growth: how do we encourage more women entrepreneurs? Should we remove the stigma around closures? It’s food for thought and a glimpse into Britain’s entrepreneurial mindset.”