UK entrepreneurs lag behind

The UK lags behind other high-income nations in the number of start-up entrepreneurs expecting to employ more than 20 people in five years’ time, according to the findings of the Global Entrepreneurship Monitor.

The study, produced in association with international accountancy and advisory group Mazars, found that the UK boasted just seven high-expectation entrepreneurs in every 1,000 adults, compared to 15 in the US, 14 in New Zealand and 13 in Iceland.

Mazars suggests this might be due to incentives offered by larger companies to keep their more entrepreneurial employees. “With a buoyant UK economy providing attractive career options, large companies often fast track the talented individuals who might otherwise make ideal high-ambition entrepreneur,” said Alistair Fraser, global head of owner-managed business services.

“Combined with the high opportunity cost of starting a firm in the UK, the risk-reward balance simply doesn’t add up for many ambitious individuals.”