A quarter of people in Wales want to start their own business

• 33 per cent want to do it because they need more money

A quarter of people in Wales (25%) would like to run their own business, according to a study by Informi, who provide expert advice and guidance for Britain’s SMEs. In fact, 9 per cent say it is one of their life goals.

Informi conducted the study to see how entrepreneurial the different countries of the UK are. Amongst other findings are that 33% wanted to start their own business because they feel they need to earn more money, 33% say they want to do it because they are unfulfilled in their day job, and 16% say they have a great idea they want to see become reality.

90 per cent of the respondents said that they are confident that if they did run their own business it would be a success, and 87 per cent say they would make a good boss.

The most important factors looked for at work were:

• Good work-life balance, said by 70%
• Interesting work, said by 67%
• Job security, said by 55%
• Having a passion for the job, said by 48%

“Great businesses ultimately come in all shapes and sizes,” said Steven Drew, product manager for Informi. “The fact that 25 per cent of people in Wales want to start a business – something that over 550,000 people in the UK did during 2017 – shows the country’s entrepreneurial spirit.”

Steven Drew of Informi

“Those considering setting up a business need to be aware of the risks involved and the need to gain support, but having a strong business plan and the means of financing a venture could give you a chance to turn your ideas and dreams into reality.”