British female entrepreneurs on the rise: Report finds millennial women more likely to start businesses than men and older ladies

William Turvill
Follow William
Millenial entrepreneurs are more likely to be women than men, a report suggests

The proportion of female entrepreneurs in the UK has nearly doubled among recent generations, a new report has found.

And the majority - 59 per cent - of entrepreneurs aged under 35 are female, according to HSBC Private Bank’s Essence of Enterprise report.

This figure for millennials compares with 16 per cent among UK entrepreneurs over the age of 55 and the 30 per cent among those aged 35 to 54.

Read more: Five key traits shared by all successful entrepreneurs

The research also found that female entrepreneurs are, on average, more successful than men in terms of turnover. HSBC said the average business revenue generated by female entrepreneurs was $4.1m (£2.9m), compared with $4m for men.

The researchers also found women fared better in terms of average personal wealth, with women averaging at $5.2m compared with men’s $4.7m.

“Gender diversity is changing among UK entrepreneurs,” said Chris Allen, UK chief executive of HSBC Private Bank.

“This emergence of female entrepreneurship reflects how women are forging ahead with their passions and succeeding in business.”

Read more: Five key traits shared by all successful entrepreneurs

For the report, HSBC surveyed 2,834 entrepreneurs from across the world in countries including the United States, France and China. Of those surveyed, 501 were from the UK.

The report found people from the UK were most likely to have become entrepreneurs to do the best for their family or because they are attracted to the lifestyle.

Some 71 per cent of British entrepreneurs said lifestyle reasons were factored into their decision to start out. This compared to the global average of 66 per cent.

And 10 per cent of entrepreneurs in the UK said lifestyle reasons were the most important part of the decision.

Overall, 78 per cent of people from the UK surveyed said they chose entrepreneurship to do the best for their family. And 12 per cent said this was the most important reason.

Allen added: “In the UK, where there is a prevailing long-hours work culture, entrepreneurs are spurning traditional working patterns by becoming their own boss.

Related articles