Britons would earn less to become entrepreneurs, study shows

More than 40 per cent of people in Britain say they would be prepared to earn less in order to fulfil their dream of becoming an entrepreneur, according to research from Nectar Business.

The research, which was carried out as part of the Nectar Business Small Business Awards scheme, showed the salary that Britons would be content with in return for becoming their own boss.

Popular

According to the study, just over a quarter of Britons would be happy with a salary of £30,000 in return for working for themselves, while 16 per cent would be content with £40,000 a year from owning their own business, much higher than the average desired salary of £26,500.

Some Brits believe they will achieve their ambitions within the next few years, with 20 per cent of those wishing to become self-employed expecting to do so before 2021.

Research has also revealed the types of financing that are popular with would-be entrepreneurs, with 39 per cent opting for the traditional method of borrowing from banks and building societies and 32 per cent receiving loans from “the bank of mum and dad,” compared to 14 per cent who cited crowdfunding.

Encouraging

Commenting on the research, entrepreneur and judge of the Nectar Business Small Business Awards, Sarah Willingham, said: “It’s encouraging to see so many women keen to become entrepreneurs. The research shows it’s not all about money, but the pursuit of turning a dream into reality and finding greater work/life balance – something I can definitely relate to.”