Contributed by Department BEI Strategy
20/07/2022 - Start My Business
One in five businesses were started because founders were jealous of their former boss, according to new research, with entrepreneurs desperate to experience the freedom of their own business.
Start My Business, a business launchpad platform, commissioned the polling of 500 UK SME owners and senior decision makers, via Censuswide, to observe what fuelled entrepreneurs to start their business.
The research revealed that 20 per cent of business owners started their business because they were jealous of their former boss, especially entrepreneurs under the age of 35 with 40 per cent citing jealousy as the main reason for starting their business.
Over half (52 per cent) admitted to wanting more power and control than they could get at their previous job, a figure which rose to 62 per cent amongst younger entrepreneurs.
It was also discovered that 41 per cent admitted to enjoying telling other what to do and 36 per cent said they hated answering to people above them in their former jobs.
Jealousy of a former boss even sparked one quarter (24 per cent) to consider a hostile takeover in their former company, prior to founding their current business.
Shoaib Aslam, Founder of Start My Business, commented: “There are many reasons for entrepreneurs to launch a business, and the freedom of being your own boss is appealing for many. The flexibility to make your own decisions and run a company the way you want to, without answering to anyone, is liberating and one which all entrepreneurs benefit from experiencing.”
“But a business cannot be formed out of jealousy alone. Launching a company requires careful planning, involving core business checklists and research into digital tools and services, in order to be successful. Particularly for younger entrepreneurs, guidance and support from fellow business owners, and even business mentors, can be an invaluable resource to help get a business of the ground and start to grow.
All articles on this news site are submitted by registered contributors of EssexWire. Find out how to subscribe and submit your stories here »