Originally written by Anna Jordan on Small Business
Almost half (49 per cent) of new business owners since July 2020 are between the age of 25 and 40.
More than 227,000 businesses were set up by millennials in the past 11 months by 14.2m (1.6 per cent) of people in that age range.
Meanwhile, Generation X (aged between 41 and 56) set up a third of new businesses. Baby boomers – currently aged between 57 and 75 – set up 9.6 per cent of businesses and Generation Z, 16-24-year-olds, launched 7.8 per cent of new companies.
Figures come from a study conducted by cloud accounting company Ember, analysing 400,000 records from Companies House.
Ilford is the most entrepreneurial area in the UK, followed by Manchester and Dagenham. Romford is in fourth, Hayes is fifth and Southall six. This means that five of the six most entrepreneurial places in the UK are London boroughs. However, the capital is 25 on the list for ratio of new businesses to population.
AreaRatio of new businesses to population
Ilford1.5663%
Manchester1.4043%
Dagenham1.2942%
Romford1.2877%
Hayes1.2446%
Southall1.1982%
Slough1.1843%
Aylesbury1.1525%
Watford1.0851%
Reading1.0459%
>See also: 5 of the coolest co-working spaces in Manchester
The most popular type of new business is eCommerce. More than 26,000 new companies registered as ‘retail sale via mail order houses or via