One in four people (23 per cent) have dreams of starting a business.

One in four people (23 per cent) have dreams of starting a business, according to a study.

Research from business software provider Sage reveals that creating an environment in which entrepreneurs can realise their ambitions is seen as critical to the UK’s economic recovery.

The YouGov study suggests that the country’s current economic dependence on the South East will start to gravitate northwards over time, with cities such as Newcastle, Sunderland, Sheffield and Leeds projected to be rife with new businesses.

Of the one in four people that want to start a business, 7 per cent will be doing so in the next two years, with the North East having the highest percentage of budding entrepreneurs (11 per cent).

Prospective start-ups in this region are driven overwhelmingly by the desire to do something they are passionate about full time (38 per cent).  

Would-be business owners in the North East are also motivated by wanting to make more money for themselves (18 per cent) and wanting to have greater control over their working day by being their own boss (12 per cent).

Nationwide, the research reveals that lack of job opportunities as the principle motivator was at its lowest here at just 4 per cent, less than half the national average (10 per cent).  

People in Yorkshire and the Humber region, the second most entrepreneurial area, echo these trends with one in ten people planning to start a business, and only 8 per cent of entrepreneurs being driven by a lack of employment opportunities.

However, just 5 per cent of people plan on starting their own business in Scotland.  

Lee Perkins, managing director of the small business division at Sage says, ‘The UK business landscape is changing. The home for entrepreneurism, which has for so long been associated with London and the South East is moving North, and this will have a significant impact on regional economies.

‘The rollout of technology infrastructure, such as superfast broadband, alongside access to guidance and advice will be instrumental to any region becoming a hub for start-ups and in order for entrepreneurs to fulfil their potential. But what is clear is that entrepreneurial Britain is thriving.’  

See also: Entrepreneurial boost for businesses