British entrepreneurship on the rise

A new study suggests that British entrepreneurship is on the rise and that small and micro-businesses are growing increasingly prominent across the UK.

The research, which was carried out by social media network LinkedIn, found a 6.4 per cent rise in the number of UK professionals in entrepreneurship between April 2016 and April 2017.

Meanwhile, LinkedIn noted a 13.5 per cent increase in the number of sole traders active on its site and a 4.1 per cent rise in the number of micro-businesses.

Their study also revealed significant trends across different sectors.

According to its report, the greatest UK increase in single-person companies between April 2016 and April 2017 was in the construction, architecture and engineering sectors, which enjoyed year-on-year growth of 17.9 per cent.

Meanwhile, the professional services sector welcomed growth of 16.9 per cent over the same period.

Josh Graff, UK country manager and VP EMEA at LinkedIn, said: “Our findings should give confidence to professionals who are thinking about taking the leap and striking out on their own.

“Our research should also be of interest to the UK Government, who will need to put the health of SMEs and sole traders at the top of their agenda as they prepare their strategy for Britain’s economy after Brexit.”

Mike Cherry, national chairman at the Federation of Small Businesses (FSB), added: “To support this growing group of entrepreneurs, the Government must now create a climate that helps all those setting up in business to achieve their ambitions.”