The UK looks set to be led by a generation of female entrepreneurs, a recent study suggests.
The ratio of female to male entrepreneurs has shifted dramatically, with women also proving to be more successful than their male equivalents.
Millennial female entrepreneurs leading the way
Female entrepreneurs now make up an impressive 59 per cent of UK entrepreneurs under 35.
This is substantially more than the reported 16 per cent amongst entrepreneurs over 55, and still almost double the 30 per cent among those aged 35-54.
HSBC surveyed almost 3000 entrepreneurs from around the world for their Essence of Enterprise report, with 501 of those coming from the UK.
Are female entrepreneurs more succesful?
And perhaps it’s not such a surprise to see the shift, given that the research also showed women to be more successful in both turnover and personal wealth.
The report says that the average turnover generated by female entrepreneurs was £2.9m compared to the male average of £2.8m.
Work-life balance is crucial
According to HSBC’s study, the main reason people in the UK start their own business is to do their best for their family.
78 per cent said this was the reason, while 12 per cent said this was the single biggest reason.
Work-life balance is also crucial to those running their own business, as we found out ourselves in our own work-life balance study last summer.
Our findings were backed up by HSBC, as some 71 per cent of UK entrepreneurs surveyed suggested that lifestyle reasons influenced their decision to go it alone.
Why do you think women are leading the way? Let us know in the comments below.