The desire to become rich is no longer the main motivation behind starting a business, a survey has discovered.
According to the More Than Business Foresight Index, only 16 per cent of small business owners claim to have run or started a business "to make lots of money".
Instead, the primary incentive for 84 per cent of small business owner managers is to achieve a better lifestyle, including having more control over time off and family time.
One of the possible reasons behind the trend is the overall aging of the UK population; as people grow older, the desire to run a large business tends to gradually decrease.
As the population continues to age, money-driven entrepreneurs will continue to account for a decreasing proportion of the small business market.
More Than business manager, Rachel Cotton, reveals that over a million small businesses in the UK are run by people who put their lifestyle first.
"The fact that so many businesses in the UK are now driven by the desire to have a good lifestyle means that the type of support they require is likely to be quite different from support and services needed by more money and growth focused businesses," Ms Cotton adds.
