Two-thirds of entrepreneurs under 35 confident about both personal and business ambitions, bucking wider trends among UK business owners
Young UK entrepreneurs are increasingly confident about the future, bucking wider trends among business owners, according to new research by Brown Shipley, a Quintet Private Bank.
According to the results of a survey of 4,000 UK adults commissioned by Brown Shipley, 68% of entrepreneurs under 35 are confident that their personal and business ambitions are aligned, up from 64% in 2023. By comparison, confidence among all UK entrepreneurs has fallen to 47%, down from 60% last year.
The same trend is evident when entrepreneurs are asked about their confidence in their business as a primary store of wealth for themselves and their families. While 59% of younger entrepreneurs express confidence in the long-term strength of their business, down marginally from 61% in 2023, just 42% of all entrepreneurs share their confidence, down from 53% in 2023.
These trends are also reflected in business growth strategies. Among all UK entrepreneurs, 24% say they intend to seek external investment in the next three years as part of their company’s growth plan, down from 35% in 2023. Entrepreneurs aged under 35 are the most likely to seek external investment for growth (47%) but this has still seen a decline year on year (64% in 2023).
Finally, younger entrepreneurs are considerably keener to exit their business via a sale than are their older peers, with 31% of those under 35 saying they intend at some point to sell their business in entirety. That compares to 25% of entrepreneurs between 35-54 and 5% of entrepreneurs aged 55 and above.
“In a likely UK election year, today’s entrepreneurs face a complex business environment,” said Gordon Scott, Head of Investment & Client Solutions at Brown Shipley. “Despite lower inflation and recently improved consumer confidence, growing one’s own business is never easy. That is especially true when it comes to generational wealth transfer, which may partly explain why confidence is markedly higher among younger entrepreneurs than their older peers.
“Every entrepreneur, no matter their age, can benefit from a holistic approach to managing their personal and business wealth over the long term,” added Scott. “That includes navigating the complexities of tax-efficient investment structuring, pension and estate planning, and lifetime cash-flow modelling. While often natural risk-takers, entrepreneurs should plan for tomorrow even as they embrace the challenges of today.”
