Ethnic minorities lead aspiring entrepreneurs

Ethnic groups are more likely to be thinking about entrepreneurial activity, in terms of plans and aspirations than the country as a whole according to a report published this week by the Small Business Service.

The survey, sanctioned by the agency within UK Government which champions small businesses, found that there is a higher proportion of would-be entrepreneurs amongst the Black and Asian communities compared with the white population.

The survey also revealed that 86 per cent of people admire entrepreneurs, and 76 per cent would encourage their friends or relatives to start their own enterprise. However, more surprisingly most people thought that most entrepreneurs who failed in their first business should be given the chance to start again.

The main motivations for wanting to start a business were the freedom to be your own boss and the opportunity to make more money.

(MB)