Study reveals Swansea Bay is home to the 2nd highest number of entrepreneurs in the UK

New research from Tide reveals that Swansea Bay is home to the 2nd highest number of entrepreneurs in the UK.
The study analysed ONS data to reveal the most entrepreneurial regions in the UK.  You can view the research in full here: https://www.tide.co/british-entrepreneurial-index/
Top 10 UK regions with the highest percentage of entrepreneurs

Rank

Region

Number of self-employed workers

Total employees

% of self-employed workers

1

Greater London Authority

864,000

3,778,000

18.60%

2

Swansea Bay City Region

50,000

263,000

16.10%

3

West of England Combined Authority

74,000

422,000

14.90%

4

North of Tyne Combined Authority

54,000

326,000

14.10%

5

Greater Manchester Combined Authority

183,000

1,146,000

13.80%

6

Edinburgh and South East Scotland

91,000

598,000

13.20%

7

Cambridgeshire and Peterborough Combined Authority

56,000

373,000

13.00%

8

West Midlands Combined Authority

167,000

1,133,000

12.90%

9

Liverpool City Region Combined Authority

88,000

639,000

12.20%

10

Tees Valley Combined Authority

34,000

255,000

11.90%

The biggest city in the country also has the biggest percentage of self-employed workers, as 18% of all workers in Greater London are self-employed. Greater London has just under 3.8 million total workers, 864,000 of whom are self-employed.
In second place comes the Swansea Bay City Region which incorporates Swansea, Pembrokeshire and Port Talbot, with a total of 263,000 workers. 50,000 are self-employed which means 16.1% of the area’s workforce are self employed.
The West of England ranks third, where 14.9% of workers are self-employed. This city region which includes Bristol as its biggest city has 74,000 self-employed workers from a total of 422,000.
Oliver Prill, CEO at Tide comments on the findings:
“Taking the step into entrepreneurship is a big one, and I am always impressed by the number of people who are keen to leap into the unknown and give it a go, particularly in the last year, when we have seen an unprecedented number of new businesses emerge. It’s a very difficult step to take though, and as the data shows, not all start-ups make it.
“There are a number of steps that new business owners can take to increase their chances of success.
  1. Before quitting your day job to start a business, try to run your business alongside your job – this can be exhausting, but it gives you the opportunity to see if the business can generate an income without the financial pressure

  2. When you’re ready to take the plunge and dedicate all your time to your business, take the time to assess how to use your time most effectively – the admin side of running a business is time consuming, but there are services, like Tide, out there to lighten the burden

  3. Fail fast – if something isn’t working, don’t waste time and energy trying to make it work, be agile and try something new. The beauty of starting your own business is that you have the freedom to take in the direction you want.”

You can view the research in full by clicking here.
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