Construction Start-Up Owners Among The Youngest in The UK, New Study Reveals

According to Harvard Business Review’s findings in 2018, the most successful entrepreneurs start their venture at the age of 45. This was shortened by 11 years to 34 years old, in a new book published last year. But, what’s the median age of entrepreneurs in the UK?

As part of their business statistics report, the financial experts at money.co.uk investigated company and business owner data from Companies House to reveal the sectors with the youngest business owners.

We really hope you find this release useful. If you do end up using it, we ask that you credit appropriately with a link to the business statisticspage here at: https://www.money.co.uk/business/business-statistics. Please find relevant graphic for editorial use attached.

Industries with the youngest business owners

* A custom sector defined using publishing, broadcasting, video, music and tv production divisions

For the complete data of 21 industries analysed, please click here.

The construction industry has the sixth youngest entrepreneurs 

Construction company owners are among the youngest in the UK, aged 37 years and 5 months old during incorporation. This is around eight years younger than mining and quarrying start-up owners (45 years and 1 month old), which are the oldest among all industries studied.

The UK’s youngest entrepreneurs are from the retail and repair sector

Research has found that the retail and repair industry has the youngest owners, aged 34 years old at the time of founding. Hastened by the pandemic, the retail industry has accelerated its digitalisation, with Gen Z entrepreneurs infiltrating the sector. Therefore, the percentage of owners in their 20s is still 1.35% higher than those in their 30s.

Transportation and storage comes next, with the second youngest entrepreneurs (35 years and 6 months old). At eight months older, the median age of business owners in the arts, entertainment and recreation sector stands at 36 years and 2 months. 

Countries with the youngest business owners in the UK

Data can also reveal that millennials are leading the UK’s start-up scene, with the median age of founders across Britain ranging from 38 to 40 years old.

Aged 38 years and 2 months old, English entrepreneurs are the youngest, although only a month younger than Welsh self-starters. Scottish founders are aged 39 years and 5 months old while Northern Irish entrepreneurs are the oldest (40 years and 9 months old).

Salman Haqqi, personal finance expert in charge of the business statisticspage, offered guidance to those who aspire to be young entrepreneurs：

Many young professionals have dreamed of starting their own businesses, but not all get the ball rolling as they fear the unknown - and the daunting ‘myth’ which highlights a start-up failure rate of 90%. Here are some useful tips that will help you set foot on your entrepreneurial journey:

1. Be passionate about your idea 

Coming up with a business idea is the first step for every entrepreneur. Oftentimes, inspiration could be found in things you already have a great passion for - from fishing to driving - what do you think is lacking in that field? Make it your mission to fill in that gap!

2. Research your market - can you turn your idea into a money-maker?

Study your market thoroughly, and understand your target audience. Not only does your idea need to be unique, ask around to find out if it’s attractive enough for people to pay for it. It needs to be profitable for your business to survive!

3. Organise your finances

It’s vital that you don’t underestimate the costs of running a business (start-up fees, legal and insurance fees etc.) to avoid financial blunders. A government-backed start-up loan is worth between £500 and £25,000, and is available if you pass eligibility checks, and submit a business plan, cash flow forecast and personal survival budget.

4. Become an expert in your field and build an online presence It’s important to develop your business knowledge, as well as improve your overall understanding of the field you’re in. Utilise your expertise and provide expert commentary to media outlets, which could in turn, increase your online exposure and attract investors.