While the pandemic has certainly caused a great deal of disruption and the impact will be felt for some time, this has not deterred entrepreneurs and the change in the landscape could actually create exciting new opportunities for those looking to start a new business.
It looks like Millennials will be the generation that look to embrace the new landscape in 2021 and it will be exciting to see the kind of businesses that will rise to the top.
Business card printing specialists instantprint carried out research into new businesses registered in 2020 and it is clear that it was a busy year for entrepreneurial-minded individuals, with nearly half a million (468,371) new businesses formed.
This could be due to people having time to reflect and look for a fresh start, people losing their jobs or perhaps looking into a side hustle to improve their income.
Of these new businesses, it was the retail sector that saw the newest registrations with 22,011, and this is no surprise with online shopping being such a major consumer trend.
Management consultancies followed with 16,869 registrations, real estate with 16,747 and freight transport via road with 10,848 new registrations.
The capital remains the place to start a new business according to the research with over a quarter of all new businesses opening here (123,462) followed by Birmingham (11,185) and Manchester (9,684).
According to BNP Paribas’ research, young people are more entrepreneurial than ever and start twice as many businesses as the baby boomer generation.
The research also revealed that 78% of the polled millennial entrepreneurs came from a family with a history of starting their own businesses, which suggests that the playing field may not be level.
There are many reasons why millennials are entrepreneurial, such as the internet making it much easier to start and operate a company, the rise of flexible working and there now being endless resources that enable someone to easily start a company without any training or qualifications.
Interestingly, the research also suggests that entrepreneurs aged 35 and under also adopt a different approach in terms of ambitions and leadership styles.
This could be key moving forward as the landscape will have been changed by the pandemic and flexibility, modern thinking and creativity will be key for those looking to start a new business in 2021.
It will be interesting to see how the economy recovers in the coming months and years and SMEs could play a major role in this.
It seems that millennials will be the ones starting these new businesses and there is certainly the chance for success with a different landscape, new opportunities and a fresh slate.
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