AN increasing number of Scottish adults can see themselves starting their own business, and many will be borrowing from their parents to help them achieve their vision.
The rise is among the findings of the latest research from Bank of Scotland which shows that 14 per cent of Scots are currently looking to start up a company on their own or with a partner – an increase of 17 per cent over the last year.
There’s no great gender difference in entrepreneurism – the bank’s study shows that of those looking to start a business in the next year, 57 per cent are men and 43 per cent are women.
The How Scotland Lives report also found that it is Scottish city dwellers who are most likely to have the entrepreneurial spirit.
Almost half – 46 per cent – of potential entrepreneurs live in urban areas, with 21 per cent living in country areas.
Just 10 per cent reside in a town.
The report also shows that canny Scots are taking an incremental route to starting on their own enterprise.
The research shows that people often begin running their new business part time in the evenings and at weekends to test the potential of an idea before they give up their regular income.
Around 54 per cent of Scots who expect to become their own boss are already employed.
In the How Scotland Lives report, the bank states: “Those hoping to start their own business can usually expect to invest more money in the early months, so staying in control of the cash and having a savings safety net is especially important for start-up entrepreneurs.”
Embracing digital technology can be the key to establishing a successful business for new entrepreneurs, according to other recent research by the bank.
Released last month, the Bank of Scotland Business Digital Index showed that 71 per cent of businesses in Scotland said using online technology helped them to save time.
Around 56 per cent said it helped them to save on costs.
With 15 per cent of the UK population now self-employed, more aspiring entrepreneurs are borrowing funds to support their new business.
The bank can also reveal that, of those planning to break into business, just under a third, 29 per cent, have borrowed a substantial amount from their parents.
However, 55 per cent of these Scots also feel unhappy about borrowing from their family and 44 per cent feel guilty about borrowing from the bank of mum and dad.
The research shows that entrepreneurs are typically determined, with the ability to work hard and a readiness to learn.
Research shows that younger Scots are embracing this entrepreneurial spirit, with more than half of those aged between 18 to 34 expecting to start their own business, compared to just eight per cent of those aged over 55.
Jo Harris, managing director of business banking at the Bank of Scotland said: “It’s wonderful to see the entrepreneurial spirit is thriving in Scotland. Starting-up in business can be one of the most rewarding and exciting of adventures, but it’s a good idea to consider a few basics before you begin.
Harris added: “I recommend you think carefully about whether working for yourself is right for you, make sure you create a sound business plan, research your market carefully, pay close attention to your finances and stay safe online.”
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