The British Business Bank, in collaboration with Oliver Wyman, is today publishing a landmark study: “Alone, together: Entrepreneurship and Diversity in the UK”. This report shows in detail the challenges facing the UK’s entrepreneurs. Looking at ethnicity, gender, place and money, a sobering picture emerges that calls for commitment and action. The research will feed into the Commission on Race and Ethnic Disparities established by the Prime Minister.
- Black entrepreneurs report lower turnover and profit than White entrepreneurs, and many fewer meet their business aspirations
- Black female business owners, and female business owners from Asian and Other Ethnic Minority backgrounds experience the lowest levels of business success
- Economic background and location are critical to entrepreneurial success, irrespective of ethnicity and gender
- The report suggests that the place an entrepreneur lives can be important to their success. Business owners who live in the South East and North East report the most success
- The level of deprivation differs between places. 51% of entrepreneurs in the North East live in ‘more deprived’ areas. In contrast, the level for the South East is only 22%
- Women are under-represented in the entrepreneur population of every region in the UK, including the North East
To find out more, you can read the report here.
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If you would like to share your thoughts and experiences on the issues highlighted in this report, do please get in touch - we would be very interested to hear from you.
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Shaun Fooy, British Business Bank, Senior Manager, UK Network, North East England.