Barclays encourages start-ups

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Barclays encourages start-ups

Fri 14th Dec 2007

Aspiring millionaires should forget the lottery and abandon their ideas of becoming a celebrity and focus instead on setting up their own company.

This is the advice of Barclays Local Business, which claims entrepreneurs have a one in 200 chance of making a million pounds by starting up their own firm.

This compares to a one in 13.5 million chance of winning the lottery jackpot and a one in a million chance of winning the TV talent contest X Factor.

Research from Barclays shows that one in 200 new businesses will achieve a turnover of £1 million just two years after start up and the bank is using this figure to encourage more people to set out to achieve their entrepreneurial dreams.

John Davis, marketing director for Barclays Local Business, said: "The sheer volume of successful start up businesses in the UK today should encourage more budding entrepreneurs to follow their business aspirations in order to achieve their ambitions."

A recent survey by Reed Employment found that business owner was named as the most sought after job among UK job seekers, coming above pilot, accountant and lawyer.

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