Over a quarter of Londoners want to become entrepreneurs in the London startup scene

Nicholas Earl
The Silicon Roundabout In Old Street
London remains a highly popular place to develop new businesses (Source: Getty)

More than one in four Londoners want to start their own business, according to a new survey from technology product designer Studio Graphene.

Millennials and parents with children under the age of 18 are the most likely to hold this ambition, with 45 per cent of young people and 41 per cent of parents with younger children wanting to begin their own start-up enterprise.

The company surveyed 2,000 Brits, including 500 living in the country's capital.

Its findings revealed that 17 per cent of Greater London residents said they wanted to build a new technology product but had no idea how to develop the technology required.

Alongside this frustration, 18 per cent kicked themselves when they saw a product advertised that they had wanted to create themselves.

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Nearly half the Londoners surveyed also said they felt lacking in the skills and knowledge required to be an entrepreneur, with 46 per cent of men and 51 per cent of women likely to feel this way about business.

Others worried about the financial aspect of starting a business, as 52 per cent of London-based respondents said they didn't know how to fund their business if they were to start one. This is a particular issue for millennials, as 64 per cent of 18-34 year olds said it was an issue.

The results did not show significant variation between the feelings of Londoners and people living elsewhere in the UK. The anxieties expressed about creating a business polled similarly nationwide, although thousands of start-ups are still created every day.

Last year 589,000 new companies were established in the UK last year, 22 per cent up from 2012, when 484,000 businesses were formed. Since 2013, the country has seen almost 3.5m start-ups form across the country including hugely successful London-based start-ups such as boutique retailers Trouva and market research app makers Streetbees.

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Ritam Gandhi, director and founder of Studio Graphene, said that there was plenty of opportunities for Londoners to start businesses and that they lived in the perfect city if they were hoping for support in their business ideas.

“It's important to remember that there are vast numbers of people they can approach for support to help get their business off the ground; that's what makes London such a great place for budding entrepreneurs,” he said.