- The UK is an astonishingly entrepreneurial country. At the start of 2005 there were 4.3m businesses. That's roughly one business for every ten adults.
- What's more, we are becoming increasingly entrepreneurial. The 2005 figure represented an increase of more than 59,000 businesses or 1.4 per cent on the previous year and an increase of 500,000 or 13 per cent since 2002.
- At the start of 2005, UK business employed an estimated 22 million people and had a combined turnover of £2,400m. Small and medium sized firms make up the bulk of UK enterprises (99.9 per cent). But they account for only 58.7 per cent of employment and 51.1 per cent of turnover.
- However, the business jungle is a dangerous place. 7.9 per cent of businesses fail in the first year. Only 71.3 per cent of businesses are still trading after three years and just 32.1 per cent of new businesses still exist after ten years.
- Northern Ireland is the safest place to do business in the UK. There, 49 per cent of enterprises are still trading after ten years compared to 31.6 per cent in England.
- London is the most perilous place to set up. The capital has a three-year survival rate of just 66 per cent.
- Hotels and restaurants are the most risky new start ups. Government figures show that the three-year survival rate is just 60.8 per cent compared to 84.2 per cent in the least volatile sectors of agriculture, hunting and forestry.
- When it comes to the location, rural businesses fare better than urban. There, the three-year survival rate for rural enterprises is 76 per cent compared to 70 per cent in urban settings. Businesses in small villages are most likely to last the pace, with a three-year survival rate of 81 per cent.
ISSUES PART 1: Born to succeed?
42 degrees examines whether entrepreneurs such as Bill Gates have an instinctive head for business. Read Issues part 1
