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New research has found that half of the youngest entrepreneurs in the UK are millennials.

The study found that people between the ages of 25 and 40 have started 49% of new businesses in the country since July 2020.

This is the largest proportion in the UK, ahead of Generation X – who are currently between 41 and 56 years old – who make up 33% of the UK’s youngest entrepreneurs.

Baby boomers – between the ages of 57 and 75 – founded 9.6% of the new businesses, while the 16- to 24-year-olds, AKA Generation Z, are responsible for 7.8% of the new businesses.

The study was conducted by cloud accounting firm Ember, which analyzed more than 400,000 Companies House records over the past 11 months to uncover common traits among the UK’s newest business owners.

In total, more than 227,000 businesses have been started by Millennials, and with approximately 14.2 million people born between 1981 and 1996 in the UK, 1.6% of Millennials have started a business in the past 11 months – the highest percentage in the throughout the world UNITED KINGDOM. For Gen X, 1.09% of the 14 million people born between 1965 and 1980 started a business.

Additionally, the data shows that a higher percentage of Gen Z started businesses than the Baby Boomers. There are seven million Gen Z members who are at least 16 years old – the minimum age to register a business – which means 0.51% have started a business, compared to 0.33% of the 13.5 million boomers .

Ilford had the highest number of new businesses relative to population, followed by Manchester in second and Dagenham in third.

Romford ranks fourth, Hayes fifth and Southall sixth, meaning five of the six most entrepreneurial places in the UK are London boroughs. Overall, however, the capital ranks 25th on the list for the ratio of startups to the population.

According to Ember. the UK’s most entrepreneurial areas

The most popular form of business last year was e-commerce. The study found that more than 26,000 new businesses were registered as “retail through mail order houses or via the Internet”.

The second most popular type of new business is defined as “business consulting other than financial management” with more than 14,000 new providers.

The third most common type of new business was “other service activities,” which can include anything from animal care services and street performers to tattooists and genealogists.

Commenting on the study, Ember co-founder Daniel Hogan said, “It’s fascinating to see the trends and themes that emerge when we look at the UK’s newest entrepreneurs. The country has had to adjust to massive changes in the last year, so despite the uncertainty it is inspiring to see so many people taking the initiative to start their own business. “

The study also looked at more details on the UK’s newest entrepreneurs and found that most new businesses were registered by someone named David, followed by someone named Michael, and then someone named James.

The most common traditionally feminine name for a new business owner was Sarah, followed by Emma in second and Rebecca in third.

Of the 100 most common start-up names, 74 were typically male names, while 19 were traditionally female names.

According to Ember, the ten most common names for people starting up a business