21 October 2020

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.

Key findings:

• 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

Regional insights:

• Although women are under-represented in the entrepreneur population of every region in the UK, the South West has the highest share of female entrepreneurs (44%)
• A higher share of entrepreneurs in London (19%), Scotland (12%) and the South (10%) have an Advanced-level qualification (e.g. MBA)
• Outside of Greater London, 56% of business owners in England reported meeting their financial aims and 69% reported meeting their non-financial aims

To find out more, you can read the report here.