North west entrepreneurs are much more motivated by personal passion – and the chance to be their own boss – than by making money, new research from HSBC reveals.
A UK-wide survey of entrepreneurs has found that 61 per cent said being their own boss was the primary motivation to start up a business, while pursuing a personal passion was the second-largest driving force (44 per cent).
Entrepreneurs also cited lifestyle issues as reasons to start up their own company, including seeking an improved work-life balance, and wanting more flexible working hours.
Significantly fewer (29 per cent) said making more money motivated them to start up a business, and only 19 per cent cited a desire to get rich in the long term.
Being made redundant motivated just 12 per cent of respondents to start their own business, while 10 per cent cited not liking one’s boss as a motivating a reason.
David Beaty, HSBC regional commercial director for the North, said: “This research underlines what our managers hear every day: for ambitious entrepreneurs it’s never just about business.
“It’s about pursing passions and taking control of our working lives. HSBC is determined to do all we can to support these business people and their companies across the North of England.
“This year we have made more than £6bn of funding available for SMEs across the country.”