New Research Finds Half of British Business Ideas Conceived in Bed

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New research from Business Link reveals the places where UK business brains have come up with their best ideas. For more information please visit http://www.businesslink.gov.uk/newservices.

New research from Business Link reveals the places where UK business brains have come up with their best ideas.

Research released today has found that nearly half (49%) of British entrepreneurs had their business idea in bed. At work, with friends and on the toilet were also ranked highly as some of the best spots for business inspiration.

The research, undertaken among 500 UK entrepreneurs to mark the launch of a new, online service from Business Link designed to help people start their businesses, showed that ‘in bed’ was the third most likely place for having that ‘Eureka! moment’. ‘Work’ (72%) and ‘while talking to friends’ (57%) ranked first and second as the most likely spots for a business idea to be conceived. An outspoken 41% of the entrepreneurs surveyed also admitted that the toilet was a prime location for coming up with a killer idea – with women more likely to have their idea here (43%) than men (38%).

When asked about the reasons for starting up a business (http://www.businesslink.gov.uk/mynewbusiness), ‘having power and control over their lives’ (80%), the ‘personal freedom of going alone’ (78%) and ‘knowing they had a great idea that could make money’ (77%) were the top reasons for starting up. Men were most inclined to start a business because they thought they could do a better job than their bosses: 73% compared to 64% of women.

As for the tipping point that made them act upon their desire to start up their own business, the panel of entrepreneurs said that seeing other friends take the leap (34%) was the primary motivation, followed by being made redundant (20%), watching Dragons' Den (16%), having a baby (12%) and moving house (5%). Men were most likely to be moved to action by being made redundant (23% of men as opposed to 18% of women), while Dragons’ Den was also more motivating for men (17%) than women (15%).

Ray Lambe, Director, Business Link said:
“Whilst this survey gives an interesting, light-hearted take on the thought process of starting a business we are very aware that it is often a big and serious step to take. That’s why Business Link has launched two new online services to help people to start up and grow their businesses."

“Our new Start-Up Service, called My New Business, has been built to help break down the often complex steps of starting a business and guide people through the start-up process to help turn their idea into a reality. Amongst other things, My New Business provides potential entrepreneurs with tools that can help them to work out whether they can work for themselves; see if they have what it takes to be their own boss; and find links to financial help or expertise they may be entitled to. Visit http://www.businesslink.gov.uk/newservices for more information.”

The research was carried out to mark the launch of two new services on Business Link, designed to help people start, grow and improve their businesses (http://www.businesslink.gov.uk/improve). My New Business is for people in the stages of starting up a business and provides everything they need to know to get off the ground and plan for future success.

Just some of the things you can do on My New Business

  • Use our comprehensive list of tasks to support and guide you from the first inkling of an idea, right through to running and managing a business.
  • Access our bank of e-learning tutorials, tools and video case studies to help you develop your idea, create your business plan and get help with marketing, finance, tax and many other subjects
  • Organise and manage your list of tasks by setting due dates, priorities and adding notes. You can also save your favourite tutorials, tools and videos for quick access when you return.

For more information please visit http://www.businesslink.gov.uk/newservices.

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Amanda Francis
Kindred
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