The primary reason for European entrepreneurs to start their own business is because they want to be their own boss.
New research, released by Barclays Wealth and the Economist Intelligent Unit, indicated that 46 per cent of Europeans started their own business in order to manage their own time. By managing their schedule, these entrepreneurs are able to spend more time with friends and family, pursue other hobbies and passions, as well as explore other interesting business opportunities.
Another important consideration for at least 39 per cent of European entrepreneurs is gaining financial independence by starting their own business. This is especially valuable in the present economic climate, as it creates job security and gives you the ability to determine the amount of profits you can earn.
38 per cent of European entrepreneurs starting their own business were also interested in creating new products and services for consumers. This can be an effective way to draw in new customers, as they will want creative, innovative solutions for different needs in their lives.
Only 30 per cent of the European entrepreneurs said their main motivation was to make lots of money. In contrast, US entrepreneurs primarily start businesses because they are enticed by the prospect of making large sums of money.
According to Mark Esner, area director of Barclays Wealth in Liverpool: "Independence and the ability to innovate are deemed far more important to local entrepreneurs, rather than creating large sums of money."
This new research should be encouraging for European entrepreneurs, who even in tough economic times, will likely find more satisfaction with their businesses and persevere to keep building their business into a success.