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The changing face of UK entrepreneurs

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Entrepreneurism in the present day is almost unrecognisable compared to the early eighties, a new study by the London School of Economics and Shell Livewire has found.

It reveals that:

• Entrepreneurs feel more respected now than at any time during the past 25 years
• Profit is no longer of paramount importance for entrepreneurs – indeed only 50% of entrepreneurs surveyed said making money was their number one priority. Now, entrepreneurs’ main motivation is to create fun and dynamic teams, cultures and lifestyles
• Entrepreneurs’ role-models are those renowned for social consciousness and style – the Innocent founders, Richard Branson and dot-com success stories are frequently mentioned as heroes of today’s entrepreneurs. When asked which entrepreneur they preferred – Richard Branson or Alan Sugar – 84% voted for Branson
• Today’s entrepreneurs see themselves as being mainstream – entrepreneurialism as a career is no longer especially maverick or heroic

Enterprise culture of the ‘80s

• Anti-establishment, maverick

• Identify with entrepreneurial personality: risk-taking, growth and money-oriented

• Unlimited ambition and growth, as ends in themselves

• Entrepreneurship is socially good in itself as it boosts the economy

• Trading, dealing, negotiating

• Alan Sugar

New economy of today

• Respectable business or lifestyle choice. Indeed, entrepreneurs feel more respected now than at any time over the past 25 years

• Entrepreneurship as a route to other values: creativity, dynamic teams, enjoyable corporate culture

• Thoughtful about choosing the scale they’d like to reach, and which will sustain a particular way of life

• Awareness of wider social issues

• Making something new (whether product or team)

• Richard Branson

James Smith, Chairman of Shell UK commented: “For 25 years, Shell Livewire has been successful in helping young people start businesses. Shell has always recognised the important role innovative, young people play in creating an entrepreneurial society in the UK. They are an inspiration to us all, both within Shell and in the wider community. I’m delighted Shell Livewire has stood the test of time and this study is a fitting tribute to mark its 25th anniversary.”

Posted July 18, 2007