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Business

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  • BBC Business News: Wonga to write off £220m in debts
    Payday lender Wonga says it is writing off £220m of debts for 330,000 customers after putting in place new affordability checks.
  • BBC Business News: Bank to get extra powers on housing
    The Bank of England accepts new powers to prevent a housing boom and bust, as suggested by the Chancellor, George Osborne
  • BBC Business News: FTSE 100 lower ahead of ECB meeting
    UK shares continued their recent slide, with investors expected to remain cautious ahead of the latest European Central Bank meeting.
  • Business Matters: Number of young people starting a business rises by 70% since 2006

    The report compared pre-recession company formation rates in 2006 with latest statistics in 2013, showing an astonishing increase in all age groups – but particularly amongst those under 35. In 2006 there were 145,104 companies founded by people in that age group. By 2013 it had jumped to 247,049.

    Emma Jones, founder of Enterprise Nation, said: “These statistics show that younger generations are no longer pinning all their hopes on finding the perfect job, they are taking their destiny into their own hands and creating a business around a skill, a passion or a hobby.

    “This is not about lack of jobs, this is more about seeing opportunity and feeling empowered enough to rise to the challenge.”

    These latest findings tally with other research from earlier this year which has pointed to the fact that those still in education see entrepreneurship as an important career path.

    According to UnLtd, more than 55 per cent of young people aged 16 to 25 now want to set up their own firm. And a report from Santander estimates that 80,000 UK university students run a business, with a quarter of these planning to turn it into a career when they graduate.

    Matthew Rock, editor-in-chief, DueDil said: “It’s only when you look at the evidence that you see how great the shift is in young people deciding to start a business as opposed to getting a job. This is data we will continue to watch to see if the young continue to run these start-ups as the economy picks up.”

    The Dueldil and Enterprise Nation figures show 74 per cent of these young firms are run by men, while 26 per cent are founded by women. Younger entrepreneurs are now also less likely to co-found. Statistics show 66 per cent in 2006 started-up with a partner, while in 2013 that had dropped to 42 per cent. This trend was also seen in the older age range.

    The statistics show there was also an increase in those registering companies in the over 35 bracket, with a 55 per cent increase in this age group over the same time period.

    The figures showed the trend was not solely London-focused. The areas that saw the biggest percentage rise in young founders were: North Ayrshire, with a 169 per cent increase between 2006 and 2013; Blaenau Gwent at 161 per cent; the Western Isles, 150 per cent; West Dunbartonshire, 144 per cent; Midlothian, 117 per cent; Merthyr Tydfil, 113 per cent; and Greater London with a 110 per cent rise.

    The post Number of young people starting a business rises by 70% since 2006 appeared first on Business Matters.

  • Business Matters: Three Fifths of Start-ups Have Tried and Failed to Secure Traditional Financial Investment

    With raising investment online becoming an ever-increasingly popular option for entrepreneurs and investors, researchers at www.AngelsDen.com have conducted a study looking into how many start-ups in the UK are making the most of the funding opportunities available to them.

    The team at Angels Den polled a total of 821 adults aged 18 and over for the purposes of the study. Each participant had been the individual behind at least one newly created start-up company within the past two years.

    Individuals were initially asked to reveal how they managed to fund the bulk of their ventures, with the majority revealing that they used a combination of their own savings and some financial aid from family members or friends. A further 19% stated that they managed to successfully secure an approved loan from the bank.

    When asked to reveal if they had tried to borrow money from banks in order to fund their start-ups only to be rejected, a total of 59 per cent of participants admitted that this had been the case for them. When asked to reveal all of the reasons why they felt they’d been unsuccessful securing a loan through a bank, the most popular answers emerged as follows:

    1. Unrealistic financial predictions/growth plan – (32%)
    2. Lack of business experience- (28%)
    3. Existing personal debt – (21%)
    4. Age- (16%)
    5. Poor credit rating- (9%)

    When the respondents who’d tried and failed to get a bank loan for their start-up were then asked to specify which category their businesses belonged to, it emerged that the start-ups most frequently turned down for bank loans included those primarily focused on online/technology, food/drink or health/fitness.

    Bill Morrow, Co-Founder and Director at Angels Den commented on the findings: “Unfortunately, it is all too often the case these days that promising start-ups with an excellent service or product to promote fall at the last hurdle, whilst trying to secure traditional investment.”

    He continued: “Here at Angels Den, we’re witnessing a number of start-up businesses turning to angel investors and online crowdfunding in order to secure investment. Not only is it a fantastic way of raising investment, it also gives you the chance to get some experienced and well connected business people on board.”

    The post Three Fifths of Start-ups Have Tried and Failed to Secure Traditional Financial Investment appeared first on Business Matters.

  • BBC Business News: Asian markets join global slide
    Japanese stocks close sharply lower after weak manufacturing data out of the US and Europe raises concerns about the health of the global economy.
  • CNN Business: Why mom sued sperm bank
    A woman, the mother of a biracial child, is suing a sperm bank for giving her sperm from the wrong donor.
  • CNN Business: The Indian job no one wants
    In a country with not enough toilets, manual scavengers are paid $5 a day to scoop human waste. And it's not just in remote towns around India, it's in major cities, including Mumbai.
  • CNN Business: Emotional agility key to being a better boss
    Isn't it annoying to interact with smiling automatons at the checkout register?
  • CNN Business: Hope and pain at Ellis Island
    New York's Ellis Island hospital complex, where immigrants to New York were stopped and checked for disease, is now open to the public for tours.
  • BBC Business News: Virgin Money announces float plan
    Virgin Money, the UK challenger bank partly owned by entrepreneur Sir Richard Branson, announces plans to list its shares on the London Stock Exchange.
  • BBC Business News: Argentina bank governor resigns
    Argentina's central bank governor Juan Carlos Fabrega resigns after less than a year in the job, as the country's economic troubles pile up.
  • CNN Business: 11 of the world's best urban resorts
    For the business traveler who doesn't have time to take a side-trip, an hour or two by the pool at one of these city hotels will make you feel like you're on a holiday retreat.
  • BBC Business News: Japan in $617bn 'fat finger' error
    Japan's stock markets were rattled after a trading error caused more than $600bn (£370bn) worth of orders to be made and then cancelled.
  • BBC Business News: VIDEO: Hong Kong protests to dent economy?
    Hong Kong's pro-democracy street protests may deter some mainland Chinese from visiting the city during their 'Golden Week' holiday.

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