Breaking The Entrepreneurial Mould

Ernst & Young survey reveals a new generation of entrepreneurs who are more formally educated but still love to take risks

Ernst & Young's 2002 Enterpriser Survey, performed by MORI, reveals that a new generation of entrepreneurs are taking centre stage. The report shows that the popular image of the typical entrepreneur as being someone who left school at 16 with no formal qualifications is rapidly becoming out dated.

Today over 50% of the UK's leading entrepreneurs have a degree from a University. In the technology industry this figure rises to 65% although it dips in the Consumer Products sector to 33%. The new generation of entrepreneurs have for the most part finished school, spent time at university and in some industries like Financial Services 20% have gone on to gain an MBA. All of these figures present a striking contrast with the entrepreneurs of 20 years ago.

Without being grey beards today's UK entrepreneurs also have age and experience on their side. 72% of them are over the age of 36 with an average age in their mid 40s and for 43% of the respondents their current business is not their first entrepreneurial venture.

Entrepreneurs were asked to identify the key characteristics of their successful peer group. The respondents selected strong leadership abilities (80%), being prepared to take risks (74%) and having good communication/listening skills (69%) as being the most important characteristics of a successful entrepreneur. Honesty, being a good team player and analytical skills were less highly rated, but considered more important for the team around the individual.

David Wilkinson, Head of Entrepreneurial Services at Ernst & Young said: "Responses to the 2002 survey show that the old clichйs about entrepreneurs are fading away. The hundreds of entrants to our Entrepreneur Of The Year programme have all come from different backgrounds, but have a common aspiration to make a success of themselves and their business."

"I am delighted to announce the launch of our 2002 awards for the fourth year in the UK. Despite current economic conditions, I fully expect to see another raft of entries into the programme, each of which represents a wonderful story of success and achievement by entrepreneurs young and old. A quick glance at the award recipients of our 2001 awards can only underline the diversity and range of expertise of UK entrepreneurs. Individuals such as Stelios Haji-Ioannou, of Easyjet, David Whelan of JJB Sports and the 2001 overall winners, Vijay and Bikhu Patel of Waymade Healthcare have all demonstrated an overwhelming commitment to the spirit of enterprise, which is what these awards are here to celebrate."

Technical details

• MORI conducted a survey on behalf of Ernst & Young into the thoughts of leading UK entrepreneurs on a range of issues. These issues ranged from future funding arrangements to what in their view makes a successful entrepreneur
• A total of 479 postal self-complete questionnaires were completed with this audience
• The fieldwork was conducted 5-26 November 2001