Increasing number of first-time directors entering market with less capital – One in 13 directors lives in social housing
The number of first-time business directors in the UK is at an all-time high, according to Experian data. Alongside a lower level of business experience, these ‘Debut Directors’ start-up with less investment than ever before and an increasing proportion come from backgrounds with lower than average levels of affluence.
More than half a million businesses were created in the UK last year (515,000 in 2013, up 8.9% from 473,000 in 2012), with the proportion of first-time directors rising by 12.6% (304,000 in 2013 compared to 270,000 in 2012). A Debut Director is an individual listed as a company director for the first time.
First-time directors in 2013 have less start-up capital and come from a lower affluence band when comparing these individuals’ incomes, property values and net worth to national averages.
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