With 84,000 people becoming self-employed last quarter, EA Worldwide Acquisitions see entrepreneurship as a thriving trend in the City of London.
Dramatic increases in self-employment last quarter tipped the UK to reach a total of 4.2million self-employed people. London boasts over 600,000 self-employed entrepreneurs and EA Worldwide Acquisitions believe the number will continue to grow. It is reported that the average income for self-employed individuals in the UK have also sky-rocketed. Earnings in the first 2 months of 2012 increased by 63% compared to 2011.
EA Worldwide Acquisitions Managing Director, Josh Cote has supported entrepreneurship through various mentors and business development programmes over the past 11 years and believes entrepreneurship is a perfect way to overcome unemployment during a period of economic downturn while allowing for the flexibility needed by so many people in today’s day and age. ‘Many have turned to self-employment to save themselves from unemployment during the recession. I have seen a change in how entrepreneurship is viewed by the average worker in the UK. Four years ago it was a quick fix for unemployment issues where as now it is seen as true opportunity to obtain and secure their future lifestyle’ says Josh Cote, MD at EA Worldwide Acquisitions.
The number of people without jobs has fallen in the UK for the first time since the 2008 recession.
‘Closer analysis of the figures finds a sharp rise in self-employment more than accounting for the small fall in unemployment’ says Gerwyn Davies, labour market policy advisor at the Chartered Institute of Personnel and Development (CIPD).
‘Many people look to self-employment opportunities as not only a way to create their own work opportunities when the job market is tough but as an opportunity to acheive a greater work-life balance. Commuting distances, having young children, providing support for the ageing generation and keeping up with hobbies and interests are some of the areas that can be affected by employment in the City. Self-employment offers flexibility, whether than means working only part time hours to suppliment the households primary income or being able to fit full time work around personal commitments that otherwise would not have been possible in a 9-5 employed role. Having the flexibility to fit work around you own schedule is a huge benefit of self-employment’ says Josh Cote of EA Worldwide Acquisitions.
With online technical advances and reduced set-up costs, self-employment is a City trend that is likely to stick. EA Worldwide Acquisitions maintain their belief that entrepreneurship will assist with the recovery of the UK economy and offer the opportunity for many ambitious individuals to take control of their future.