New research published by Invest in Cornwall has revealed that over seven million Britons are planning to change the direction of their career in the next five years.
Cornwall Development Company’s (CDC) European-funded inward investment service discovered over a quarter (26%) of those planning a new career are aiming to start their own business, with 16% looking to set up a business at home.
Of those preparing for a career change, 19% wish to retrain for a different profession and 12% wish to change profession without retraining. More than one in ten (12%) wish to relocate for their career change, either in the UK (8%) or internationally (4%).
CDC’s chief executive, Suzanne Bond, said Cornwall is in a strong position to meet these changes.
She said: “It is interesting to see that so many people are planning on reinvigorating their careers by changing paths over the next five years and in particular, that large numbers are willing to take the positive and bold step to start their own business and become their own boss.
“In Cornwall, we have a strong entrepreneurial culture with three innovations centres; Pool Innovation Centre, Tremough Innovation Centre and Truro-based Health and Wellbeing centre. All of these are focused on supporting growth, knowledge and innovation-led businesses and have been identified as exemplars of best practice by UK Business Incubation (UKBI).”
The majority of entrepreneurs, who are planning to open a business in the next five years, are looking at opportunities in the professional and scientific industries (10%) and hoping to set up research and development, or legal services businesses, for example.
The research says the second most popular arena for new start-ups is arts, entertainment and recreation, with over one in twenty (7%) wishing to start a performing arts or fitness related business. A further 10% intend to start a business in the wholesale, retail and vehicle repair trade industry and electricity, gas, steam and air conditioning supply sector (10%).
One in twenty entrepreneurs wish to open a business in the information and communications sector (5%), accommodation and food trade (5%) or financial and insurance industry (5%). Other industries include service activities (4%), real estate (4%), construction (3%), transportation and storage (3%) and administrative and support services (3%).
Bond added: “Cornwall has created a strong sustainable economy with a diverse mix of industries to encourage and support both existing local businesses and entrepreneurs who may be considering starting a business in the region.
“Our superfast broadband project will ensure we have the fastest connectivity in Europe by 2014, which is an attractive feature encouraging more businesses and entrepreneurs to relocate to Cornwall.”