42% of business owners now have a relevant undergraduate degree


A study conducted by Hitachi Capital Invoice Finance surveyed UK business owners as well as their experience and qualifications when starting up.
The results showed that almost two-thirds (61%) of business owners over the age of 55 had previous experience in the industry of their choice.
However, this is significantly different from the younger generation, as less than one in ten (8%) of 18-24 year olds had ever done a job in the market where they placed their business.
Business owners in Sheffield were the most experienced with more than two-thirds (69%) having worked in their industry, compared to Plymouth, which was the least skilled at just 26%.
The sector with the most professional experience is that of business consulting firms with more than four in five (81%) having previous experience before starting, followed by architects (73%) and engineers with 71% . The retail and food service industry was last at 16%.
Another avenue taken by business owners was education. The results suggest that less than half (42%) of UK business owners had an undergraduate degree or above when they started.
More women entered their business with a diploma since almost half (44%) had at least a level 7 diploma before their creation, compared to 40% of men.
Business owners aged 45 to 54 were the most likely to have a college degree, with almost half (47%) using it to their advantage when starting up.
The least likely to have a degree before starting a business were 18-24 year olds with only a quarter although many could still study,
London business owners were the most educated with over half (51%) graduating, Norwich business owners the least educated with just 27% of owners having a degree during their start-up .
Owners in the transport and logistics sector are the least likely to have a university education with less than a quarter (24%) of them.
Instead of having a university degree, two in five UK owners (40%) have chosen the path of a professional qualification in their sector.
Professional qualifications were much more common among men, with almost half (47%) of owners having them, compared to less than a third (32%) of women owners.
Again, it is owners aged 18-24 who are the least likely to have a professional qualification with less than one in five (17%) holding one, compared to those aged 45-54 who were the most likely with almost half (41%).
Almost three-fifths (58%) of owners in the recruitment sector have a professional qualification, followed by 55% of owners in the transport and logistics sector. The least likely sector was retail with just over one in ten (13%).
Hiring experienced staff was an alternative strategy used by owners to avoid having experience in their area of ​​work, and was used by more than a third (36%) of UK employers.
Almost half (44%) of male business owners hired experienced staff to help them get started. This percentage was considerably higher than that of female business owners at 28 percent.
Owners aged 18 to 24 were the least likely to hire experienced staff with one in seven (16%), however, the most likely were those aged 25 to 34 with almost half (42%).
Two-thirds (66%) of owners in Belfast have hired experienced staff in this industry, ranking them number one; alternatively, Plymouth owners ranked the lowest with just seven percent.
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