A new breed of business owners are leading the way out of the economic downturn, according to the annual Simply Business Start-up Index, which reveals a 29 per cent rise in companies started by 18-25-year-olds since the recession took hold in 2008.
Data from the business insurance provider, which is based on up to 750,000 individual quote requests annually, revealed that new businesses accounted for 38 per cent of all applications in 2012, representing a 3.4 per cent increase on the previous year.
As part of the annual report, Simply Business conducted a start-up capital poll with a cross section of 500 customers to review the current landscape of finance and lending.
It revealed the majority of businesses start on a shoestring, with 58 per cent raising less than £1,000 to get off the ground and 39 per cent managing on less than £500.
Most start-ups are self funded, relying on savings (84 per cent) and/or family (12 per cent), with just five per cent receiving bank funding to launch their enterprise.
At the opposite end of the scale to those at the start of their career, the trend for retirement age entrepreneurs continued in 2012, with a 7.2 per cent increase in applications from those over the age of 65 - the biggest annual rise of all age groups.
Over 65s now account for more than four per cent of all new business owners, gaining ground on the most prolific start-up age of 35-44-year-olds.
For more information visit www.simplybusiness.co.uk/about-us/press-releases/recession-generation-entrepreneurs