Million pound mindset

People that start their own business have a one in 200 chance of turning over £1 million within two years of trading, according to research from Barclays Local Business.

That’s compared to a one in 13.5 million chance of winning the top prize on the lottery and a one in a million chance of winning X-Factor. The odds of you being given a million-pound-a-year contract in the Premier League are slightly more favourable at 400,000 to one.

“This research confirms that although running your own business might not seem quite so glamorous as show business and sport, hard work and determination in traditional business is much more likely to be rewarded by real tangible success,” says John Davis, marketing director for Barclays Local Business.

“In comparison, hitting the jackpot in so-called glamour industries clearly has a lot more to do with luck. Whilst many young people dream of pursuing a career in music, football or films, it seems that starting a business is a far better bet to achieve an ‘A-lister’ lifestyle.

“The sheer volume of successful start-up businesses in the UK today should encourage more budding entrepreneurs to follow their business aspirations in order to achieve their ambitions.”