Global Entrepreneurship Monitor - Northern Ireland Report 2022/23

The latest Global Entrepreneurship Monitor provides an authoritative voice on the past year’s entrepreneurial trends. With over 10,000 adults participating in the UK survey alone, the research continues to maintain its high standard. Equally, NatWest continues to be proud to sponsor this report, and, for the second year, additional reports for Northern Ireland, Scotland and Wales. Despite a backdrop of geopolitical turmoil, a cost-of-living squeeze and rocketing inflation, 2022 was a robust year for UK entrepreneurs, with almost a third of respondents engaged in entrepreneurial activity or planning to start a business; a figure that is still up from 2020. Research from the report shows that when looking to the future of their businesses, social impact is a bigger consideration for early-stage entrepreneurs than established businesses. And new ventures are more likely to consider the environmental consequences of their decisions than established businesses, although are no more likely to act. SMEs have reported that one of the biggest obstacles to this lack of movement is accessing tools to measure and reduce their carbon output amid high energy and material costs. Government policies and regulations to help businesses reach the United Nations’ Sustainable Development Goals through grants or tax cuts is an area that needs improvement. However, on a positive note, findings reveal that the female-to-male early stage entrepreneurial activity ratio was at its highest in 2022, a testament to female resilience in a time of flux, when fear of failure is slightly higher among women. Meanwhile, youth entrepreneurship is still rising, with those under 35 years of age significantly more likely to start a business than their older counterparts. The number of people of working age who perceive good start-up opportunities during the six months ahead has fallen, reflecting the challenges of last spring and summer and highlighting the need to keep our pre-pandemic recovery energised and on track. At NatWest we see this as a call to unlock the potential of our businesses and their communities. For those entrepreneurs starting up and scaling up, we are determined to be there to ensure they thrive, while supporting climate, talent and growth during economic uncertainty.