UK Business Creation Process for Ethnic Minorities: Panel Study of Entrepreneurial Dynamics 2023-25

“We must shift our focus from encouraging ambition to engineering survival”

This was one of the key messages at the launch of the ERC’s latest study by Mark Hart and Anastasia Ri: ‘UK Business Creation Process for Ethnic Minorities: Panel Study of Entrepreneurial Dynamics 2023-25’ held at WBS, the Shard on Thursday October 15th.

Tracking a cohort of nascent business owners across two years, this report explores the complex dynamics of business creation in the UK. The findings paint a clear picture: those from diverse backgrounds meet significant structural and financial barriers to starting a business.

The event was attended by around 90 founders, funders and policymakers working at the frontline of inclusive enterprise to celebrate ethic minority entrepreneurship and share the findings from our latest research.

ERC’s Professor Mark Hart presented the report, drawing attention to key hurdles, such as:
👉 Lack of support: entrepreneurs often underestimate the workload of starting a business. Upfront support and mentorship would help confront this gap between expectations and reality.
👉 Access to funding: a major challenge and common theme cited by participants.
👉 Care duties: these groups are more often the primary caregivers for the young or elderly.

We also heard from business owners at different stages of their journey who shared with the room their insights into the bumpy road of running your own company, the things they wished they knew, and their visions of how to improve futures for ethic minority entrepreneurs.