Over a third of UK businesses fell into entrepreneurship by accident, according to Santander research
Santander UK, a financial services provider, conducted a poll of 1,000 entrepreneurs, and found that British entrepreneurs lack business experience when starting their company.
They reported that 62% admitted they had no previous experience in their chosen industry when starting out on their own.
This information comes as the last year has seen growth in new business in the UK, with 79,325 registered in the second quarter of 2026 , up 2.2% on Q2 2025.
The research found that more than a third of business owners said they had accidentally fallen into entrepreneurship.
Santander UK’s research found the majority of entrepreneurs who took the plunge into running a business did so because they needed more flexibility in their lives (34%), wanted financial independence (25%) or were out of work or had been made redundant (21%).
The top 10 triggers for Brits starting their own business:
- Need for more flexibility (34%)
- Desire for financial independence (25%)
- Being out of work or made redundant (21%)
- Turning a side hustle into a full-time business (21%)
- Identifying a gap in the market (15%)
- Ready to take the risk (15%)
- Desire to be more self-reliant (14%)
- Motivated by the challenge (13%)
- Current job market (13%)
- Limited career progression (11%)
But despite these triggers, 39% of entrepreneurs said they did not understand the basics of running a business when starting out, and four in five (79%) said that they learned almost everything on the job.
When it comes to the realities of starting a business, 60% of owners admit it is harder than they expected, and the same percentage say day-to-day tasks have become more complex as their business grows.
The same percentage say day-to-day tasks have become more complex as their business grows.
The research also found that 81% of business owners value having someone to talk to when navigating complex business situations.
83% of owners also valued human guidance over solely digital tools when looking for support.
Further, almost 71% wish they had more tools and support to help grow their business, with top areas of support including opportunities to network with other businesses (31%), managing cash flow (31%), and long-term growth plans (31%).
Banco Santander launched its platform, Santander X in 2017 offering training programmes, challenges and awards, networking and tailored financial solutions to businesses.
The platform recently held its Santander X UK Awards National Final which had nine founders and businesses from University Startup and SME categories. The finalists pitched to a judging panel to share £150,000 in equity-free funding and a place in the Santander X Global Awards.
The winners of the Santander X UK Awards in each category were:
University – Olimera Therapeutics, a tech and biotechnology company targeting incurable diseases, including Parkinson’s using antibody technology.
Startup – Peripear, a wearable device designed to minimise the impact of tears during childbirth.
SME – Think for the Future, which delivers inclusion centres in schools, aimed at improving student behaviour, resilience, and engagement in learning.
Nicky Morgan, the Rt Hon the Baroness Morgan of Cotes and Non-Executive Director of Santander UK, and judge of the 2026 Santander X Awards, said: “It has been a real honour and pleasure to judge the Santander X Awards finals. I knew the standard of the businesses’ ideas, passion and pitching skills would be high, but I was blown away by the impressive and important work they are doing across key sectors for the UK economy, including healthcare, tech and sustainability.”
Puja Patel, Head of Strategic Programmes and Universities at Santander UK, said: “Our research shows that the UK is a nation of innovators and entrepreneurs…Whatever their route into entrepreneurship, having the right support, skills and connections can make a crucial difference.”
She continues: “Congratulations to all this year’s finalists. We are proud to champion UK entrepreneurs and the important role they play in our society and in driving economic growth.”
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