Entrepreneurs driven by desire to be independent

Britain's entrepreneurs are primarily motivated by a desire to work for themselves without the pressures of internal targets.

The inaugural NatWest and RBS Small Business Monitor reveals that 17% of entrepreneurs were driven by a yearning to be independent. For owners of small businesses that are less than two years old, some 29% were motivated by this ambition.

Independence is in fact a much bigger factor than the prospect of making money, with three times as many entrepreneurs citing the former.

A significant 16% of respondents said they had set up a business to make the most of a market opportunity, and 15% thought they had gained enough experience in a particular area to go it alone.

Entrepreneurship, in a minority of cases, is driven by necessity, with 2% saying they were unable to find suitable employment elsewhere.

Nearly half (49%) of all small businesses believe that turnover will rise this year, and 32% expect profit margins to increase. Expansion is also on the cards for many, with 17% planning to take on new workers this year.

A recent report from Barclays found that only 46% of small business owners have a degree, and only 11% see education as central to success in the sector.