One in 200 chance of turning over a million

Entrepreneurs have a one in 200 chance of turning over £1m within two years of starting up, a new report has claimed

According to Barclays Local Business, the odds of becoming a business millionaire are far better than the chances of being victorious on a reality television show, securing a big lottery win and earning a million as a premiership footballer.

One in every 200 small business owners will achieve a £1m annual turnover only two years after setting up a new company, the study said, compared to a one in 13.5m chance of winning the Lotto jackpot, a one in a million chance of being picked by Simon Cowell and friends as X Factor champion and a 1 in 400,000 chance of securing a £1m soccer contract.

John Davis, marketing director for Barclays Local Business, said: "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.

"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."

In other findings in the report, based on figures from bookmaker William Hill, the odds of uncovering a £1m masterpiece in your attic are one in 100,000,000, while the chance of scooping the jackpot on television quiz Who Wants to be a Millionaire are one in 100,000.

[Source: AccountingWeb]



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