More than a quarter of those who set up their own business did so to achieve a better work-life balance, according to an online poll of 908 owner-managed businesses from Business XL’s sister title SmallBusiness.co.uk.

Other popular reasons for starting a business are to make your fortune (20 per cent of respondents) and to be your own boss (18 per cent). A significant minority (eight per cent) started their own company after losing their job.

The results show that more than four in five entrepreneurs were attracted by perceived advantages to running their own business, rather than seeking to escape from an unsatisfactory career or joblessness.

Craig Kemsley, director of the entrepreneurial business team at advisory firm Deloitte, says that entrepreneurs will continue to start businesses, whatever the economic climate.

‘Any start-up that is cash generative and has low entry costs is as likely to succeed now as it was a year or two ago,’ claims Kemsley, who adds that business owners should plan thoroughly for sudden jumps in sales as well as potential declines in demand.

George Derbyshire, chief executive of growth business lobbying organisation NFEA, does not expect a big drop in the number of start-ups this year: ‘If your job is shaky, or indeed disappears, what better time to start your own business?’

However, Derbyshire cautions against unrealistic expectations that “being your own boss” equates to an easier life. ‘Entrepreneurs shouldn’t assume that, just because they are starting out on their own, things will be easy or less time consuming,’ he states.