A desire to control their own destiny is the main reason entrepreneurs decide to start their own business, according to a survey of owner-managers conducted recently by Ulster Bank. Forty per cent of female respondents said this was the primary motivating factor for setting up their own firm, compared to one-quarter of their male counterparts.

The survey also revealed that male entrepreneurs are more motivated by money than women, with 21 per cent indicating that this was the main reason they went into business on their own, compared to just 7 per cent of women.

"Whether it is men or women, money is not the primary reason for start-ups," said John McGrane, head of business and commercial banking at Ulster Bank. "Apart from greater control over their lives, many people start a business because they have a big idea or passion or because they always wanted to be in business by themselves."

Almost three times as many men cited a desire to be their own boss as a driving factor to start up their own venture, with 17 per cent of men and 6 per cent of women citing this as their main motivation.

Conversely, the possibility of a better work/life balance was of much greater importance to female than to male entrepreneurs. Fifteen per cent of women surveyed stated that this was a motivating factor for going out on their own, whereas just 6 per cent of men felt that this was important. Many entrepreneurs believe that they will have greater job security working for themselves than for someone else.

"This is another interesting finding," Mr McGrane said. "Fourteen per cent [ of entrepreneurs] believe that they will have greater job security than working for someone else. This suggests that traditional attitudes to jobs and careers are changing in Ireland."