More new businesses were launched between 2007 and 2017 than those formed in the 1990s, according to research.
Figures from the ONS show 383,000 business start-ups were launched in 2015, compared to 275,000 in 2005 – an increase of 39% in a decade.
And most small business owners are more than satisfied with the performance of their entities.
Banking group Aldemore surveyed 1,003 SME owners and found 85% view their business as a success.
Of firms launched in the early 2000s, 92% of owners reported their business to be thriving with the number falling slightly to 86% for entities formed between 2010 and 2011.
However, only 59% of business owners who launched their business in the last two years stated they are flourishing.
In addition, 88% of owners believe spring is the best time to start a business.
Carl D’Ammassa, group managing director of business finance at Aldermore, said:
“With more people looking to become their own boss, it is vital they have a clear business plan to ensure everything goes as smoothly as possible – both in the run-up to launch and throughout the critical first 12 months of trading.
“Establishing or owning a business is a dream for many, however, it is key that all aspiring entrepreneurs realise the extensive amount of time and effort needed to achieve their goals.”