THE number of women going into business for themselves has risen 38 per cent in the past five years, according to a survey by NatWest.

Research shows that women account for 124,000 of the UK's new business start-ups in the first nine months of this year, compared to a figure of 90,000 new female entrepreneurs for the whole of 1995.

Women account for 35 per cent of people starting in business, up ten per cent over the past five years.

The study found women are less driven by the desire to make a lot of money than men but are more driven by a sense of personal satisfaction in providing a service.

Although women entrepreneurs are still most likely to head into the retail sector (28 per cent), there are now almost as many (25 per cent) starting up in the finance/professionals/property sector.

Most (37 per cent) are aged between 25 and 34.

"It is very encouraging to see this gradual rise in the number of women setting up in business," said Peter Ibbetson, head of NatWest Small Business Services.

"However, the gap between the number of male and female entrepreneurs starting up is still wide.

"There's no reason why we shouldn't have as many women as men starting up in business."