Entrepreneurs defy sluggish economy
Nov 16 2010
Britain's entrepreneurial ethos is alive and well
More than a third of Britons have an entrepreneurial drive despite enduring economic uncertainty, research finds.
According to a study of more than 2,000 respondents by research agency YouGov, 34 per cent want to or have already started their own business, up from 32 per cent last year.
However, when those who wanted to start a business were asked whether they plan to set one up in the next year, only 12 per cent said yes, down from 18 per cent in 2009.
Reasons for wanting to start up include the desire to be your own boss (58 per cent), ‘reaping all the rewards of my hard work’ (54 per cent) and the desire to make more money (43 per cent).
The primary barrier is sourcing funding (53 per cent), followed by finding the right business idea (38 per cent) and plucking up the courage (32 per cent).
When asked what the banks could do to support their entrepreneurial ambition, more than half (58 per cent) of respondents favour a cut in interest rates for small business loans. Some 55 per cent believe that banks should simply lend more to small businesses, while 41 per cent think that more tailored products would help.
Pernille Bruun-Jensen, managing director of Intuit UK which commissioned the research, says: ‘With nearly 5 million small businesses in the UK, Britain is still very much an entrepreneurial country. However, although many people plan to set up their own business, this year’s survey, like last, has found that a large number still remain cautious.’
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