Small firm owners resilient to failure, bank claims
Aug 28 2008
Entrepreneurs whose firms go under move straight back into business in 85 per cent of cases, a survey from Barclays Bank finds.
According to the survey, 'the British bulldog spirit is alive and kicking' among business people, who return to enterprise an average of four months after failure.
The poll, which reveals the opinions of business owners in the east of England, finds 85 per cent believed failure was a positive experience and three-quarters say they would be unlikely to make the same mistakes again.
Stewart O'Dell, regional manager for Barclays Local Business Eastern, remarks small firms in the region are under threat because of the current economic climate.
He added: 'It's heartening to know that their desire to 'bounce back' from failure is so strong.
'It takes determination, commitment and tenacity to run your own business, and these qualities clearly stand entrepreneurs in good stead if they're forced to start all over again.'
Owner-managers were found to be emotionally attached to their firms and 39 per cent of those questioned likened a business going under to the ending of a relationship.
The Financial Reporting Council has put pressure on businesses to explain why they believe they will be able to continue operating in the economic climate.
According to the survey, 'the British bulldog spirit is alive and kicking' among business people, who return to enterprise an average of four months after failure.
The poll, which reveals the opinions of business owners in the east of England, finds 85 per cent believed failure was a positive experience and three-quarters say they would be unlikely to make the same mistakes again.
Stewart O'Dell, regional manager for Barclays Local Business Eastern, remarks small firms in the region are under threat because of the current economic climate.
He added: 'It's heartening to know that their desire to 'bounce back' from failure is so strong.
'It takes determination, commitment and tenacity to run your own business, and these qualities clearly stand entrepreneurs in good stead if they're forced to start all over again.'
Owner-managers were found to be emotionally attached to their firms and 39 per cent of those questioned likened a business going under to the ending of a relationship.
The Financial Reporting Council has put pressure on businesses to explain why they believe they will be able to continue operating in the economic climate.
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