smallbusiness.co.uk: Helping your business think big

Some 52 per cent of small business entrepreneurs in the UK say they will not halt expansion plans despite the current economic climate, a survey finds.

The DNA of an Entrepreneur study, carried out by insurer Hiscox, compares attitudes of business owners around the world to their success.

UK managing director for Hiscox Steve Langan remarks: 'We know small businesses can be fleet-of-foot and highly adaptable in a downturn and it's good to see that the British entrepreneurial spirit is still strong, despite the credit crunch.'

However, the entrepreneurs feel there are some factors holding them back, including tax, government bureaucracy, finance and a lack of effective business education at school.

Motivations for being self-employed, the survey finds, are money (34 per cent), creativity (21 per cent), and the desire to escape employment.

In contrast, a recent survey from the Institute of Chartered Accountants found that business confidence declined in the second quarter of the year, to its lowest level since the survey began.