Majority of UK business owners would set out on their own again despite difficulties

  • 5-23-2013

Though two in five entrepreneurs fell into business ownership through redundancy, 83 per cent would do it all over again, research finds.

Despite the challenges facing small and micro businesses in the UK, the nation’s business owners are displaying unwavering entrepreneurial spirit, according to a new poll.

Even though two in five (38%) entrepreneurs fell into business ownership through redundancy, 83 per cent say that given the chance they would do it all over again.

Asked about the deterrents to setting up a business today, 80 per cent of business owners cite access to credit, followed by red tape (71%) and lack of government support (64%).  

Half believe the state of the economy deters budding entrepreneurs, and market dominance by large corporations is also highlighted by 44 per cent as a further barrier.

The research by Regus points to the prevalence of flexible working practices amongst entrepreneurs, with more than half shunning traditional fixed office working.

This determination to remain agile and keep overheads low suggests that business owners have learnt lessons from previous downturns, when inflexible property leases caused financial distress for 45 per cent of UK firms.

Steve Purdy, UK Managing Director at Regus, comments: "It is a hugely positive sign that business owners would choose to set out on their own again, even if many of them were 'forced' into entrepreneurship by redundancy. This bullish attitude will help lift Britain out of the economic doldrums.

"The Employment Allowance is a major step forward for small firms looking to take on staff, and there are a growing number of initiatives that help firms get off the ground. It is access to credit that remains the main obstacle to starting a business."

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