Jobs: Entrepreneurs would ‘do it all again’
Steve Purdy, UK managing director at Regus, said: “It is a hugely positive sign for the local economy that so many entrepreneurs are taking the plunge and starting their own business. This bullish attitude will help lift Britain out of the economic doldrums.
“The government’s recently announced Employment Allowance is a major step forward for small firms looking to take on staff, and there are a growing number of initiatives such as StartUp Loans that help firms get off the ground. It is access to credit that remains the main obstacle to starting a business.”
The research found 87 per cent of entrepreneurs in Beds, Herts and Bucks say that given the chance they would do it all over again, despite many having been initially ‘forced’ into business ownership through redundancy.
The research also asked respondents about deterrents to setting up a business today.
On a national level, 80 per cent of business owners cite access to credit, followed by red tape (71 per cent) and lack of government support (64 per cent). Half believe the state of the economy deters budding entrepreneurs and market dominance by large corporations is also highlighted as a further barrier (44 per cent).
Entrepreneurs pointed to the importance of modern, flexible working practices to make their business a success - a very topical theme given that this week is National Work Wise Week, which ends tomorrow.
More than half of entrepreneurs reported they shun 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 firms, says Regus.