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Risk not a deterrent for UK entrepreneurs

The saga of the UK’s continually fluctuating attitude to the financial slowdown continues with another piece of new research. The British entrepreneurial community still believes that it is worth taking the plunge and starting a business despite the current economic situation, according to BT Business.

Nearly half of budding business owners say risk is no obstacle when it comes to considering setting up a company, while 60% believe they have the skills needed to go it alone.

The most important aspect to setting up a business is thorough knowledge of the marketplace according to 52% of respondents. However, 10% of those surveyed said money was the main concern for starting their own venture.

Bill Murphy, managing director of BT Business, said: “The world of British business is changing, with hundreds of thousands of new businesses starting every year. “Our research found the spirit of entrepreneurialism in Britain is as strong as ever. Even in the current economic situation lots of people are relishing the challenge of starting their own enterprise.”

The results of the survey claim that the biggest motivation for budding entrepreneurs is the lure of a better work/life balance. This was a priority for one in three, while 43% expressed a desire to work fewer hours. Only 3% of people said they were completely happy with their working lives.

This was posted in Bdaily's Members' News section by Ruth Mitchell .