Partner Article

Eight out of ten businesses would start again

Despite the well-documented challenges facing small businesses, business owners in Leeds are displaying unwavering entrepreneurial spirit, according to research commissioned by flexible workspace provider Regus, which has four centres in the city.

On average, 79% of Leeds entrepreneurs say that given the chance they would do it all over again, despite two fifths having been initially ‘forced’ into business ownership through redundancy.

The research also asked respondents about deterrents to setting up a business today.

84% of business owners cite access to credit, followed by red tape (72%) and lack of government support (65%).

Over two fifths (45%) believe the state of the economy deters budding entrepreneurs, and market dominance by large corporations is also highlighted as a further barrier (42%).

Across the nation, entrepreneurs pointed to the importance of modern, flexible working practices to make their business a success.

More than half reported that 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% of firms.

Steve Purdy, UK managing director at Regus, commented: “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 start-up loans that help firms get off the ground.

“It is access to credit that remains the main obstacle to starting a business.”

This was posted in Bdaily's Members' News section by Mark Lane .