Confidence at a high amongst UK entrepreneurs, research shows

A new survey from the Institute of Directors (IoD) has shown that UK entrepreneurs are feeling confident, with those who run young companies feeling more positive than those running established companies.

The research surveyed 628 members from entrepreneur group IoD99 and found that 83 per cent of entrepreneurs are feeling optimistic about their business prospects over the next year, compared to just 56 per cent of businesses in the IoD overall membership, who were surveyed in separate research.

Biggest challenges

The study revealed the biggest challenges when it comes to growing a business, with access to finance being cited as one of the main barriers by respondents of the IoD99 survey.

Lack of awareness of government initiatives that focus on investment in younger companies was also found to be a barrier to growth, with schemes such as Start-Up Loans, the “Help to Grow” loan programme and the Enterprise Investment Scheme not being recognised by more than half of respondents. Just 17 per cent of respondents were found to be aware of the British Business Bank.

The IoD is now working with business representatives globally to tackle the barriers to business growth, with the IoD99 group set to become the UK’s official representative in the G20 Young Entrepreneurs’ Alliance.

Different perspective

IoD Director General Stephen Martin commented: “In some ways, confidence must come naturally to an entrepreneur. The twin requirements of a healthy appetite for risk and enough conviction to weather the storm of starting a new business are not traits found in timid people. Change is not always bad for business and we need to have a different perspective for these ever-changing times. Only creative thinking will lead to the new products, services and ways of doing things that can transform our lives.”