November 17 ,2016 | by Hari Sri

Business owners believe Brexit will boost entrepreneurship, survey shows

Over 50 per cent of business owners in the UK believe that Britain’s exit from the EU will help to boost entrepreneurship, according to a study from Amway.

The Global Entrepreneurship Report showed that the referendum has not dampened entrepreneurial spirit, with over 65 per cent of businesses believing that a single economy is good for business.

Growth

The report found that 40 per cent of entrepreneurs will continue to pursue growth in the short term, whilst 80 per cent are planning to establish a new business. Over 35 per cent said that they will recruit more staff, and 40 per cent are planning to open up new business premises.

Despite a boost in entrepreneurial spirit, 38 per cent of business owners said that they have thought about putting plans for expansion on hold, whilst 45 per cent of business owners aged 18 to 24 were found to be most concerned about rising costs and financial burden.

The report also found that 50 per cent of men want to set up a new business, compared to 39 per cent of women, whilst 71 per cent of male business owners are more comfortable with acquiring new customers, compared to 57 per cent of female business owners.

Equality

Amway UK and Ireland General Manager Andrew Smith said: “Entrepreneurship plays a key role in shaping the future of our economy. By exploring people’s aspirations and identifying key trends, we hope to open up the debate on new exciting ways to support entrepreneurial equality and accessibility in the UK.”

Hari Sri

Hari is the LSBF Blog's News Editor. He manages the editorial content on the blog and writes about current affairs, SME, entrepreneurship, energy, education and emerging market news.

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