16 entrepreneurs
When it comes to entrepreneurial culture the UK is one of the top-performers
Whether it’s ’Dragons’ Den’ or ’The Apprentice’ that’s sparked an idea, there are some highly successful and interesting businesses around, with well-serviced locations for entrepreneurs to start, grow and develop a business. In the Solent region, entrepreneurs are as diverse a bunch as anywhere else in the UK, writes Sue Hughes of The Business Magazine
The UK has taken a top spot for entrepreneurs, due to low corporation tax , business-friendly regulation, a skilled workforce and its financial markets, highlighted in a recent EY report, launched before the G20 Leaders’ Summit in September. It was placed second overall, beating Germany and France, and second only to the US for access to funding. It has the edge when it comes to spending on research and development too, exceeding the G20 average by more than 0.2%.
The EY G20 Entrepreneurship Barometer surveyed more than 1,500 entrepreneurs – 55 from the UK – to compile the report. Countries were ranked on funding, culture, tax and regulation, education and training, and coordinated support.
Stuart Watson, partner at EY, said: “The foundations for a strong entrepreneurial ecosystem are already well established in the UK, with fast-growth businesses accounting for nearly 60% of all new jobs. Targeted incentives for investment and research and development, one of the lowest corporate tax rates in the G20 by 2015, and positive interventions like Funding for Lending, all help send a clear message that Britain is open for business.“
Leading the G20 on the availability of domestic credit, UK entrepreneurs are still finding the investment environment challenging, with younger entrepreneurs especially, 89%, citing the process as ’difficult’. It does not deter them, however, and the UK is one of the top-performing countries in terms of entrepreneurial culture. More than 70% of UK
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entrepreneurs said that the country is supportive of their efforts compared to the G20 average of 57%. Across the G20, only Japan is ranked higher for encouraging entrepreneurship as a career choice.
The Barometer credits the rise of popular TV shows such as Dragons’ Den and The Apprentice with helping to foster an entrepreneurial culture in the UK, but overall the report warned that greater collaboration is needed between government, businesses and entrepreneurs if the UK is to retain its leading position. Australia, Canada, South Korea and the US are jostling to become the entrepreneurial powerhouses of the G20, it said, and the UK could lose ground if changes are not implemented soon.
“The past decade has been a rollercoaster of excitement from bunking university lectures to teach swimming, to sailing in the Caribbean and scaling Kilimanjaro. I have learnt a hell of a lot from dealing with peers, putting together deals, selling business, losing and making money.
“The business started when all my friends went on various holidays in the summer between college and university. I had just got into Swansea University to do geography and had no real love for studying or geography. I started leaflet dropping at weekends, to build interest and taking voicemails in the pub for bookings, generally just getting by.
“By the time I left university I had around 300 clients swimming on a weekly basis, I decided to work for myself full-time. I started a bouncy castle company in the two wettest summers in 60 years and launched a family magazine just as the credit crunch hit. Not the most successful start, I ended up doing night shifts at M&S to get me through a miserable winter while working in my office during the day. My pride took a hit and I was determined I would never have to stack shelves again on a Friday night while my friends were at Christmas parties.
“I got myself a business coach and began to focus and the business began to grow year on year over 30% per annum. I introduced Triathlon Events to the business, and in 2013 we have had more than 3,000 competitors take part in our events. I found the business coach and life coach both very helpful to ensure I was moving in the right direction, both personally and for the business. 2013 saw us hit the £500,000 turnover point for the first time, and our systems becoming more streamlined, efficient and profitable.
“I now very much plan, plan and then plan some more. I ensure I have thought things through, and am better at assessing my risks to ensure maximum growth.“
Chris Rees
The UK’s attitude to failure is also seen as a real barrier to entrepreneurship. Of the 400,000+ new businesses set up annually, a fifth fail in a year; 13% of UK entrepreneurs said that business failure is perceived as a learning opportunity in the UK, compared to the G20 average of 23%.
Chris Rees runs Chandlers Ford-based Rees Leisure and is taking advantage of the London 2012 Olympic legacy, particularly in triathlons, looking to expand events even more in 2014.
So how did his business come about? “Rees Leisure is going into its 10th year of business. I started at 18 years old by hiring a swimming pool and inviting other swimming teachers I knew to come and work for me,“ he explains. “10 years later I have 37 swimming teachers employed, have trained more than 1,000 swimming teachers and in excess of 700 weekly clients swim with my company. My work has taken me to meet princes and Olympians, and work in the Middle East.
Fiona Heinson is the owner of Colourways, an award-winning company based at Fareham, which provides a range of services for the design, furnishing and commissioning of care homes. Established nine years ago, it has serviced customers all over the country, from Cornwall to Edinburgh. It is a one-stop shop for specialised interiors, providing furniture, household equipment and soft furnishings for residential homes in the private sector, NHS properties and local authorities.
Heinson, who has always put flexibility at the forefront of her business development, branched out on her own after nearly five years working for ELIFAR. The company has grown year on year, expanded to its current office at Segensworth, and now employs a five-strong team, among them sales staff.
To sum up the company’s success, Heinson says: “Sheer hard work and determination, and going above and beyond with what we offer our customers, such as providing design colourboards as an option, free of charge. This is what has kept us extremely competitive in this challenging economic climate.“
THE BUSINESS MAGAZINE – SOLENT & SOUTH CENTRAL – NOVEMBER 2013
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