24 entrepreneurs
New research reveals insight into latest attitudes to starting a business
Now is a better time than ever to start a business, according to new research, which suggests a record 27% think it’s a good time to launch. The data has been compiled by Populus for NatWest and Robin Barnes, the bank’s regional director of corporate and commercial banking for the Thames Valley, looks at the support on offer for entrepreneurs in the region
Starting your own business is becoming increasingly popular – according to NatWest which has been surveying the British public four times a year since the start of 2012, asking them about their attitudes and intentions towards entrepreneurship. With 14 surveys now completed the bank has a wealth of data to draw on and September has seen the launch of the NatWest Entrepreneurship Monitor.
It is great news that record numbers think it’s a good time to start a business and that more and more are thinking about making the leap
This survey suggests that more Britons than ever say that now is a good time to start their own business, with 27.3% saying it’s a good time, up from 26.5% in the first quarter of 2015. That is the highest level recorded since NatWest began its research in 2012.
Yet the proportion of people actually starting a business fell from 5% in Q1 2015 to 4.8% in Q2. This is the lowest level recorded since the NatWest Entrepreneurship Monitor began surveying. The proportion of people preparing to start their own business has been falling steadily since late 2013.
So while there’s enthusiasm for the concept of being your own boss, what are some of the perceived barriers which could go some way to explaining this lack of action?
More than half of adults who want to set up a business say there is no support in their local area. And 57% of adults who want to start a business say that business advice is the thing that would help them most. The good news for those of us living and working in the Thames Valley is that there is a wealth of support available.
The business growth hub in Berkshire, Oxford Innovation, and Thames Valley Chamber of Commerce are just a few of the business support agencies that we work with. Together we deliver free workshops across the region on topics such as starting your own business, managing cashflow, and marketing your business.
There are also ample networking opportunities across the Thames Valley which offer additional support together with valuable contacts. These include the traditional sources such as the Chamber, local branches of the Institute of Directors and the Federation of Small Businesses, and newer entities such as ConnectTVT. Taking advantage of local networking opportunities can help overcome the isolation which is sometimes experienced by those running single-person businesses.
The research shows there is a persistent gender gap in attitudes and action towards starting a business. Men are more likely than women to judge that now is a
www.businessmag.co.uk THE BUSINESS MAGAZINE – THAMES VALLEY – OCTOBER 2015
good time to start a business, to want to start-up and to be doing so.
The Athena Network is a growing UK network to support female entrepreneurs and has coverage across the Thames Valley. Across the UK, NatWest has 250 accredited Women in Business specialists, trained in partnership with the Chartered Banker Institute to help them understand the needs and unique challenges faced by women in business.
The NatWest Entrepreneurship Monitor reveals that young people have been consistently more positive about entrepreneurship than older people. Those aged 18-30 are markedly more likely to be starting their own business and to say that now is a good time to do so.
Throughout the Thames Valley this is an energy we are working hard to harness. Alongside many of our local colleges and universities NatWest supports budding entrepreneurs with their business plans and helps them prepare for presenting their ideas to investors or clients. It is truly inspiring to see such creativity and confidence in so many young people across the region.
It is great news that record numbers think it’s a good time to start a business and that more and more are thinking about making the leap. We are lucky here in the Thames Valley to have a strong business ecosystem and to be able to offer great support networks. We can support businesses and entrepreneurs through our partnerships, networks and relationships.
The key is making sure all those wannabe entrepreneurs know what’s out there and how to access it.
Data source: The NatWest Entrepreneurship Monitor Q2 2015
Details: Robin Barnes 07789-271751
robin.barnes@
natwest.com www.business.natwest.com
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