Entrepreneurs ‘keen’ to start again

The UK’s small business owners are an imperturbable lot, a bank has suggested, after new figures found entrepreneurs whose businesses fail ‘dust themselves off an get straight back in the saddle’.

Almost nine in 10 entrepreneurs said they would be ‘keen’ to start another company if their current business went under, said the survey by Barclays Local Bank. On average, business owners wait just four months after a business fails before they start their next venture.

And entrepreneurs remain unflustered by failure: 85% said business failure is a ‘positive experience’, while almost three quarters said after failure, they would be less likely to make the same mistakes again.

A third of respondents said they would be ‘more risk averse’ if they started again, which Barclays said ‘would increase their chances of success’.

John Davis, marketing director for Barclays Local Business, welcomed the results.

“The UK’s small business owners are operating in more difficult conditions at the moment, and unfortunately, as the credit crunch begins to bite, there’s a risk that some entrepreneurs will find their livelihood under threat,” he said.

“However, it’s heartening to know that their desire to ‘bounce back’ from failure is so strong. It takes determination, commitment and tenacity to run your own business, and these qualities clearly stand entrepreneurs in good stead if they’re forced to start all over again.”

© Crimson Business Ltd. 2008