The success of any economy depends on the innovation and determination of its entrepreneurs. Going by this philosophy the U.K. economy has nothing to fear. In a survey by the Bank of Scotland Business Banking it was reported that 17% of entrepreneurs with revenue of £1m have shown consistent growth in the last three years.
These business people have an optimistic view of the economy and are considered as ëhigh flyersí. 35% of entrepreneurs showed steady growth and were ësurvivorsí, said the survey report. The percentage of struggling entrepreneurs was only 13% most which included companies that have been around for years.
It is quite evident that the young entrepreneurs of today are willing to walk the path to business success with determination and versatility.
“Our analysis shows that the spirit of entrepreneurship in Britain is alive and well,” said Kevin Gillett, head of business banking at Bank of Scotland Business Banking. He also said that small business owners have to struggle to make their business a success, however, only a small percentage of small businesses are struggling to keep afloat.
It is important that small business, like SOHO-, SME, SMB-, Micro-, Home-, DIY-, Hobby-, Boomer businesses and personal businesses concentrate on core business processes and utilize IT and business infrastructure to streamline other processes such as accounting and cash-flow.
I can’t wait to hear the new business failure numbers – maybe we are seeing the mortality rate of start-up businesses dropping, that would be a result, let’s see.