Economic uncertainty encourages British entrepreneurial spirit

British entrepreneurialism is alive and kicking according to research conducted by Home Learning College. This is evidenced by the fact that two fifths of Brits would consider setting up their own business if they were made redundant – a fear held by a third of workers. These entrepreneurial ambitions could be tested during 2010 according to over half the population – 53% do not think the UK has seen the full effects of the recession and predict that things will get worse this year. The research also suggests that Britain’s entrepreneurial gender gap may be diminishing. In 2008 the Annual Small Business Survey revealed that only 14% of British businesses were owned by women. However, in this study women were almost as likely as men to say they would go it alone if they lost their job – 37% compared to 43%. The research investigated the steps people have taken to protect their income in the event of redundancy and found that 12% have undergone self-funded training to enhance their skills. However, 37% haven’t done anything to insure against the possibility of losing their job despite being concerned about their future. Pessimism about the UK’s economic situation is highest among the over 65s - a startling 78% believe we have yet to see the sharp sting of the recession. However, this age group also displays the greatest entrepreneurial resolve, with almost half (48%) contemplating becoming their own boss if they are made redundant. Those aged under 24 are the most positive about the country’s short term economic prospects, with 51% believing things will get better this year. Dave Snow, Academic Director at Home Learning College believes that budding entrepreneurs should focus on developing the myriad skills needed to run a successful enterprise. He comments: “Britain has a strong heritage of producing world class business leaders. Only this month, 26 year old British businessman Lucian Tarnowski was named by the World Economic Forum as the youngest ever Young Global Leader. “It is heartening to see that the recent economic climate hasn’t dented our renowned entrepreneurial spirit. However, a healthy dose of reality is necessary for anyone who is seriously thinking about setting up a company. It is essential to have a solid understanding of the various skills required to run a successful business, such as finance, marketing, IT and management. Budding business owners should conduct an honest assessment of their current knowledge and experience, and invest in a targeted training course to fill any gaps before they take the plunge.” For information on all of Home Learning College’s vocational distance learning courses please visit http://www.homelearningcollege.co.uk. ENDS

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