How Brexit decision will create an entrepreneurial Britain

The UK is feeling confident that they can make an entrepreneurial Britain work after the Brexit decision.

More than half of Brits (55 per cent) believe our exit from the EU will encourage a more entrepreneurial Britain, with more people willing to start their own businesses, new research reveals.

The UK research released by Amway for Global Entrepreneurship Week  shows 7 out of ten Brits (67 per cent) have faith in a single economy, believe it is good for business and will not stop the nation from becoming an entrepreneurial Britain.

In fact, nearly half (48 per cent) of British SME owners will not be held back when it comes to growing their enterprise in the short-term. 80 per cent have made plans to set up another new business, 36 per cent will be recruiting more staff and 4 in 10 (40 per cent) will open new premises.

But entrepreneurs admit they are swayed by loved ones’ opinions; nearly four in 10 (38 per cent) are considering delaying any expansion plans while the family reduces its personal expenditure in the coming months.

What holds us back?

When it comes to barriers that hold back the dream of an entrepreneurial Britain, a lack of confidence in the economy makes us nervous at the thought of setting up a business or becoming self-employed. Rising costs and financial burden is a concern (29 per cent), particularly with those aged 18-24 years (45 per cent).

Assistance from the government could help SMEs flourish and make entrepreneurship more attractive. Nearly half of business owners would like to see better tax breaks (44.5 per cent) and for individuals looking to set up a business in the next year, 5 in 10 (51 per cent) want business loans to become a more attractive option (51 per cent).

Entrepreneurship education and teaching of business skills (31 per cent vs an international average: 33 per cent), mentoring, support through business networks (GB: 29 per cent vs international average: 24 per cent), ‘backing from family and social networks’ (GB: 21 per cent vs international average: 27 per cent), could make entrepreneurial Britain more attractive, according to global research also commissioned by Amway.

Respondents to the Annual Global Entrepreneurship Report survey shows that British men are still more likely to start a business than females (50 per cent vs 39 per cent) as they seek greater independence (54 per cent vs 44 per cent) and self-fulfillment (41 per cent vs 36 per cent) from their career.

Positive outlook moving forward

As a whole, Britain has a positive attitude to entrepreneurship (83 per cent) and it remains on par with views canvassed last year (84 per cent).  Nearly half of us want to be our own boss (49 per cent) and have a better work-life balance (27 per cent).  Younger respondents aged between 18 and 24 years and hold a university degree (58 per cent) share this opinion.

As a nation, fear of failure is still an obstacle to starting an enterprise (53 per cent) but compared to 44 other countries– where an average shows 7 in ten fear failure – we remain the bolder nation.

The Global findings also show Brits have the best salesmanship to make their business a success when compared to 44 other countries. We are more comfortable with searching and acquiring further customers (56 per cent) and male bravado plays its part (71 per cent vs 57 per cent of female respondents).

This salesmanship plays its role for 4 in 10 individuals (42.8 per cent) who also see self-employment being a more likely option in five years.  The high interest in self-employment may explain the increasing importance of global trends like the gig economy.

Andrew Smith, general manager for Amway UK and Ireland says, ‘Entrepreneurship plays a key role in shaping the future of our economy. By exploring people’s aspirations and identifying key trends, we hope to open up the debate on new exciting ways to support equality and accessibility for an entrepreneurial Britain.’

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