A survey of entrepreneurs has found that over 50% considered themselves inexperienced when they started up their businesses and almost half wished they had been better prepared.

Insolvency and corporate recovery firm Begbies Traynor, which conducted the Back to the Future survey, asked 200 entrepreneurs what they would do differently if they had the chance to turn the clock back and start again.

56% of respondents admitted lacking experience when setting up their businesses – 40% of those didn’t realise how little they knew about running a business and a further 23% were surprised by how difficult managing staff was.

On the subject of preparation, a quarter of those surveyed wished they had spent more time working on their business plans before starting up, while almost as many (21%) would research their marketplace more thoroughly if they had their time again.

However, despite all the difficulties, an overwhelming majority (93%) would start a business again and 38% would rather be running their own business than swap places with Bill Gates or Richard Branson.

The report also found that 17% were given bad advice by their former colleagues, while well-meaning friends were less than helpful to 12% of respondents. Interestingly, more than a third (35%) are still nagged by parents and family about how they could do better.

Nick Hood, Senior Partner at Begbies Traynor, says: “It’s quite normal for many business owners to have very little first hand experience when they start a business. But people who are thinking about starting up on their own should take heed from what other people before them have learned – it is important to spend time doing background research in your intended market and getting your business plan right. It’s great to have enthusiasm, but going into business with all guns blazing at the wrong target and only one box of shells will only cause problems later.”