The UK continues to ‘foster and encourage’ entrepreneurship, it has been claimed, as new research reveals 75% of retailers have started their own business.
The research, carried out by Barclaycard Business, also found that a third of those retailers agreed the UK was the best place to start up on your own.
However, despite a healthy proportion of those surveyed believing Britain was a welcoming business environment, 51% believed that regulation and bureaucracy are the most difficult obstacles for an entrepreneur.
“Clearly the UK is still a place where a business can be built successfully,” said Bill Thomson, commercial director of Barclaycard Business.
“Entrepreneurship provides healthy competition and innovation in all sectors and our research demonstrates that, despite some reservations around red tape, this country is still very much a place to start your own business.”
The sector of the retail industry most hit by red tape, according to the survey, is the travel industry – 51% of retailers in this sector said regulations were the hardest part of starting or running a business.
More than a third of those questioned (39%) said lower business taxes would do the most to stimulate the retail economy and encourage entrepreneurship.
The south west proved to be the hottest breeding ground for entrepreneurs with 40% of retailers from this region having started more than one business.
“A healthy economy benefits us all,” added Thomson. “We need to both encourage entrepreneurship and support established businesses in our communities.
“It is important for government, local councils and businesses to operate as a partnership, working together to attract and sustain business in the UK.”
© Crimson Business Ltd. 2007
