Entrepreneurs are proving resilient in the face of economic turbulence according to new start-up figures from Barclays.
Although start-up figures for the first quarter of 2008 show a drop compared to the same time last year, the figures are the highest in the last three quarters.
Just over 98,000 new businesses were started in England and Wales during the first three months of this year. This compares with only 86,400 during the last three months of 2007.
The business and financial services sector saw 27,500 new ventures making it by far the most popular area in which to start a business. This was followed by the construction industry, which saw 15,100 new companies launched.
The figures also show a steady drop in the number of business closures over the last five quarters.
“Small business entrepreneurs are finding opportunities in the market place,” said John Davis, marketing director for local business at Barclays.
“They are entering in reduced numbers, reflecting an uncertainty over short-term economic prospects, but clearly there’s a feeling there is never a bad time to start a good business.
“We do anticipate further modest reductions in both start-ups and closures during the remainder of the year, set against the high numbers in recent years.”
The figures also revealed that 15% of 2007’s start-ups involved an owner-manager from outside the UK.
© Crimson Business Ltd. 2008
