UK entrepreneurs are undeterred by the lack of support they receive by the government, a new survey reveals.

The report, by financial advisor Axa, shows that, despite nearly half of small business respondents being unconvinced about the level of support provided by the government, 48 per cent are still ambitious about their business prospects.

Despite a government pledge, in late September, to put SME’s at the top of the agenda, small businesses believe their needs are still being neglected, despite generating 52 per cent of private sector turnover.

Such despondency has led to a surge in support for the Conservative Party within the business community, with 28 per cent of respondents championing Michael Howard as the next Prime Minister.

Such an unsupportive environment has not dampened the UK’s entrepreneurial spirit as 48 per cent of respondents cite ambition as their prime motivator.

The second most important motivator is the desire to be independent, according to 42 per cent of business owners.

Just 11 per cent see profit as their main objective, and despite the financial risks involved, 42 per cent of owners are prepared to take on considerable debts in order to get their projects off the ground.

The study also outlines the 'tipping points' of a business, key moments which occur during a business’ life cycle.

Surprisingly, one of the concerns among entrepreneurs is learning how to run their business after starting up, with 11 per cent finding it their biggest challenge during the early stages.

The main concern was attracting customers, with 27 per cent citing this as their main challenge. This was followed by cash flow and raising start-up finance.

David Williams, director of claims at AXA, said: “AXA’s study reveals that Britain’s SME’s are driven by ambition. But ambition alone is not enough to succeed in business.

“Every owner needs advice on how best to manage the various Tipping Points of the business life cycle and how to take their business from one stage to the next.”

Also, despite recent reports to the contrary, red tape is an issue for just 4 per cent of small businesses when setting up their business.

Despite such negatives, the report outlines the factors that are driving UK business. 29 per cent believed getting a talented mix of employees is vital to their business,  as is focusing on customer loyalty and thorough planning.