With the bank system creaking, credit becoming harder to obtain and consumer confidence rocking, you can’t blame entrepreneurs for thinking long and hard before taking the plunge to launch a new business.

Some may feel that starting up in the grip of an economic downturn is tantamount to a casino gamble. But British entrepreneurial spirit is alive and well, and I’ve got the stats to back it up.

One of our recent studies found that 45% of British workers believe the risk element is not an obstacle when starting a business and nearly two thirds feel confident that they have the knowledge to go it alone.

But it’s not just overzealous entrepreneurial wannabes contributing to this feeling of start-up optimism. History also reveals some interesting insight into what can happen when a business is founded against the backdrop of economic turmoil. Just look at some examples of what happened during the last major slump in the early 1990s. Yes, there were failures but others went on to prosper through a mixture of resilience, hard work, planning, business acumen and an exploitation of the prevailing conditions which were making life so uncomfortable for larger, more established companies.

The actress Jane Asher opened Jane Asher’s Party Cakes in 1989, on the brink the worst recession since World War Two. After finding premises and securing a loan, she turned her hobby into a fully-fledged enterprise. It initially struggled to take off but when she added a tearoom, it turned a corner. Jane also used the web and her celebrity profile to expand and her company is now an international success. Her example shows that it is possible to compete and thrive during a financial squeeze by adapting quickly to a shifting market, staying focused and realising the importance of marketing

Experience also shows that if you can marry market knowledge with an innovative product you could also be toasting success, as the drinks manufacturer Cobra discovered. The first consignment of the beer arrived in the UK in 1990, as the severe slowdown kicked in. However, founder Karan Bilimoria realised the country’s Indian restaurants were crying out for a non-gassy beer to serve with their spicy food. With an overdraft facility of just £7,000, he started off driving from restaurant to restaurant in a battered car to show off his product.

By the start of 1991, Cobra was being served in 100 eateries and the popularity of the brew now means it’s available in 90% of the country’s 6,000 Indian restaurants with an alcohol licence. 

These case studies show that even if times are testing, an entrepreneur showing determination, diligence and a discerning sense of what the market wants can succeed in attracting financial support and flourish.

Ian Bushby is head of start-ups at BT Business