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Brexit ‘has not dented entrepreneurial spirit’

Tuesday 28th February 2017

The result of the June 2016 EU membership referendum – in which the British people voted to leave the European Union – has had many significant repercussions.

The ‘Brexit’ outcome triggered political turmoil and raised questions about the UK’s economic future, but one thing it has not damaged is the country’s entrepreneurial spirit.

That’s according to recent research by European private equity firm Idinvest, which conducted a survey of more than 1,500 people representing various regions and occupations.

The findings suggested that the UK is a “start-up nation”, with more than half (53 percent) of people keen to launch their own business. These aspirations are particularly strong among 18 to 24-year-olds, three-quarters of whom expressed a desire to become entrepreneurs. However, 60 percent of people taking part in the study felt that, in order to start their own company, they would need to be at least 30 years old.

Overall, around one in six Britons (16 percent) currently have a definite plan to launch a business venture in the next year, according to the survey.

The research also suggested that the UK is seen by the people who live in the country as one of the best places in the world to start a business. More than four out of ten respondents (44 percent) expressed this view, putting it some way ahead of Germany, which was seen as the second best start-up location.

Christophe Baviere, chief executive of Idinvest Partners, and Benoist Grossmann, managing partner at the firm, noted that some aspiring entrepreneurs are likely to be “considering their options in light of Brexit”, but most still see themselves as future owners of their own enterprises.

“These findings clearly demonstrate the strong entrepreneurial drive at the heart of the nation and the belief that the UK continues to provide a supportive social and economic environment to foster this talent- a view that we continue to support,” they added.

Alex Saint, co-founder and CEO of Secret Escapes, a private travel firm and Idinvest portfolio company, welcomed the fact that the British entrepreneurial climate is “as hot as ever”.

“We’re a nation of creative thinkers who value hard work, ambition and aren’t too keen on having a boss,” he continued. “It’s disappointing that we’ve chosen to distance ourselves from Europe but I’m not surprised that budding UK entrepreneurs aren’t deterred; I don’t see any reason right now why people shouldn’t be hugely optimistic about starting their own business.”

Something that many entrepreneurs will need when it comes to launching their own venture is flexible workspace, which can deliver a number of operational and financial benefits.

By arranging short-term office hire, growing businesses and start-ups can enjoy the benefits that come with having a dedicated, professional workspace without the inflexibility and expense of a long-term lease.

 

Posted by Emma Beard

Image courtesy of iStock/julief514

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