Start-ups undeterred by economic problems

The National Federation of Enterprise Agencies (NFEA) has stressed that new start-up figures prove entrepreneurs are undeterred by the state of the economy.

According to the Barclays quarterly survey, there were 98,000 new start-up businesses in England and Wales in the first quarter of 2008, compared with 86,400 in the fourth quarter of 2007. The most popular industries for start-ups were business and financial services, construction and retail.

“It’s encouraging to see the numbers of new businesses holding up in these worrying times, which is a tribute to the determination and persistence of the current generation of entrepreneurs,” said NFEA chief executive George Derbyshire.

“No-one with a sound idea, a solid business plan and the right skills need be deterred by the current environment â?? there is still lots of support available,” he added.

The Barclays research also revealed there were 99,900 closures this quarter, compared with 111,900 closures in the fourth quarter of 2007.

“Entrepreneurs are finding opportunities in the market place,” said Barclays marketing director for local business, John Davis. “Over the last couple of years they have been entering in reduced numbers, reflecting an uncertainty over short-term economic prospects. But clearly there’s a feeling that 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,” he added.

For more information on setting up a business visit is4profit’s selection of articles on starting up your own business.

Start-up Figures Reveal Entrepreneurs Undeterred by Economic Problems

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