Business development · 3 December 2015

Entrepreneurs confident towards year end despite economic uncertainty

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The vast majority of entrepreneurs in the UK remain confident about future business going into 2016

Business confidence amongst entrepreneurs in the UK remains high towards the year-end despite recent ripples in the national economy, new research has shown.

Findings from London-based law firm Bircham Dyson Bell’s latest quarterly Entrepreneurs Optimism Index has revealed that the vast majority of self-starters foresee profits rising throughout the start of 2016, with nearly 75 per cent expressing confidence about the prospect of starting a new business in the current political and economic climate.

Supported by Rockstar Mentoring Group, which helps entrepreneurs with financing and development advice, and marking the first National Mentoring Day on 27 October, the Index has also found that almost half the nation’s entrepreneurs have used a mentor to help their business grow. Indeed, 33 per cent have sought advice from a mentor at the startup stage of their business.

“It is fantastic to see that so many entrepreneurs have benefitted from having a mentor,” said managing director at Rockstar Mentoring Group, Jonathan Pfahl. “We are seeing large numbers of entrepreneurs pass on their skills to newcomers, playing a greater role in advising and preparing the next generation of British entrepreneurs.”

Heading up the entrepreneur’s team at Bircham Dyson Bell, Hollie Gallagher said of the findings, “Buoyant entrepreneurs are sharing their expertise, recruiting more and – in turn – are continuing to play a crucial role in creating new jobs and wealth for the country.”

“Despite some recent economic uncertainty, optimism amongst British businesses is unwavering,” she added.

The government hopes that measures set out by chancellor George Osborne in this year’s Autumn Statement to devolve significantly greater power to local authorities to determine their local business landscapes and create a “Northern Powerhouse” for business, will encourage more people to start their own ventures.

“George Osborne has delivered his Autumn Statement to a background of enduring confidence amongst British businesses,” said Bircham Dyson Bell’s head of public affairs Stuart Thomson.

“The current drive to establish the Northern Powerhouse and implement real devolution is what entrepreneurs and startups need, to further flourish and benefit the country as a whole.”

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ABOUT THE EXPERT

Fred Heritage was previously deputy editor at Business Advice. He has a BA in politics and international relations from the University of Kent and an MA in international conflict from Kings College London.

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