Nine out of 10 small business owners are happy to get straight back in the saddle if their first business fails, according to research from Barclays Local Business.
The research found that UK small business owners were not put off by failed business ventures, revealing that owners wait an average of four months before starting up a new project.
‘The UK’s small business owners are operating in more difficult conditions at the moment, and unfortunately, as the credit crunch begins to bite, there’s a risk that some entrepreneurs will find their livelihood under threat,’ explained John Davis, marketing director for Barclays Local Business.
However, of those questioned, a massive 85% felt that the failure was a positive experience and gave them the opportunity to learn from their mistakes.
‘It’s heartening to know that their desire to ‘bounce back’ from failure is so strong. It takes determination, commitment and tenacity to run your own business, and these qualities clearly stand entrepreneurs in good stead if they’re forced to start all over again,’ Mr Davis added.
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