Over half of small business owners are remaining optimistic about plans for growth despite the worsening economic climate, research has revealed.
According to the study commissioned by specialist insurer, Hiscox, entrepreneurs in most major economies still feel positive about their chances of growing, with 69% of US respondents admitting that they will continue with current growth plans despite economic conditions.
Commenting on the findings, Steve Langan, UK Managing Director at Hiscox, said: ‘We know small businesses can be fleet-of-foot and highly adaptable in a downturn and it’s good to see that the British entrepreneurial spirit is still strong, despite the credit crunch. At a time when big businesses are announcing profit warnings, refinancing and job losses, small business owners in the UK, Europe and the US are bucking the trend. They seem determined to keep growing their business.’
The DNA of an Entrepreneur findings also found that in the UK only 44% believe that we are a nation of natural risk takers compared to 78% of respondents from the US.
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