Entrepreneurial spirit and optimism remains high in the UK according to new UK research1 released by Amway. 7 out of ten Brits (67%) have faith in a single economy, believe it is good for business and will not dampen our nation’s entrepreneurial spirit.

Here are 7 facts that validate entrepreneurialism is very much alive in the UK:

1.      Over half of British entrepreneurs (55%) say a single economy will encourage more individuals to set up their own business.

2.      (48%) of British SME owners still plan to growing their enterprise in the short-term

3.      8 in ten (80%) have made plans to set up another new business

4.      Over a third (36%) plan to recruit extra staff

5.      Nearly half (40%) are opening new business premises

6.      Great Britain less likely to be held back by fear of failure compared to 44 other countries.2.  Fear of failure might affect 53% but this is less than a global average, which is 7 in ten

7.      Brits make the best salesmen compared to 44 other countries. We are more comfortable with searching and acquiring further customers (56%) and male bravado plays its part (71% vs 57% of female respondents)2. 

What would improve entrepreneurialism?

Assistance from the Government could help SMEs flourish and make entrepreneurship more attractive.  Nearly half of business owners would like to see better tax breaks (44.5%) and for individuals looking to set up a business in the next year, 5 in 10 (51%) want business loans to become a more attractive option (51%).

What holds some SMEs back?

Entrepreneurs admit they are swayed by loved ones’ opinions:  nearly four in 10 (38%) are considering delaying any expansion plans.  Rising costs and financial burden is also a fact and area of concern (29%), particularly with those aged 18-24 years (45%).

Andrew Smith, General Manager for Amway UK and Ireland comments: “Entrepreneurship plays a key role in shaping the future of our economy. By exploring people’s aspirations and identifying key trends, we hope to open up the debate on new exciting ways to support entrepreneurial equality and accessibility in Great Britain.”

Amway UK Ltd conducted an online survey of 2,000 women and men aged 18+ in Great Britain. The survey was undertaken in November 2015 by Mortar London.

The 2016 AGER was conducted by Amway, in partnership with Prof. Dr. Isabell M. Welpe from the Chair of Strategy and Organization of the School of Management, Technical University of Munich, Germany. Fieldwork was completed by the Gesellschaft fuer Konsumforschung, Nuremberg, from April through June. Results are shared with the scientific community, including the 45 AGER academic advisors and all interested think tanks and academic and public institutions.