Thursday 24th July 2008
UK hindering entrepreneurial success
Conditions are tough for growing businesses in the UK, according to a survey from specialist insurer Hiscox. The tax system, government bureaucracy, a lack of financing and even the country’s culture are all hindering the success of entrepreneurial companies, according to a majority of respondents.
Tax was the biggest bugbear, with more than two-thirds (68 per cent) of UK entrepreneurs finding it an obstacle. This was a greater proportion than in France (66 per cent), Germany (65 per cent) or Holland (48 per cent), which were also covered in the survey.
Other hindrances to business growth in the UK were difficulty in obtaining funding (64 per cent), an education system that ‘does not encourage individual ideas and dreams’ (61 per cent) and government red tape (54 per cent).
However, UK business owners are better off than their European counterparts in some respects. Red tape is a bigger problem in France with 76 per cent of entrepreneurs finding it an obstacle, while 81 per cent of German businesses struggle with financing. The Germans and French are also more critical of their education system than the British.
The Netherlands tends to fare better than other European countries in the survey, but it still lags behind the US, where a majority of company owners are positive about tax, bureaucracy and education. Interestingly, US business owners are most worried about financing, with 58 per cent finding lack of funding a hindrance.
Hiscox surveyed 1,150 business owners in Europe and the US, each with fewer than 51 employees.
Nick Britton
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