UK business owners think Brexit will boost entrepreneurship

55% of the UK’s business owners think the prospect of Brexit – Britain leaving the European Union – will encourage more aspiring entrepreneurs to set up a business, according to Amway’s Global Entrepreneurship Report.

The study found that entrepreneurial spirit has not been “dampened” in the wake of the referendum, with 67% of respondents saying they believe a single economy is good for business.

Another 40% said they will continue to pursue growth in the short term, while 80% have made plans to establish a new business, 36% intend to recruit more staff and 40% will open new premises.

However, 38% admitted that they had considered delaying expansion plans while their family reduces its personal expenditure and 29% highlighted rising costs and financial burden as a concern – especially amongst those aged 18 to 24 (45%).

44.5% of those surveyed claimed they would like the government to support entrepreneurship through better tax breaks, while the 51% who are intending to set up a business within the next year want business loans to become a more attractive option (51%).

The report also revealed that British men are still more likely to start a business than women (50% against 39%) and are more comfortable searching for and acquiring new customers (71% against 57%).

While fear of failure remains a major obstacle to starting a business for 53% of respondents, this is significantly lower than 44 other countries with an average of 70%.

Andrew Smith, general manager for Amway UK and Ireland, commented:

“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 the UK.”