UK Entrepreneurs Awaken

The number of new businesses set up in the UK during the first six months of 2010 was the highest amount in more than a decade, a report has suggested.

A total of 204,361 new firms were established during the period, said business support group Yoodoo, which analysed Companies House data.

It said this was a 51% rise on the first six months of 2008, when the UK first went into recession.

If this same pattern is happening in the US and elsewhere, it is reasonable to expect that a new period of growth will start in 2011 fuelled by these new small businesses.

Even more encouraging is the statistic that only 0.6% of firms founded in 2009 have gone into liquidation (versus 4.5% average for the period 2000-2008), showing that these new companies are resilient – probably as a result of not being able to get into debt as the banks aren’t lending to them!

I think this study shows it is entirely rational to be an optimist. The human race adapts and innovates very quickly, turning a problem into an opportunity. I am sure a large percentage of these startups are by reluctant entrepreneurs, people who would rather have the security of their old job back. However there is nothing more motivational than genuine need, which is why my money is on the majority succeeding!

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