Entrepreneurs unprepared when going it alone
Almost all UK entrepreneurs don’t receive any business training before starting up, with a quarter admitting they weren’t properly prepared before going it alone, new research has revealed.
The study, commissioned by learndirectbusiness, found that a massive 98 per cent of budding business owners do not receive any sort of relevant training.
Perhaps as a result of this lack of training, 25 per cent of respondents said they were unprepared for business ownership, with a further eight per cent admitting they were ‘very unprepared’ before starting trading.
The study also found that entrepreneurs were happy to take risks to make their businesses a success. Significant findings include:
- More than one in ten said they would risk their relationship with a partner.
- Over a quarter were prepared to fall into heavy debt to make their venture successful.
- Nearly one in three were willing to risk losing all of their savings.
- A worrying four per cent were even willing to risk their health for their business.
Despite the rather bleak picture of entrepreneurship painted by the report, learndirectbusiness also found several benefits of going it alone.
Three-quarters of those polled said they enjoyed being their own bosses, placing this as the number one reason for starting up.
A further 17 per cent said that they liked the greater work-life balance of being an entrepreneur, while seven per cent said they enjoyed the resulting profits.
Sarah Turpin, of learndirectbusiness, said that budding entrepreneurs should bot be prepared to risk it all.
“The research findings demonstrate that this country’s entrepreneurial spirit is alive and well.
“Unfortunately, what it also demonstrates is the unnecessary risks those entrepreneurs are still willing to take.
“The relatively small costs involved with undertaking business training could prove to be critical in saving business in the long run. “We must continue to emphasise the importance of education and training to build a long-term sustainable business,” she said.
