Recession Sparks Entrepreneurial Renaissance

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The latest figures from Barclays reveal that, despite the downturn, more start-ups were established in 2008 than the year before.

Bristol, UK, September 04, 2009 (PressReleasePoint) -- Research from Barclays shows that 4,000 more start-up businesses were established in 2008 than in 2007 despite the worsening economic climate. The number of new businesses set up in 2008 was 436,600, up from 432,300 in 2007.

The findings come as no surprise to Emma Jones, founder of home business website, www.enterprisenation.com, and expert contributor to Start Up Donut the brand new website for new ventures. “What we're seeing is the start of an entrepreneurial renaissance,” she says.

“People up and down the country want to take control of their working hours and livelihood, and enjoy the freedom and flexibility that comes with being your own boss,” Jones says. “People who are being made redundant are turning this into an opportunity to start the business they've always dreamed of. Those still in employment are building new businesses by working 5 to 9. It's incredible to watch and a very positive sign for the future.”

New opportunities are many and varied, says Jones. “But what we are particularly noticing is a rise in online trading and an increase in handmade craft/artisan businesses. You can start these businesses on a shoestring budget and, the more niche your product, the more sales you're likely to generate. In short, hot opportunities right now are to take something that's your hobby, passion or skill, turn it in to a new business, and preferably online so you can sell to a bigger marketplace at the lowest possible cost.”

The National Federation of Enterprise Agencies (NFEA) says that people are optimistic about setting up in business despite the downturn. "Many of our member enterprise agencies are also reporting an increase in the number of people looking for business start-up advice,” says NFEA chief executive, George Derbyshire. “This could well be linked with people opting to give it a go as a result of a redundancy, but overall we are seeing a lot of optimism regarding enterprise, despite the economic climate.”

“It is tough and entrepreneurs must ensure they are thoroughly prepared, but if you can make a business work in a recession, you are going to do really well when the upturn comes,” he adds.

Further information:
* Find out more about Start Up Donut here
* Become a Start Up Donut expert by visiting the BHP Information Solutions website www.bhpinfosolutions.co.uk/Who-we-are/Experts.aspx
* Find out more about Enterprise Nation here www.enterprisenation.com
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