Future is bright, entrepreneurs conclude

ENTREPRENEURS across TheBusinessDesk.com’s heartlands of Yorkshire, the North West and West Midlands are generally in agreement about what measures should be introduced to help them prosper.

However, wealth creators across the three economic power centres clash in other areas, including which overseas markets offer the best opportunities, the major new survey by Ernst & Young has revealed.

TheBusinessDesk.com has teamed up with Ernst & Young to promote and celebrate the entrepreneurial spirit of the region and share insights into the opportunities and challenges entrepreneurs are facing.

More than 250 UK entrepreneurs completed the survey, which explores views on a wide range of topics including the economic environment, international trade, employment opportunities and innovation.

All this week the survey’s findings have been published on TheBusinessDesk.com.

Asked what specific measures would assist entrepreneurs, further tax incentives was the most popular response in Yorkshire (32%) and the North West (30%). In the West Midlands, respondents said that entrepreneur loans and cutting government regulation (both 30%) were key.

Entrepreneurs based in the North West and West Midlands predicted that UK business revenues would ‘significantly increase’ over the next 12 months. In Yorkshire, the majority said they would ‘increase’.

Respondents from all three regions are looking to ‘maintain’ both European and global revenues.

Of those looking to increase overseas revenues, the Americas (43%) offers the best opportunity for people in the North West, Asia (42%) for Yorkshire respondents and Europe (46%) for West Midlands entrepreneurs.

Personal investment and bank finance are viewed across the three regions as the best ways to fund future business plans.

In Yorkshire and the North West, the majority aim to increase their workforces by 5% and 10%. In the West Midlands, the bulk are looking to increase their workforces by more than 30%.

Respondents across the areas agree that less competition offer the best opportunities for their businesses in the present economic climate.

Stuart Watson, Ernst & Young’s Entrepreneur of The Year Leader said: “This rare poll of entrepreneurs reveals valuable insight into the minds of such regional business leaders. This group of dynamic individuals are crucial to economic growth, driving revenues and employment. They see opportunity where others see adversity and employ an unparalleled level of commitment and determination to achieving their ambitions; just what our flat economy needs – an injection of entrepreneurialism.

“Respondents clearly feel they need more support, and it will be interesting to see what the Chancellor announces at this month’s Budget to help stimulate growth.

“What is concerning, even amongst this forward looking bunch, is the lack of plans to attack rapid growth markets. Respondents are still heavily reliant on the domestic market and favour more traditional trade destinations such as Europe and the Americas. There are real growth opportunities, whilst not for the faint-hearted, which lie much further afield in countries such as Vietnam, Thailand, India, Turkey and Indonesia – the locomotives of global recovery.”