Englishmen are beginning to go into business for themselves en masse. New business ventures have had a total increase above 115 per cent over the last five years. This reflects an increase of more than 40 per cent in the total of small to medium sized enterprises begun overall.
According to experts, this is a direct response to current economic conditions since many of these businesses were formed in response to a loss of jobs and/or inadequate income. The smallest of these endeavours, micro-businesses, have proven among the most hardy with an increase of an astounding 183 per cent. Moreover, the FSB promotes the importance of supporting micro-businesses and self-startups as a major part of the solution to bringing London out of the recession. The perception that these businesses are relatively recession proof may be a self-fulfilling prophecy, i.e. the more people start their own business, the more support they will receive and the more successful they become inspiring others to do likewise. In these times when it is possible to work at home and connect globally via internet teleconferencing and other tools, small business can wield greater and greater influence whilst keeping costs low and processes flexible and dynamic.
It seems that starting your own independent business venture is fast becoming this country’s response to the most recent economic downturn.