Bruised but not beaten
DETERMINED entrepreneurs whose businesses fail are dusting themselves off and getting straight back in the saddle, according to a survey of small business owners in the North-east by Barclays Local Business.
The research revealed that small business owners wait just only months on average before starting on their next venture.
Amanda Shepherd, regional director for Barclays Local Business said that in current conditions it was likely that some entrepreneurs would find their livelihood under threat. “However, it’s heartening to know that their desire to bounce back from failure is so strong.”
A massive 85% felt that business failure was a positive experience, with the same number saying they would have another go. More than four fifths (82%) said they would be less likely to make the same mistakes with about a third saying they would be more risk averse.
But it hurts. Nearly a third (31%) said it had the same impact as a relationship ending.
