Great opportunity for budding entrepreneurs
Feb 10 2010 by Iain Laing, The Journal
ENTREPRENEURS in the North East expect to see their businesses grow by an average of more than 150% over the next three years, according to a new report.
And almost one in three start-ups in the region have seen their business expand fivefold since it started, according to the research commissioned by regional development agency One North East.
The report coincides with the launch of Chance to Change, an event aimed at helping those considering self-employment to turn their ideas into reality.
Delegates at the event at Newcastle Civic Centre on February 22, will hear from successful entrepreneurs who can advise others on the challenges which face the prospective business operator and give advice on how to develop ideas and raise finance.
The event organised by Entrepreneurs’ Forum in partnership with One North East comes after the COGS report showed that 54.2% of those who found companies are motivated by the desire to make a difference and for nearly 46% of these it is the primary motivator. Nearly 95% of these reinvest their profits in the business.
Entrepreneurs’ Forum chief executive Carole Beverley said: “Chance to Change could be exactly the starting point many need.
“Delegates will hear from those who have already been through the experiences, be guided through the barriers and challenges, meet like-minded people who will stimulate their thinking, or find someone to work or collaborate with, and be signposted to the extensive support network in the North East.”
The COGS (Challenges and Opportunities for Growth and Sustainability) report, by Delta Economics, of 2,121 growth-orientated entrepreneurs, 300 of whom are in the North East, found 77% of these businesses have experienced growth faster than or at the rate they expected, with 28.2% growing by more than 500% since they started.
Furthermore, on average, the founders in the North East have set up businesses that have created seven jobs and expect to grow by 157% over the next three years.
Tim Pain, Head of Business and Enterprise at One North East, said: “Chance to Change will save delegates a huge amount of time and work.
“They can also meet with people who could help them make progress or signpost them in the right direction. Above all, it will allow delegates to take stock and start conversations that could ultimately be life-changing.”
:: Delegates can register for the event by visiting www.chancetochange.co.uk , calling 0870 850 2233 or emailing info@entrepreneursforum.net
