North East entrepreneurs put business first

Nov 3 2008 by Karen Dent, The Journal

ENTREPRENEURS in the North East are more likely to sacrifice the big house to ensure their business succeeds than their counterparts elsewhere in the country.

Researchers said 17% of the region’s business owners have downsized their homes because of business reasons. Entrepreneurs in the South East and London were the least likely to take this step, with just 5% and 8% respectively prepared to move to a smaller house in order to help their business succeed.

“The fact that 17% of North East entrepreneurs have downsized their homes to make it to the top is a measure of how much these people believe in themselves and what they have to offer,” said Tim Pryor, head of commercial banking at Bank of Scotland Corporate North East, whose parent company carried out the research. “Although Britain’s entrepreneurs have a reputation for working long hours, the lifestyle sacrifices they make in order to achieve their goals often go unnoticed; and there isn’t a much bigger concession than downsizing a home to help a business.”

He applauded those taking tough decisions to ensure their business survived during the current economic downturn. “Although our research reveals that times can be tough for entrepreneurs personally as well as professionally, it doesn’t deflect from what is a tremendously courageous decision for any entrepreneur to make, especially those with families,” said Mr Pryor.

“When times are tough, it is this entrepreneurial spirit that can decide whether or not a business thrives.”