Survey shows smaller firms growing quicker

Feb 1 2010 by Karen Dent, The Journal

A RAFT of positive statistics for small business start-ups have been issued to coincide with both the news the UK is officially out of recession and the launch of an event aiming to persuade potential entrepreneurs to take the plunge.

The 2009 annual COGS (Challenges and Opportunities for Growth and Sustainability) report found 77% had grown more quickly than or at the rate they expected last year. Almost three in 10 (28.2%) had grown by more than 500% since they started.

The North East companies in the sample had each created an average of seven jobs and expect to grow by about 157% in the next three years. The survey spoke to 2,121 businesses, including 300 from the North East.

Although most of the regional entrepreneurs said motivating themselves was easy, they were more critical of their own business performance than their counterparts were elsewhere in the UK.

However, more than seven in 10 said they turned to other entrepreneurs for support and around the same number said they considered the advice they received from mentors to be useful.

People now considering the leap into self-employment or starting a new business are now being invited to hear from entrepreneurs who have successfully launched their own enterprises.

The Chance to Change event in Newcastle, organised by the Entrepreneurs’ Forum and One North East, will discuss how to overcome issues such as confidence, motivation and access to finance.

Chief executive of the Entrepreneurs’ Forum, 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.”

There will also be information about the type of support and funding available for start-up businesses from various organisations based in the region.

One North East’s head of business and enterprise, Tim Pain, said: “They can also meet with people who could help them make progress or signpost them in the right direction.

“It will allow delegates to take stock and start conversations that could ultimately be life-changing.”

The event is on February 22 at Newcastle Civic Centre. More information, including how to register, is available from www.chancetochange.co.uk , by telephoning 0870 850 2233 or emailing info@entrepreneursforum.net