05 Jan 2009
Starting your own business is a safer option than being employed in the technology sector, according to research by UK Business Incubation (UKBI), the industry body for incubator centres.
UKBI cites statistics suggesting that 90 per cent of new ventures that are incubated are still flourishing after three years, and 80 per cent are trading after five years, while only 41 per cent of UK businesses in general have an average three-year success rate.
The figures show that starting a business with the support and resources of a business incubator is now less of a risk than remaining in normal employment and waiting for the axe to fall, said Nick Sturge, director of the SETsquared Partnership, a business incubator programme supported by the universities of Bath, Bristol, Southampton and Surrey.
"If you have already been laid off, there has never been a better time to look at the option of starting on your own. There has never been more support available," said Sturge.
SETsquared claims that companies set up under the scheme have raised over £120m worth of investment in the past four years, and have created more than 1,000 new jobs.
The UK now has over 300 business incubators, compared to a handful at the start of the last recession in the early 1990s.
Starting your own business is not only a safe and viable option, it's one of the most exciting things you can do. Even with the current environment, there is no sign of the growth of start-ups abating, especially with the rise of affordable, reliable and fast broadband packages.
Easy access to the latest communications and web based business tools is a boon to those launching new enterprises. As is the growth of support networks, offering the latest marketing and sales advice, information and expertise.
For example, business social networking sites where you can discuss openly the advantages or pitfalls of operating in your chosen marketplace. These sites, which are often free to join, allow ongoing interaction and dialogue with both customers and competitors as well as giving you a global presence on the internet.
Starting up your own business also provides the added benefits of a better work-life balance, increased income and of course being your own boss.
Even if times are testing, an entrepreneur showing determination, diligence and a discerning sense of what the market wants can succeed in attracting financial support and flourish.
Posted by: Ian Bushby, Head of BT Start-ups 07 Jan 2009
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