Entrepreneurs Feel Business Confident

7th December 2017.

Entrepreneurs are feeling positive that the New Year will bring in opportunities for their businesses, according to recent research.

In a survey of entrepreneurs, the Institute of Directors (IoD) found 83 per cent of young firms were optimistic about their prospects in the year ahead.

Business owners are remaining realistic; with many expecting Brexit to be a great challenge for their business in the coming year.

Prime Minister Theresa May has been given this Friday as the deadline to rescue a deal with the EU, but May is still in negotiations with the EU over the Divorce Bill, which has yet to be resolved.

The continuing uncertainty over what businesses will expect after Brexit has caused much corporate anxiety.

Furthermore, domestic issues have also posed problems for firms. IoD members said access to finance and a shortage of skilled workers were stalling growth. Business taxes, global economic conditions and new regulations were also cited as risks.

Stephen Martin, director general of the IoD, is happy to see the entrepreneurial optimism but insists that issues such as Brexit will make the next couple of years very “bumpy” for many businesses.

The research found that while these young firms show optimism for the year head, a large majority have  little awareness of schemes set up by the government to help them. The IoD found that only 17 per cent knew about the British Business Bank, which has been created to help small businesses access finance.