By Marcus Leach
Despite a fall in the latest Smith & Williamson Enterprise Index many entrepreneurs remain in a positive mood about the state of the UK economy.
The latest results were announced at the Clubhouse in London, where Roger Parry, chairman of MSQ Partners, Mobile Streams and YouGov, was the guest speaker.
Parry spoke, aptly, given the need to drive growth in the UK, on three different ways to make money from business; start-ups, turnarounds and buy and builds. One of Parry's key messages focused on making money in a start-up by executing your idea properly.
"Success in a start-up is about execution, not necessarily a great idea," he said. "The likes of Apple didn't necessarily come up with a great idea, they just executed it better than anybody else.
"You have also got to be prepared to deal with change, especially in start-ups, and the fact that it will not be a traditional business model. Hold the equity in at the early stages. Keep costs to an absolute minimum, as start-ups are lean financially until you reach a certain stage. It's risky, but also hugely rewarding when it goes well."
Since the latest Index research was carried out official data showed that the economy avoided a triple-dip recession. This has sparked a fresh wave of optimism amongst many of the Index's respondents, including Business Scene founder Warren Cass.
"I think that most people don't realise that we are on the road to recovery, there is an upward curve in growth and it may be another three years before we see a dip in that," explained Cass.
"There are still companies feeling the effects of the tougher economic conditions, and obviously the big name casualties of long-standing businesses, but theses are appropriate news and need reporting.
"However, I also think we could do more to recognise the businesses that have been born out of the recession, as they are many good businesses that have emerged, such as crowdfunding."
Cass believes that whilst crowdfunding is here to stay there will be changes to the way that it operates over the coming years.
"I think that it is a long-term option, but I also think that it is going to change because at the moment it is attracting unsophisticated investors," he said. "What we are seeing at the moment is a lot of success stories of people with strong social followings. I think this will change, but it is a long-term solution."
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