New research shows entrepreneurs that there's no need to fly solo
By Claire West
The myth that entrepreneurship is a solo pursuit will be shattered today by new research released as part of Global Entrepreneurship Week 2010.
The findings will show that:
• DYNAMIC DUOS: 1 in 5 businesses in the UK are started by partnerships
• TEAM EFFORT: 40% of UK business start-ups have more than one founder
• BETTER RETURNS: Businesses started with more than one owner have a 15% higher rate of return than solo start-ups
The research, carried out by Aston Business School on behalf of Enterprise UK, hopes to encourage a new generation of entrepreneurs to deliver the UK’s ‘enterprise-led recovery’ by reassuring them there’s no need to fly solo.
For budding entrepreneurs feeling the pressure to live up to the lone wolf stereotype, these findings could provide the encouragement they need to take the plunge and seek collaboration for their venture.
Tom Bewick, chief executive of Enterprise UK, says; “Many of the most exciting and successful companies launched in the UK in the last 10 years have been started by partners or groups of people.
“Ocado, Betfair, Mr & Mrs Smith and Innocent Drinks were all launched by teams and that reinforces the old adage that when it comes to entrepreneurship two brains are often better than one.”
Peter Jones of Dragons’ Den and Chairman of Enterprise UK, says: “This research shows aspiring entrepreneurs that there’s no need to go it alone, and that businesses started by more than one person can actually be more successful in the long run.”
“However, no entrepreneur should feel alone; mentoring is crucial for any budding entrepreneur, but this doesn’t have to come from a partner. Global Entrepreneurship Week is an ideal time for all would-be entrepreneurs to access this kind of support.”
Global Entrepreneurship Week 2010, which launched yesterday at Google HQ in London, will focus on breaking down barriers to enterprise and tackling the commonly held ‘myths’ around entrepreneurship.
Enterprise UK, the organisation spearheading Global Entrepreneurship Week, commissioned the Aston Business School research in order to undermine a key myth every day.