According to research commissioned by Alibaba.com, of 3,600 UK entrepreneurs and small business owners, more than one in three respondents (39%) are looking to start their own business despite the economic gloom.
- More than one in three UK entrepreneurs (39%) looking to start their own business during the economic downturn
More than half of UK small business owners (54%) believe the next great
British company will be born during the current recession
On the whole, it seems the British small business sector is feeling bullish about its business prospects in the face of the downturn, with more than half of respondents (54%) believing that the next great British company will be born during the current recession.
Maggie Choo, Director, Alibaba.com EMEA, says, “It comes as no surprise that UK small businesses are defying the recession as UK entrepreneurs are renowned for being highly creative and adaptable, quick to seize new market opportunities and adept at problem solving.
“450,000 UK businesses have already established a successful trading partnership on the Alibaba.com platform and, with a further 2,300 new users joining each week, there are more opportunities than ever for UK based businesses to take their first steps into the world of online global trade.”
Although 76% of those questioned agreed that business opportunities posed by importing lower cost goods from overseas partners were significant, many entrepreneurs are intimidated by perceived barriers to international trade.
“Despite their optimism in the face of the downturn, our research shows the majority of UK entrepreneurs (93%) incorrectly think it would be difficult to find foreign suppliers and a further 40% believe it would take years of hard work in order to forge profitable relationships with them,” continues Maggie.