Partner Article

British Entrepreneurs have good ideas - but little business sense

Entrepreneurial sprit is booming in the UK, but financial, time and planning constraints mean these ideas often fail, according to new research.

According to Andrum Consulting who conducted the research, over 80% of the UK’s entrepreneurial business has at least two new ideas that are yet to be commercialised, but many are unable to realise these plans. This problem has been attributed to no financial investment for 39%, poor day-to-day cash flow for a fifth and 30% are just unsure of how to manage their time effectively.

In the long term these issues could become a real problem, as many UK plc’s expect their next phase of growth to come from a new product or service.

Richard Grafton, partner at Andrum Consulting said:

“Its fantastic that the entrepreneurial businesses we studied are so brimming with ideas, but if they lack the skills to know which idea is strongest and cant raise the finance to turn the chosen idea into a commercial reality such innovation will not translate into sales, jobs or exports.”

This was posted in Bdaily's Members' News section by Ruth Mitchell .