Barriers encountered during micro and small business start‐up in North‐West England

Barriers encountered during micro and small business start‐up in North‐West England The success or failure of a new business is often dependent on overcoming a series of potential barriers, eg securing sufficient financial backing, adequate and appropriate guidance and training etc. Yet, in light of the substantial growth rate of micro and small businesses, there has been little research into the experiences of potential and new business owners during the start‐up of such enterprises. To date there has been no systematic study of this group in the UK, and many questions remain unanswered. This study of micro and small business during the initialisation and formation of new venture creation (eg pre‐start‐up, 0‐6 months and 6‐12 months∥ sought to answer some of those questions. It identifies the needs of new business owners, the barriers they encounter, and the strategies they use to overcome those obstacles. The findings indicate that financial difficulties and the attitudes of banks towards new business owners are the main barriers to successful enterprise creation, with mentors and more specific advice cited as the assistance regarded as affording the greatest benefit to potential and new business owners. In addition, small and micro business owners are going out of business, or are unable to fulfil their potential, because they are denied access to those factors that promote success. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Journal of Small Business and Enterprise Development Emerald Publishing

Barriers encountered during micro and small business start‐up in North‐West England

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Publisher
Emerald Publishing
Copyright
Copyright © 2000 MCB UP Ltd. All rights reserved.
ISSN
1462-6004
DOI
10.1108/EUM0000000006852
Publisher site
See Article on Publisher Site

Abstract

The success or failure of a new business is often dependent on overcoming a series of potential barriers, eg securing sufficient financial backing, adequate and appropriate guidance and training etc. Yet, in light of the substantial growth rate of micro and small businesses, there has been little research into the experiences of potential and new business owners during the start‐up of such enterprises. To date there has been no systematic study of this group in the UK, and many questions remain unanswered. This study of micro and small business during the initialisation and formation of new venture creation (eg pre‐start‐up, 0‐6 months and 6‐12 months∥ sought to answer some of those questions. It identifies the needs of new business owners, the barriers they encounter, and the strategies they use to overcome those obstacles. The findings indicate that financial difficulties and the attitudes of banks towards new business owners are the main barriers to successful enterprise creation, with mentors and more specific advice cited as the assistance regarded as affording the greatest benefit to potential and new business owners. In addition, small and micro business owners are going out of business, or are unable to fulfil their potential, because they are denied access to those factors that promote success.

Journal

Journal of Small Business and Enterprise DevelopmentEmerald Publishing

Published: Dec 1, 2000

Keywords: Start‐ups; Entrepreneurialism; Barriers

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