ENTREPRENEURS in the UK are being held back by a lack of credit and investment availability, survey data released this morning shows.
Half of the entrepreneurs surveyed by accountancy firm EY cited access to finance as the main barrier to setting up a new business.
In stark contrast, market conditions were considered bad by only seven per cent of respondents and even fewer – four per cent – reported lack of opportunity as a major hurdle.
The most popular source of funding to entrepreneurs is retained profit with 27 per cent of them saying they would use it to grow their business.
Only 21 per cent said they would look to banks, 16 per cent to private equity and nine per cent would consider an IPO. With regard to Dragon’s Den style venture capital, only three per cent said they would choose that route.