Company Formation Owners Lost Aspirations

As we have commented on a number of occasions on this blog, adversity is the mother of innovation and – so far – with the increase in company formation figures and the number of entrepreneurs in the UK, it seems we have been proved right. However, a report published today by finance company Right Start, the number of entrepreneurs who have given up their aspirations to run the ideal company in favour of making a profit has increased exponentially since the recession began.

According to the research, before the recession struck, the number of existing entrepreneurs who harboured aspirations to run their ‘dream’ business was on the increase, yet now, this figure has almost halved.

While many entrepreneurs stated that their dream company simply would not make enough money, others said that the lack of finance available is one of the main reasons they have given up their aspirations; instead they prefer to concentrate on their existing businesses.

Adam Harvard, enterprise director at Right Start comments; “Many entrepreneurs start the company formation process because they want the flexibility of working for themselves. If they get to run a company in a sector they are passionate about and interested in, then that is a bonus.”