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Entrepreneurial success reliant on three factors, say Scottish businesses

Entrepreneurial growth which contributes to the Scottish economy will be delivered by three main factors, according to new research* released by Clydesdale Bank on the eve of Global Entrepreneurship Week (14th to 20th November).

The findings follow a recent poll by Clydesdale Bank of 200 Scottish businesses about what the most important factors were seen to be for encouraging entrepreneurial growth. Just under a quarter (24%) said access to finance; twenty one per cent said entrepreneurial flair and good ideas; while 26% suggested a secure market in which to start a business. When taken together the three priorities indicate a combination of factors will need to be considered if entrepreneurs are to succeed.

Clydesdale Bank is highlighting support for the sector to coincide with Global Entrepreneurship Week (GEW), which aims to help people with good ideas find the information they need to start their own business.

Scott McKerracher, Regional Director for Clydesdale Bank in Scotland, said the research highlighted a clear trend:

“Successfully launching a business relies on a combination of factors. Good ideas, a secure market and access to finance all need to fall into place to give entrepreneurs the best chance of realising their ambitions.

“With the economy still not performing at previously forecast levels it is now more important than ever before that innovators undertake comprehensive research before they take products and services into the marketplace.

“A return of confidence to the wider economy will be a defining factor in the long-term recovery and when banks are faced with strong proposals from businesses looking to fill a gap in the market the decision to offer financial backing becomes that much easier.

Clydesdale Bank remains committed to keeping access to funding open to new and existing clients. A total of £12.2 billion of new lending has been advanced in the past two years to support mortgage and business customers – well ahead of the £10 billion two-year pledge made in October 2009. £7.5 billion of new lending has been made in the past 12 months.

Scott McKerracher said there was no reason to doubt that the entrepreneurial market would continue to grow:

“Entrepreneurial spirit is alive and well across Scotland and those looking to expand their businesses should view banks as being an extension of their company and people who can provide strong support.

“There are still opportunities for people with innovative ideas to make their own good fortune in every part of Scotland. Entrepreneurial spirit should be fostered, particularly in difficult economic climates and there may be reluctance from some would-be entrepreneurs to take the next step due to the perceived lack of opportunities.

“Scotland has a strong entrepreneurial tradition and while it is true that confidence has taken a knock in the current climate, supporting a successful network of entrepreneurs is something that Clydesdale Bank believes is crucial to sustain a healthy economy. That viewpoint is more relevant than ever before because it will be the smaller and medium-sized companies that drive wider economic growth.”

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