If asked which nationality has the ‘greatest entrepreneurial spirit’ in a comparison between the Brits, their European counterparts and the US, who would you go for? Surprisingly perhaps, it’s the Brits who feel they are the most entrepreneurial according to the 2017 Hiscox DNA of an Entrepreneur – a Hiscox study of 4,000 entrepreneurs and small businesses from across Europe, UK and the US.

A break from tradition

Part of the reason for this very ‘un-British’ self-belief is a shift from the traditional career paths trodden by previous generations, as the university and school leavers of today realise they can shape their own careers. “I think people are coming out of university now with degrees or even not going to university, and they’re thinking ‘what can I do that is entrepreneurial’ and I think that is creating a groundswell of momentum and success,” says Simon Calver (the leader of tech start-up fund, Business Growth Fund).

British entrepreneurs should be optimistic about their chances. The 2017 Hiscox DNA of an Entrepreneur report finds that 64% of those small businesses surveyed in the UK saw increased revenue and higher profits over the previous year.

Mind the lending gap

Despite the optimism, it’s not all plain sailing for entrepreneurs, with businesses reporting concerns about funding and a significant minority (16%) saying bank lending is difficult to secure. More worrying is the rise in use of credit cards to plug the lending gap although more alternative (and positive) methods of funding such as peer to peer lending are also on the increase. In addition, nearly two thirds (65%) feel that the government is not doing enough to help support their businesses which it could do by reducing taxation, stimulating lending or introducing simpler accounting rules.

The escalation of cyber crime also continues to impact entrepreneurs with more than 10% of those surveyed having suffered a cyber attack which, for more than a quarter, led to a significant financial loss.

Post-Brexit opportunities?

While the Hiscox survey was conducted prior to the Brexit referendum, nearly a third saw the prospect of the UK leaving as a negative. Despite that, for those who said they were pro-Brexit, 41% feel that they would be able to trade more freely once outside of the EU.

For more details, see the Hiscox DNA of an Entrepreneur Report 2016.
Find out more about Hiscox Business Insurance www.hiscox.co.uk/startup4ten