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Budding entrepreneurs underestimate the support they’ll need to succeed

Written by Gavin Opperman on Thursday, 02 September 2021. Posted in Growth, Finance

The past year has been one filled with lots of challenges but also opportunities for many when it comes to business.

Budding entrepreneurs underestimate the support they’ll need to succeed

The past year has been one filled with lots of challenges but also opportunities for many when it comes to business. No matter the product or service being offered, Covid-19 has impacted how most businesses operate in some way. 

Whether it’s accessing funding, establishing their brand, finding their audience or simply staying open during Covid, experienced business owners and budding entrepreneurs alike have faced serious challenges when navigating through these unprecedented times. 

Virgin Money and Virgin StartUp recently commissioned research1 to establish both what worries business minds across the UK and what opportunities they see. Interestingly, the majority (77%) of new business owners confessed to needing more support when starting out than they anticipated and over a third (36%) of would-be entrepreneurs admit to being concerned about what financial support is out there.

The good news is entrepreneurs in the UK are optimistic – with almost three quarters (74%) feeling more confident about the future. The economy bouncing back (45%), customers’ willingness to spend again (44%) and more demand for what their business offers (41%) were cited as key drivers of this increased confidence. 

While the pandemic has provided an opportunity for many people to take their passion and turn it into a full-time business, some would-be entrepreneurs are feeling a bit more cautious, with almost a third (31%) planning on waiting beyond the next 12 months before setting up their new business. 

About the Author

Gavin Opperman

Gavin Opperman

Gavin leads the bank's Business franchise. He has spent in excess of 30 years following his passion in banking across the globe in various leadership roles. He joined the Virgin Group in November 2015. He has experience in leading large-scale teams in Retail (incl. Digital), Commercial, Corporate and Investment Banking.

Gavin was previously Regional Head of Consumer Banking (Hong Kong, Taiwan and China), Standard Chartered based in China. Prior to this he spent almost 20 years with the Barclays / Absa Group, where he progressed through a number of senior roles before being appointed as Managing Director of Absa (Asia) Ltd and later Chief Executive of Absa’s Retail Bank.

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