A quarter of people who have set up SMEs in the past three years say that they have regrets about creating their company – but less than a fifth would consider working for someone else.
A survey by VoucherCodesPro.co.uk found that two fifths of companies polled were already hitting financial trouble, with hiring too many staff too quickly (39%), getting carried away with spending on equipment (52%) or pricey office space (48%)and not charging enough for services (38%) cited as the most common causes of problems.
The results suggest that, although setting up a company can present a steep learning curve and many first-time entrepreneurs do struggle, the draws of being your own boss are still considered to outweigh the downsides.
“Launching your own company is always going to be a massive risk, whether it’s your first time or you’ve got a whole portfolio of successful businesses,” said Nick Swan, Founder and CEO of VoucherCodesPro.co.uk.
“It’s about believing in yourself and venturing out to try something new and show the world what you’re made of. Like the results of this study show, even if the company does fail, it’s not necessarily a failure if you learn from the mistakes you made and try again. Business is unpredictable, it always has been and always will be, and the economy doesn’t always help, but you won’t know if you can do it unless you try.”