Lack of planning holding back London's entrepreneurs
Business Support and Networking - 07/09/2006 12:26:57
London's budding entrepreneurs would do well to get some business support after figures revealed that 68 per cent believe they do not need a business plan to raise funds.
The survey conducted by Business Link highlights that the Capital's potential business owners remain badly prepared when it comes to financing their business ideas, which is probably why 80 per cent of them fail.
As such, 49 per cent of business owners believe it is difficult to raise business funding for local companies, but 41 per cent were still confident they would secure finance for a business venture.
The study asked 265 new business owners across London about their thoughts towards obtaining funding for business ideas.
Speaking on the survey's findings, David Sullivan, financial relationships manager at Business Link for London said: "London is full of people just starting out in business or looking to expand.
"The problem for many is turning their idea into a realistic business plan that financial institutions will invest in. As the survey shows many do not know what they need to think about or where to start."
If you have some money-making ideas you can find out about business support and networking in your area by clicking on our online listings.