Government agency the National Endowment for Science, Technology and the Arts (NESTA) has blamed ‘business conditions’ in the UK and the unwillingness to invest in ‘key management training’ as the stumbling blocks for small businesses attempting to turn their enterprise into world leaders such as Microsoft and Google.
While the report acknowledges that the UK is one of the easiest places to start a company, it is also increasingly difficult for those companies wishing to expand.
Difficulties in enforcing contracts, for instance, is one major stumbling block. NESTA cited a report by the World Bank showing that it takes an average 30 procedures, 404 days and £10,000 for one UK business to recoup a £40,000 debt from another.
UK entrepreneurs do not lack ambition says the report, but the challenge of turning a small enterprise into a major company involves different risks and challenges than establishing a small company and for many the transition is too much.
An unwillingness to invest in key management training is seen by NESTA as a major stumbling block in the UK, and until the problem is addressed most small businesses will remain just that.
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1 » Key Management Skills Hold Back UK SMEs // Apr 23, 2008 at 1:37 pm
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2 THE SMALL BUSINESS BLOG » Blog Archive » UK/Ireland Small Business News Round-up - 25/04/2008 // Apr 25, 2008 at 11:31 am
[…] Key Management Skills Hold Back UK SMEs: Government agency the National Endowment for Science, Technology and the Arts (NESTA)has blamed ‘business conditions’ in the UK and the unwillingness to invest in ‘key management training’ as the stumbling blocks for small businesses attempting to turn their enterprise into world leaders such as Microsoft and Google. […]