More and more prospective entrepreneurs are becoming more conscientious and prudent by asking for enterprise help before they take the plunge and start up their own company.

According to a nationwide poll made of over 7000 surveyed small and medium-sized firms, it was found out that about 70 per cent had asked for business advice before eventually making the decision to start a business on their own.

The number of self-employed individuals that have sought the advise of others to ensure future success has risen nine per cent compared to the results of the last survey done in 2003, the DTI’s Small Business Survey indicates.

The actual numbers of self-employed consulting top tips for future success has risen nine per cent since the last reading in 2003, the DTI’s Small Business Survey shows.
Additionally, a lesser number of small businesses has cited red tape as a crucial obstacle in running their business. The decline has been marginal though, about one per cent over the last year.

A source of optimism though is the survey result that showed a growing number of entrepreneurs who feel that the Government is exerting more efforts for small businesses than it has done in previous years.

Also, over half of the respondents said that they expect their respective companies to grow within the next three years. The remainder of respondents insists that they prefer their micro status and will still maintain their small size. They also unanimously agreed that the biggest problem of starting a company is in accessing finance for their business.

The Government has acknowledged the problem and has pointed to the changes in the Small Firms Loan Guarantee as a way of addressing it.

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