Despite Brexit results, the world still thinks the UK is a good place to start and grow a business. But UK entrepreneurs don't have the luxury to rest on these laurels, they must keep on innovating.
This is according to a new report by Barclays, which surveyed 1,350 business leaders to get a glimpse into the perceptions of British entrepreneurs around the world. Overall, more than three quarters (78 per cent) of business leaders think it's good to start a business in the UK. Results in Brazil, the US, and China were most optimistic, unlike Germany and France.
Almost four fifths (79 per cent) considered the UK's start-up scene extremely important global growth business hub, which is why 82 per cent would consider investing in a UK start-up. Business leaders are mostly unconcerned about Brexit results and believe the country will continue to offer great products. On the other hand, there is a large portion of business leaders that would 'reduce their trade with the UK in the future', and a majority (59 per cent) think US-based start-ups have a better chance of success than UK ones.
'Greater differentiation and innovation in products and services', is what UK businesses need to do if they want to do more business with overseas organisations.
“This shows UK entrepreneurs are held in high regard by business leaders globally, particularly in Brazil, China and the US,” says Richard Heggie, Head of High Growth and Entrepreneurs at Barclays.
“However it’s critical that, against the backdrop of Brexit, the UK does everything it can to maintain and crucially build on this. That includes capitalising on the trade relationships and investment opportunities that the research highlights in order to thrive.”