More than a third of West Midlands bosses are considering launching a new business

Oct 6 2009 by Alun Thorne, Birmingham Post

More than a third of entrepreneurs in the region are considering launching a new business according to new research.

The research by Alibaba.com – a trading platform that connects more than 42 million companies across 240 companies – found that 39 per cent of 3,600 respondents said they were confident they could overcome the current economic gloom with the right business idea.

The survey found the British small business sector was feeling bullish about its business prospects in the face of the downturn with more than half of West Midlands based respondents believing that the next great British company will be born during the current recession.

Although 77 per cent of those questioned agreed that business opportunities posed by importing lower cost goods from overseas partners were significant, many entrepreneurs are intimidated by perceived barriers to international trade.

“Despite optimism in the face of the downturn, our research shows the majority of West Midlands entrepreneurs – a total of 94 per cent – incorrectly think it would be difficult to find foreign suppliers and a further 39 per cent believe it would take years of hard work in order to forge profitable relationships,” said Alibaba director Maggie Choo.