Chance to Change

Early findings from a new report into the challenges of starting a business offer real encouragement for aspiring entrepreneurs in the North East.

The report, commissioned by Regional Development Agency One North East, is a summary of the 2009 Challenges and Opportunities for Growth and Sustainability (COGS) survey, conducted annually by Delta Economics, of 2121 growth-oriented entrepreneurs, 300 of whom are in the North East, who have been running established businesses that had been growing for more than two years.

The report, which coincides with the announcement of Chance to Change, an event targeting those who are considering self-employment or the creation of a new venture, indicates that 77% of these businesses have experienced growth faster than or at the rate they expected, with 28.2% growing by more than 500% since they started.

Furthermore, on average, the founders in the North East have set up businesses that have created seven jobs and expect to grow by 157% over the next three years.

And this new report follows last year’s figures that show the North East is catching up with other areas of the country when it comes to entrepreneurship. Global Entrepreneurship Monitor (GEM) reported that enterprising activity in the region has grown to 5.1% of the adult population, which bring us level with the rest of the UK.

The COGS report also concludes that entrepreneurs in the North East find motivating themselves easy or very easy but they are generally more self critical, rating their business performance across a range of areas less positively than their counterparts in the rest of the UK.

The report also highlights the fact that 73% found the advice they received from mentors useful and 70% turned to other entrepreneurs for support.

Delegates at ‘Chance to Change’ at Newcastle Civic Centre on February 22nd, organised by the Entrepreneurs’ Forum in partnership with One North East, will hear from entrepreneurs who have already been through the start-up experience and have the opportunity to consider the real and perceived barriers they face including confidence and motivation as well as issues relating to ideas and finance.

At a time when many traditional career routes are no longer feasible, the study suggests that founders of businesses in the North East are motivated by many things but interestingly, 54.2% are motivated by the desire to make a difference and for nearly 46% of these, (43.9% of men and 53.3% of women) it is the primary motivator. Nearly 95% of these re-invest their profits in the business itself and have a real social purpose and benefit.

Carole Beverley, Chief Executive of the Entrepreneurs’ Forum, said “‘Chance to Change” could be exactly the starting point many need – delegates will hear from those who have already been through the experiences, be guided through the barriers and challenges, meet like-minded people who will stimulate their thinking, or find someone to work or collaborate with, and be signposted to the extensive support network in the North East.

Some feel at odds with their circumstances - the people, the processes, the politics or the constraints placed on them. Others may be forced to reconsider their options due to redundancy or the uncertainty of their current situation, or simply a lack of opportunity. Whatever the starting point ‘Chance to Change’ will offer a route to achieving their dreams and goals.’

Tim Pain, Head of Business and Enterprise at One North East, said “‘Chance to Change’ will save delegates a huge amount of time and work by offering them the opportunity to find out about the various programmes on offer and the support and funding available around the region. They can also meet with people who could help them make progress or signpost them in the right direction. Above all, it will allow delegates to take stock and start conversations that could ultimately be life-changing.’’

‘Chance to Change’ has been backed across the region by leading organisations including Newcastle City Council, Sunderland Council, Gateshead Council, Darlington Council, Stockton Council, Middlesbrough Council, Redcar and Cleveland Council, Hartlepool Enterprise, JobCentre Plus, Tyne and Wear Development Company, Business and Enterprise North East, Business Link, North East Chamber of Commerce, Project North East, Enterprise UK, Newcastle University, Northern Pinetree Trust, Young Enterprise, a:design, Be Enterprising, Go Wansbeck, Enterprise Island, Teesside University, Actif, Sunderland City Council, Five Lamps, Learning and Skills Council, Institute for Digital Innovation and Fastforward Now.

Delegates can register for the event by visiting http://www.chancetochange.co.uk/, calling 0870 850 2233 or emailing info@entrepreneursforum.net