Heart of the Deal
The entrepreneurial spirit in the UK is alive and well, despite the unprecedented challenges of the pandemic and the acute lack of certainty that has prevailed across so many facets of daily life since early 2020. As well as the human cost, the pandemic and associated government response prompted the deepest recession in history across the global economy. In the UK, close to 400,000 firms closed in 2020, according to the ONS.
Despite the crisis, though, and perhaps even because of it, more businesses are being launched than ever. 2020 saw a record 407,510 new businesses formed. The same burst of business creativity was true in the US and elsewhere, and 2021 saw another record year, with over 770,000 businesses formed – an increase of 3.5% year-on-year.
The pandemic will leave its mark. A period of homeworking and a year marked by protests have brought work-life balances and broader social and environmental issues to the fore. The entrepreneurial heart is beating stronger than ever. But post-Covid-19, will it yearn for the same things?
In this latest Heart of the Deal survey, we sought to find out by talking to the entrepreneurs themselves. We surveyed 351 business owners with businesses valued between £10m and £200m. Across the consumer goods, business and financial services, manufacturing, media, technology, and healthcare sectors, we asked business owners about the impact of Covid-19 and its influence on their motivations, perspectives on business ownership, hopes, concerns and plans for the future.
As the UK starts to “build back better”, we hope that Heart of the Deal offers a valuable insight into how the extraordinary events of the last 18 months have influenced the businessmen and women laying the foundations of our future economic success and prosperity.
Click 'Enter' below to read our Heart of the Deal Research Report.