Duncan Bannatyne penned an interesting article for the Telegraph on Tuesday, arguing that now is the best time for you to set up a new business. While we do agree with the BBC Dragon’s views, we can’t help playing devil’s advocate: how ripe is Britain for promoting entrepreneurship?In his piece, Duncan Bannatyne argues that there is “absolutely nothing to lose” by registering a business at Companies House, and that the best time to start a business is right now. “Every minute you spend deliberating about whether to do it now or put it off for a few more months is a minute wasted,” Duncan Bannatyne writes. He argues that despite the widespread job losses in the public sector, people shouldn’t be deterred from setting up or growing existing businesses. “In fact, entrepreneurs and small companies can draw encouragement from the review; contracts that might previously have gone to publicly funded bodies automatically are now fair game, and it’s up to small and medium-sized businesses to pick up the gauntlet and prove they can provide value for money.” Of course, Bannatyne only wants to encourage people to set up businesses if there’s a practical need, or if they can deliver results at a reduced cost. “The trend for government agencies to outsource work to the private sector is not only good news for small companies but also for the UK economy as a whole. “Competition for contracts and slicker, more efficient operations should shave costs and streamline the system. I’m glad the government has acknowledged that not all of its agencies can be entirely state run; now it’s up to small businesses to prove they can step in and help the economic recovery.” Duncan Bannatyne is right on par with the Real Business message – there are more opportunities than ever for creative and innovative people to set up their own businesses and thrive. Naturally there aren’t any guarantees for success; success only comes with hard work. But the barriers to entry – both for the private sector and public sector markets – have never been lower. What can we do to encourage more people to set up shop? And importantly, have Osborne’s cuts gone too far, harming economic growth? Will budding entrepreneurs find themselves stiffled by the cuts?
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