Half of UK's entrepreneurs held back by skills shortage

"A lack of financing and the skills shortage is holding back the UK's entrepreneurs, according to a recent survey by the Institute of Directors (IoD)." continues Virtual College.

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The research showed that some 42 per cent of the 650 entrepreneurs surveyed - who were all under the age of 35 - reported that they had difficulty hiring people with the right skills, while almost 40 per cent of entrepreneurs said that problems accessing financing had put a halt on the growth of their company.

What's more, 56 per cent of respondents relied on personal unsecured finance such as credit cards, while a further 53 per cent said that money from their families had played a major role in helping to grow their business.

The respondents agreed that access to skilled employees and good digital infrastructure are key for starting a new business.

Jimmy McLoughlin, deputy head of policy at the IoD, said: "The start-up revolution has taken hold in Britain like nowhere else in Europe.
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Additional resources  

Virtual College is one of the leading providers of e-learning in the UK. We provide both public and private sector organisations and individual learners with a choice of over 300 e-learning courses, many designed to help improve skills and increase productivity. 
For more information, please visit: http://www.virtual-college.co.uk/

Source: Virtual College