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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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Source: Virtual College