'No right or wrong time' to start business

Date: 26th July 2010

Timing is irrelevant when it comes to setting up a business and there is no such thing as the right or the wrong time, it has been claimed.

Phil McCabe, a spokesman for the Forum of Private Business, said that entrepreneurship as a career option is "viable" and many graduates prefer this route over regular employment.

His comments come in response to research from insurance firm Hiscox which revealed that one in three graduates are considering working for themselves due to the state of the jobs market.

A fifth of university leavers said that they intend to be self-employed at some stage in their lives, while 28 per cent plan to be entrepreneurs by the age of 25.

"In terms of whether it is the right time [to do this], there is no right time, there is no wrong time," Mr McCabe observed.

"Obviously we are still facing quite difficult recessionary conditions [but] that has its advantages. Start-up costs are lower [and] there are gaps in the market where perhaps there wouldn't have been in the past."

Posted by Jacob Williams