Recession spurs business start-ups, survey shows

Date: 6th April 2009

Almost half of all professionals would use redundancy as an opportunity to found their own business start-up, it has been shown.

Statistics from LinkedIn, a professional networking portal, reveal that 49 per cent of those surveyed would use any windfall to start their own company.

The figures come on the back of an investigation from the recruitment group Talent Q, which disclosed that 44 per cent of employers were looking to cut their payroll and make redundancies.

Peter Cochrane, a frequent investor in business start-ups, had his own words of wisdom for those individuals considering going it alone.

He said: "One of the best pieces of advice I can give to new start-ups is not to underestimate the importance of their network."

Mr Cochrane added that new entrepreneurs will "need every ounce of help" from friends, family and contacts to make their new firm a success.

Earlier this month, the everywoman organisation claimed that the UK's recession has encouraged a large number of females to launch their own business start-ups.