Entrepreneurship comes with a lot of challenges and the rosy picture that Hollywood paints of an entrepreneur’s life is quite far from reality. In UK’s ultra-competitive business world, more than half businesses fail to survive their first five years. Some businesses open with great potential and market acceptance but fail to scale and are unable to maintain cash flow.
Whilst some businesses fail due to a broken business model, misinformed market demand, or poor financial management, many fail because they do not pay attention to the location where they open their business. For instance, according to a recent study, Aberdeen city in eastern Scotland has the highest 5-year survival rate of 54% while the city of Newry and Mourne in Northern Ireland has the lowest survival rate of 37%across the whole UK. When you see the statistics of increase in business activity, you would be surprised to learn that Armagh in Northern Ireland not just tops the charts but it tops with a huge rate of 180% whilst Swansea in Wales ranks the lowest with just 6%across the UK.
Check out this infographic to learn more about the UK’s most thriving cities for new businesses and which industries are seeing a high number of start-ups and which ones are experiencing low closing downs.
