James Caan, widely known for his role in Dragons’ Den, is the Chairman of Start-Up Loans. Speaking to Business Matters Caan said: ”While I do feel for the 4,500 staff at HMV, I am sure this situation has come as no surprise. The disappearance of a record shop on every high street and the phenomenal growth in online sales means the HMV business model simply couldn’t survive. A business has to be fast and flexible in meeting its customers’ needs, including how the customer chooses to interact with you.”
“A great example of a traditional company that has adapted to the times is Auto-trader, the car sales magazine that has moved online and has still retained its No.1 position in the market, demonstrating its ability to meet its customers’ demand for online search.”
“Businesses have to adapt to survive and have sustainable models that reflect current consumer demands. Britain needs to support entrepreneurs who can deliver innovative and new ways of working that address changing consumer demands. Start-Up Loans is one example of an initiative designed to encourage and support enterprise across the England.”
The country’s positive sentiment towards a more enterprising economy was evident in a recent nationwide poll around the Government’s Start-Up Loans initiative which is aimed at stimulating enterprise amongst young people across England.
The Guardian poll asked ‘Will the changes made to the government’s Start Up loan scheme create a more entrepreneurial culture in the UK?’ was met with 85% agreement that the changes would help businesses start and grow.
The changes referred to in the poll include an increase in the age of those eligible for support from 18-24 to those up to and including 30 years of age. This also lead to an additional £30million funding announced by the Prime Minister earlier this year, increasing the amount of money available to be lent for new businesses.
The Prime Minister said at the time: ”It is by backing our entrepreneurs and championing small business that we can drive forward and grow the economy, and equip this country for the highly competitive era we are in.”
“Start-Up Loans are a great way to help this next generation of entrepreneurs get the financial help – and the confidence – to turn that spark of an idea, into a growing, thriving business.”