12 December 2018
• New study by the Enterprise Research Centre (ERC) of 600 London firms finds 48% of businesses run by ethnic minority leaders suffered a major crisis in past five years.
• Data on different types of entrepreneur provides basis for new toolkit to help businesses become more resilient to threats.
• With Brexit uncertainty continuing, study hopes to develop practical solutions based on real-world experiences.
Nearly half of firms run by ethnic minority entrepreneurs have experienced an “existential crisis” threatening their survival in the past five years, a major new survey of London firms has revealed.
The startling figure – 15 percentage points higher than firms not run by someone from a minority group – is among survey data providing fresh insight on the challenges faced by firms led by ethnic minority entrepreneurs, who represent a growing but poorly-understood proportion of UK companies.
The findings form part of a major five-country study of 3,000 European firms looking at how entrepreneurs can ‘shock-proof’ their businesses. Entitled ‘Building Better Business Resilience’, the research project led by the Enterprise Research Centre is supported by the JPMorgan Chase Foundation.