One Stop Shop for Business Success: How the Right Tools Can Unlock Potential and Level the Opportunity Playing Field for Small Businesses
June 18 2024 - 7:00PM
Business Wire
New analysis from Enterprise Nation shows
how digital tools, business skills training and mentoring, all in
one place, can cause a significant positive shift in the confidence
and skills of the start-up and micro business ecosystem over 12
months, unlocking their economic potential while levelling the
playing field for minority groups
Delivering a high quality one stop shop for business skills,
digital tools and mentoring, all in one place, can lead to a
significant improvement in business skills and confidence,
unlocking the potential of entrepreneurs, a major new report has
found.
One Stop Shop, a new report from small business support
platform Enterprise Nation, analysed survey data collected
from more than 3,500 early-stage UK-based entrepreneurs over 12
months and found a significant improvement in skills and confidence
across all areas of business know-how, with female founders and
those from an ethnic minority seeing the most benefit from this
kind of intervention.
The report found low confidence with digital skills was a
particular issue, with more than one in three business founders
(36%) reporting low confidence levels, but after 12 months using
the resources in the one stop shop, there was an 11 per cent
improvement.
Women-led pre-start businesses saw a 24 per cent improvement in
confidence (low confidence decreased from 41% to 17%) in managing
and growing their businesses, while founders from ethnic minorities
saw a 17 per cent increase in high confidence, compared to a
baseline of 15 per cent.
The report found that the programme had easily met the key aim
of the one stop shop – to help level the playing field for female
and ethnic minority founders, who often face significant barriers
to securing funding, mentoring and access to established networks –
the very resources that drive entrepreneurial success.
Natasha Jamal – Vice President, Social Impact & Strive,
Mastercard Center for Inclusive Growth, said: “Small businesses
are the lifeblood of the UK economy, driving innovation, employment
and economic growth. However, entrepreneurs face numerous obstacles
on their journey to building thriving businesses.
“Access to funding, digital maturity and navigating the
regulatory landscape are all significant hurdles; these challenges
are often further exacerbated for women and founders from ethnic
minorities.
“To help break down these barriers, Mastercard partnered with
Enterprise Nation to create the 'One Stop Shop' platform: a
comprehensive resource which connects entrepreneurs across the
country to business support more efficiently through tailored
action plans and access to experts and peers on one easy-to-access
platform.
“By working with partners, policymakers and entrepreneurs, we
can continue to break down barriers and empower every brilliant
idea to drive the UK's economic future.”
Emma Jones, CBE, founder and CEO of Enterprise Nation,
said: “We recognised the urgent need to provide the small
business community with a comprehensive resource that could equip
them with the knowledge, tools and support they need to thrive in
an increasingly competitive and digitally driven landscape.
“The One Stop Shop was designed – as part of the Mastercard
Strive programme in UK – to provide founders with everything they
need in one convenient place to navigate the challenges of
starting, managing and scaling their businesses. From business
planning and financial management to digital marketing and
ecommerce strategies, the inclusive platform provides entrepreneurs
from all backgrounds with the insights and resources to unlock
their full potential.
“This report not only outlines the robust offering of the One
Stop Shop programme, but also highlights its tangible impact on
participants' confidence and capability levels across all three
business stages – pre-start, start and grow.
“Thanks to the invaluable support of this initiative, we have
seen a clear shift in the confidence and digital capability of our
small business community.”
About Mastercard
Mastercard is a global technology company in the payments
industry. Our mission is to connect and power an inclusive, digital
economy that benefits everyone, everywhere by making transactions
safe, simple, smart and accessible. Using secure data and networks,
partnerships and passion, our innovations and solutions help
individuals, financial institutions, governments and businesses
realize their greatest potential. With connections across more than
210 countries and territories, we are building a sustainable world
that unlocks priceless possibilities for all.
About Enterprise Nation
Enterprise Nation is a small business support platform and
membership community delivering support to more than 800,000 small
businesses every year in the UK and Ireland. Its aim is to help
people turn their good ideas into great businesses – through expert
advice, events, acceleration support and networking.
https://www.enterprisenation.com/
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liz@enterprisenation.com