UK's entrepreneurs have their set their sights on overseas expansion in 2012. A new RSM Tenon research indicates that almost one-third of the country's entrepreneurs plan to explore international opportunities this year. It looks like they are optimistic about growth prospects despite the gloomy global economy.
According to the research, 31 per cent of entrepreneurs in Britain will turn to international markets for business expansion. Among these entrepreneurs, almost half are betting on the western European market; this is interesting given the debt crisis that has plagued most of Europe.
Eastern Europe is also a popular international destination for entrepreneurs, with 37 per cent of the respondents preferring this region, while North America was the overseas destination of choice for 35 per cent of the respondents.
The research also found that a majority of entrepreneurs targeting an international presence were London-based, followed by businesses in the Midlands. Another 15 per cent also said that they had plans to takeover businesses in overseas markets this year. One of out every three entrepreneurs taking part in the research believed that more international opportunities would contribute towards improving entrepreneurship in Britain.
RSM Tenon's international business development head Philip Coleman noted that there were some exciting opportunities for UK companies in European nations, in spite of the current challenging economic environment. He advised entrepreneurs to make long- term international expansion plans and not be cowed by the crisis. He said that UK entrepreneurs can reap rich rewards post the Eurozone crisis if they plan in the right way.