Talented business finalists making their mark

The findings, released today, also show that entrepreneurs across Yorkshire, the North West, and North East, achieved 24 per cent employment growth at their companies in two years. The number of jobs created by the 55 finalists rose from 8,956 to 11,129 between 2009 and 2011.

Seventeen Yorkshire entrepreneurs will compete with 38 others for the title Ernst & Young’s Overall North Entrepreneur of the Year at an awards dinner tomorrow night at the Lowry Hotel in Manchester.

According to the survey, in Scotland, entrepreneurs doubled their staff, while in London and the South head count rose by 43 per cent; the North by 24 per cent; and the Midlands by eight per cent.

Despite this, 22 per cent of entrepreneurs said a key challenge is not being able to recruit skilled employees.

Stuart Watson, UK Entrepreneur of the Year leader based in Leeds, said: “Dynamic businesses, led by entrepreneurs with the energy and insight to drive their businesses forward, have demonstrated that they are a major factor in rejuvenating the UK economy.

“However there is a sense that they are achieving these results despite serious issues around talents and skills shortages, which need to be tackled.”

Fears about a slow economic recovery remain the biggest concern for Northern entrepreneurs, with 35 per cent citing this as their key challenge. Twelve per cent registered concerns over rising costs. Meanwhile, 21 per cent were equally concerned about lack of access to funding and regulatory burdens.

The survey also found that 27 per cent of Northern entrepreneurs are concentrating on penetrating and consolidating existing markets, compared to 19 per cent looking to international expansion. For entrepreneurs looking abroad the focus remained on revenue growth in the Americas. Increase in revenue growth from Asia grew by 68 per cent. The combined revenue made by Northern entrepreneurs in Asia Pacific and the Americas was £27.7m.

Mr Watson said there remains a “sharp lack of confidence about economic recovery among this crucial demographic”, despite recent changes in the Budget such as lower corporate tax rates.