LONDON--(BUSINESS WIRE)--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/
