According to business recovery experts Begbies Traynor, more than half of the 200 entrepreneurs questioned (56%) felt they lacked the necessary experience, while 40% said they did not realise how they little they knew when starting out, while a quarter had no idea how tough it was managing staff.
Despite this, 93% said they would do it all over again.
Further research carried out in the Back to the Future survey found that one-in-four business owners would have spent more time on their business plans, while 21% would have conducted more research beforehand.
Surprisingly, funding was not one of the top priorities, with 71% saying they were happy with funding arrangements.
And only 3% blamed accountants for giving them bad advice when starting out, with most blame being placed on the shoulders of former colleagues and friends.
Nick Hood, senior London partner at Begbies said: ‘It’s quite normal for many business owners to have very little first hand experience when they start a business.
‘But people who are thinking about starting up on their own should take heed from what other people before them have learned- it is important to spend time doing background research in your intended market and getting your business plan right. It’s great to have enthusiasm, but going into business with all guns blazing at the wrong target and only one box of shells will only cause problems later.’
Mark McMullen joins the private client services team from Smith & Williamson
Merger between Clear & Lane Chartered Accountants and Magma Chartered Accountants was finalised on 3 February
BDO has taken its new partner intake to 23 during the first half of its financial year, including the appointment of five partners in five weeks
The firm reports 7.6% global fee income growth for the year ending 31 December 2016